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.