Banknifty weekly analysis for 06/11/23.
A nice "M" pattern formation on the weekly charts for banknifty is a nice bearish trend for the markets.
Banknifty may retest the neck line of the pattern and continue the bearish move after the retracement.
Currently, it is taking resistance from 50% fib level and there are chance of retracing 61.8% fib level.
On the daily chart, three doji candle are showing confusion even after a gap up opening and not continuing the move.
It has closed at an interesting level and is between both the daily moving averges.
Support :- 43040, 43820
Resistance :- 43590, 43850
In the last trading session the market has consolidated in a 100-150 points and if the markets open in the same range, then there can be a nice momentum either side.
Wait for the price action near the levels before entering the market.
Banknifty may retest the neck line of the pattern and continue the bearish move after the retracement.
Currently, it is taking resistance from 50% fib level and there are chance of retracing 61.8% fib level.
On the daily chart, three doji candle are showing confusion even after a gap up opening and not continuing the move.
It has closed at an interesting level and is between both the daily moving averges.
Support :- 43040, 43820
Resistance :- 43590, 43850
In the last trading session the market has consolidated in a 100-150 points and if the markets open in the same range, then there can be a nice momentum either side.
Wait for the price action near the levels before entering the market.
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