Banknifty daily analysis for 16/06/23.

NSE:BANKNIFTY   Nifty Bank Index
Bank nifty pulled the nifty too in the second half of the session. The market has closed 500+ points lower after a consolidation.

The market has closed around the support zone of 43400-450. The market can continue the fall or can retest before another leg.

On the hourly chart, market has closed below both the moving averages and the fall started from the first hour even after a gap up opening. There can be bearish moving averages crossover.

Support :- 43100-115, 42820
Resistance :- 43800, 43950

Market in the range of 43450-43800 can reverse from the fibonnaci levels else there no resistance on the upper side.

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


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