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Banknifty weekly analysis for 13/05/2024.

NSE:BANKNIFTY   Nifty Bank Index
Banknifty has been trading in a rising parallel channel which is a bearish pattern. The support trend line has been tested 4 times and it is testing it again, closing around it.


Even the weekly 20 Ema is around the closing of the candle. If there is a break down on the weekly candle after 2-3 days of consolidation or halt, there is a high chances of bearish momentum is the markets.

Major support/target levels:-46600, 45800

Let the market decide the trend and trade accordingly.

For last 8 trading session, there is a red candle on the daily charts. A retracement or consolidation is required before any further fall in the market.

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


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