Banknifty daily analysis for 23/09/22 for NSE:BANKNIFTY by Mambotrade

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Banknifty on the daily time frame has formed a doji after a gap down and tested its level of 40500. On the daily time frame, the market has closed below 41000 and closed convincingly below the level of 20 ema .

The market has given a nice down side movement and closed between both the EMAs

There is a bearish moving average cross over on 15 minute time frame and close below 20 and 200 ema .

Support :- 40500, 40300

Resistance :- 40790, 40940, 41170

Banknifty has tested it 40500 levels 3 time in recent time and if broken it can give nice target.

Daily Moving average is just around the support level of 40300. The market can travel further below if the market closes below the 20 DMA.

Wait for the price action near the levels before entering the markets.

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