Banknifty weekly analysis for 23/10/23.

2023年10月22日

Banknifty has crossed the previous week low and closed losing 560 points lower on the weekly charts. It has closed below the 20 ema of weekly charts which signifies some negativity in the market.

The market now has a support level around 43400 as it has started trading below the previous low formed by banknifty.

On the daily charts, the market has form an inside candle and closed between both the moving averages.

This weekly expiry on thursday can be a trending one as it is the monthly expiry. It is trading around the low and if the low is broken there are high chances of a short term bearish move in the market.

It has been facing resistance from the 20 ema, on hourly charts, and has closed between both the moving averages.

In the last trading session the market has consolidated in a squeezed range.

There was a nice resistance from 43800 levels which gives a high conviction in the market coming for a selling.

Support :- 43580, 43420
Resistance :- 43980-44000, 44300

Banknifty has given a nice fall this week and there are high chance of a trending market.

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