Banknifty daily analysis for 04/10/22Banknifty on the daily time frame has formed an inside candle and is trading between 20 and 200 DMA.
The market opened lower and from the first hour came for selling.
Banknifty tried to hold the levels and in the second half the market faced a huge sell off and closed 600 points lower.
The market, on the hourly time frame, took a resistance from its 20 ema.
Even on the 15 minute time frame, the index has faced resistance from the 20 ema.
Support :- 38000, 37280, 37680
Resistance :- 38158, 38280, 38530
The market has remained in a consolidation and has formed an inside candle. Take a trade only if the market crossed today's high or low.
Wait for the price action near the price level before entering the markets.
