Banknifty for 14 Nov-18 Nov 2022 multi timeframe analysis
Banknifty is trading at all-time highs.
Friday's close was at 42137.
Monthly chart
October Candle: Big Bull Candle, suggesting bulls are in the driving seat.
RSI: Above 60 - Bull Range with high momentum.
November Price Action till now: The month started with a gap up opening at 41552 vs the previous month's close @ 41307( 245 points), right now near month high.
Monthly support @ 39000-39100, above this level, banknifty most probably moves higher, and a dip would be an opportunity to accumulate or create fresh positions.
Monthly Verdict : Positive
Weekly Chart
Candle: Indecisive candle at high, suggesting increased volatility, though the candle is HH HL structure, any dip would be an opportunity to buy.
Weekly Support @ 40320 -40550
RSI 67 - Bull range
Weekly Verdict: Positive
Daily Chart
Price Action: Friday was a gap-up opening at 42137 vs the previous day's close at 41603( approx 534 higher).
Candle: Doji at highs - suggesting high volatility and wild swings moving forward.
Immediare Support : 41380- 41400
Immediate Resistance: 42350 - 42420
RSI : 67 - Bull Range
Verdict: Positive - Buy on dip and trade with Strict SL
Hourly Chart
Immediate Intraday support at 42117 ( May or not get hold)
Further Intraday support @ 41700
CMP: 42137
Wait for a dip or trade with the Monday's first 15 min or hourly candle low's Stop loss.
Friday's close was at 42137.
Monthly chart
October Candle: Big Bull Candle, suggesting bulls are in the driving seat.
RSI: Above 60 - Bull Range with high momentum.
November Price Action till now: The month started with a gap up opening at 41552 vs the previous month's close @ 41307( 245 points), right now near month high.
Monthly support @ 39000-39100, above this level, banknifty most probably moves higher, and a dip would be an opportunity to accumulate or create fresh positions.
Monthly Verdict : Positive
Weekly Chart
Candle: Indecisive candle at high, suggesting increased volatility, though the candle is HH HL structure, any dip would be an opportunity to buy.
Weekly Support @ 40320 -40550
RSI 67 - Bull range
Weekly Verdict: Positive
Daily Chart
Price Action: Friday was a gap-up opening at 42137 vs the previous day's close at 41603( approx 534 higher).
Candle: Doji at highs - suggesting high volatility and wild swings moving forward.
Immediare Support : 41380- 41400
Immediate Resistance: 42350 - 42420
RSI : 67 - Bull Range
Verdict: Positive - Buy on dip and trade with Strict SL
Hourly Chart
Immediate Intraday support at 42117 ( May or not get hold)
Further Intraday support @ 41700
CMP: 42137
Wait for a dip or trade with the Monday's first 15 min or hourly candle low's Stop loss.
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