Banknifty weekly analysis for 04/03/24.

Mambotrade Updated   
NSE:BANKNIFTY   Nifty Bank Index
Last week the markets were volatile.

A M pattern formation and immediate reversal forming a V pattern shows the volatility.

The market need to retest of halt on the upper levels before crossing the ATH.

On friday, there was a 2.5% bullish move in banknifty it seem to be bullish as on intraday levels.

Positional trades can also be entered, if market comes to test 46500-700 zone.

Now the resistances on the upper side seems to be somewhat weak.

Major bullish target :- 47600, 47840

Supports are far and there should be a retest.

Wait for the price action near the levels before entering the market.
There was a sideways market today and has closed around 47500 levels.

Level has been tested too many times and if there is a gap there are chance of market taking out the resistance above.

In case there is a flat opening and market starts sustaining above the resistance zone, bullish trades can be initiated as it has taken halt today.

Major resistance levels :- 47510, 47610, 47820

It can give another 500-700 points move if nifty start moving towards 22500 levels.

Wait for the price action and trade accordingly. :



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