Banknifty weekly analysis for 06/11/23.

A nice "M" pattern formation on the weekly charts for banknifty is a nice bearish trend for the markets.

Banknifty may retest the neck line of the pattern and continue the bearish move after the retracement.

Currently, it is taking resistance from 50% fib level and there are chance of retracing 61.8% fib level.

On the daily chart, three doji candle are showing confusion even after a gap up opening and not continuing the move.

It has closed at an interesting level and is between both the daily moving averges.

Support :- 43040, 43820
Resistance :- 43590, 43850

In the last trading session the market has consolidated in a 100-150 points and if the markets open in the same range, then there can be a nice momentum either side.

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


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