Banknifty weekly analysis for 11/03/24.

已更新

After 3 days holiday markets will open tomorrow.

Banknifty has been halting around the higher levels and constantly facing rejection around 48k levels.

On the weekly charts, there is a bullish move in the market and seems to continue as nifty is around the highs but banknifty is still lagging behind it.

An inside candle has been formed on the daily charts and near the high. If there is a break out new highs can be tested this week for banknifty.

Else it may come to test the lower levels.

Major support levels :- 47520, 47260

Resistance :- 48150, 48260, 48400

Buying there on every dip and resistances above are weak.

Bullish move is expected as the charts indicate. If there is a gap down opening, it would be wise to avoid trading for intraday as there will confusion in the markets.

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

註釋

Banknifty has closed 500 points lower around 47320.

Slowly market has given a bearish move. It has given a nice profit booking trade in the market.

There is a bullish move in the market and is around 38.2% fib levels. If the market starts trading below 47200 levels, it can test 50% fib levels.

Major support levels :- 46980-47050, 46720

The market has good support on the lower levels and it is retesting the lower levels before another bullish move.

Resistance levels :- 47410, 47600

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

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註釋

It has been consolidating in a range of 200 points from the morning.

If there is a break out or break down of the consolidation zone a good trend move can be captured in the markets.

Consolidation zone range :- 47180-47480

Wait for the zone break out and trade accordingly.

註釋

Banknifty has sustained the fall and closed only 300 points lower while nifty is down by 338 points.

It has closed below the previous day low. The weekly charts from previous 2-3 week have been showing lower wicks which show recover in the last days of the week.

If there is a gap up opening, it can take a halt and remain volatile.

In case of a gap down opening anothere red candle can be seen in the market.

Major support levels :- 46680, 46540

In bearish movement it can even test the lower levels marked on the charts.

Resistance levels :- 47220, 47470

Wait and watch the markets and trade accordingly.

註釋

Banknifty has been consolidating in a rising wedge pattern and formed another doji after yesterday's fall respecting the lower trend line.

For continuous 5 trading sessions, there are red candle formation.

Either it will take support and start moving upward or it will follow the other index and start trading below the support trend line.

Major support levels :- 46650, 46310

There is a lower high lower low formation on the hourly charts.

If the market continues with the formation lower levels can be tested.

On the upper side the market will face rejection as resistance levels are close by.

Major resistance levels :- 47150, 47480.

Buying is happening on every dip but LHLL formation is working in the market.

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