Banknifty weekly analysis for 04/12/23.
Aggiornato
A 1000 points move in one week and the market is giving a nice bullish move.
On the daily charts, the market has tested the 45k levels this week and closed around 43800 levels.
Nifty is trading around the ALL Time high but banknifty is still 1500 points lower than its ATH.
There are chances of banknifty also forming a new ATH.
Major trading levels for this week.
Support :- 44700, 44450, 44300
Resistance :- 45000, 45200, 45850
Market looks bullish as per the weekly closing and in December month banknifty can form a new ATH.
Wait for the price action near the levels before entering the market.
On the daily charts, the market has tested the 45k levels this week and closed around 43800 levels.
Nifty is trading around the ALL Time high but banknifty is still 1500 points lower than its ATH.
There are chances of banknifty also forming a new ATH.
Major trading levels for this week.
Support :- 44700, 44450, 44300
Resistance :- 45000, 45200, 45850
Market looks bullish as per the weekly closing and in December month banknifty can form a new ATH.
Wait for the price action near the levels before entering the market.
Commento
Banknifty has given a 1600 points rally and closed above the precious high forming All Time High.
There are chance of it taking a halt or retesting the levels.
Manage position size in the bullish trade as it has stretched alot.
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