Banknifty weekly analysis for 03/10/23.
Banknifty on the monthly chart has formed a gravestone doji and formed a double top pattern on the weekly charts.
Index has reversed from the ATH high is yet to created a new all time high as the other index has formed.
The market has formed a doji candle on the weekly charts after a 3.5% fall in the previous week.
Market is consolidating in a similar range and has been trading in between both the moving averages on the daily charts.
A trending week or month is possible as per the technical analysis and intraday trades can be carried forward if the chart pattern or break out/down suggest.
On the hourly charts, banknifty has closed between both the moving averages.
44250-44700 is a no trading zone for this week as market is holding these levels. A break out/down after a consolidation phase is powerful. Watch for a opportunity and trade accordingly.
Support :- 44250, 43900
Resistance :- 44730, 44970
Wait for the price action near the levels before entering the market.
Index has reversed from the ATH high is yet to created a new all time high as the other index has formed.
The market has formed a doji candle on the weekly charts after a 3.5% fall in the previous week.
Market is consolidating in a similar range and has been trading in between both the moving averages on the daily charts.
A trending week or month is possible as per the technical analysis and intraday trades can be carried forward if the chart pattern or break out/down suggest.
On the hourly charts, banknifty has closed between both the moving averages.
44250-44700 is a no trading zone for this week as market is holding these levels. A break out/down after a consolidation phase is powerful. Watch for a opportunity and trade accordingly.
Support :- 44250, 43900
Resistance :- 44730, 44970
Wait for the price action near the levels before entering the market.
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