Banknifty weekly analysis for 16/10/23.
Banknifty on the weekly time frame has given a doji candle and has closed almost flat below the 20 ema.
On the daily charts, market has formed a gravestone doji candle and closed below the 20 ema after taking a resistance from the level.
It is showing some negative build up on the intraday front and is consolidating on the higher time frame.
Banknifty has been closing in a narrow range and is facing a serious resistance from 44740 level.
On the hourly time frame, during the last trading session, it has formed a tweezer top or bearish engulfing candle. There are chance of banknifty testing the low again.
Banknifty is consolidating around the recent low and if the low is broken there are chances of fear selling.
The global consents are negative and the ongoing Israel Palestine war may also contribute to the sell off.
Major Support :- 43820-850
Resistance :- 44740
For intraday trading levels.
Support :- 44190, 44060, 43860
Resistance :- 44560, 44740
Wait for the price action near the levels before entering the market.
On the daily charts, market has formed a gravestone doji candle and closed below the 20 ema after taking a resistance from the level.
It is showing some negative build up on the intraday front and is consolidating on the higher time frame.
Banknifty has been closing in a narrow range and is facing a serious resistance from 44740 level.
On the hourly time frame, during the last trading session, it has formed a tweezer top or bearish engulfing candle. There are chance of banknifty testing the low again.
Banknifty is consolidating around the recent low and if the low is broken there are chances of fear selling.
The global consents are negative and the ongoing Israel Palestine war may also contribute to the sell off.
Major Support :- 43820-850
Resistance :- 44740
For intraday trading levels.
Support :- 44190, 44060, 43860
Resistance :- 44560, 44740
Wait for the price action near the levels before entering the market.
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