Banknifty has come for selling but the downside movement is slow which shows there are still buying happening in the market. There is doji formation on the daily charts and a significant selling is not there in the index as compare to nifty.
It is respecting a trendline and has continously tested it. If markets breaches the levels and starts trading below the levels, a bearish move can be seen in the market upto the lower support levels.
Major support levels :- 46300, 45940, 45750
The chances are high of market giving another red candle on the weekly charts. Wait for banknifty to start trading below the trendline.
If there is a gap up opening and a higher high formation, let market confirm the bullish trend on hourly charts. For confirmation look for a price action.
Major resistance levels :- 46680, 46950
Though, markets are unpredictable and is in a bearish trend, watch for it to cross and sustain 47200 levls to turn bullish. Else a day or two can be avoided for trading.
Wait for the price action near the level before entering the markets.
The market has been forming doji after doji and the indecision is there.
Next week there is only 3 trading session and monthly expiries may give some momentum as the market has remained sideways this week.
For last 5 trading session market is closing around the opening price and is not moving in any direction or giving any trending move.
Major levels for intraday trades :- 46650, 46150
Today also the market has consolidated in the second half and remained in the same zone.
Resistance levels :- 46950-47000, 47170
Wait for the price action near the levels before entering the market.