Description
⋅ Banknifty on the daily time frame has formed a gravestone doji on the higher levels.
The market can take a retest before proceeding to create new highs.
On hourly time frame, the market has tested the 20 ema and closed near the level.
Banknifty is unable to sustain above 43200 level. The market has formed a double top pattern on the smaller time frame.
On 15 minute time frame, the market consolidated in a box and gave a break down in the closing hour of the session.
Support :- 43950, 42850, 42770
Resistance :- 43135, 43270
Look for the global markets as the Dow jones was lower yesterday. If the global markets are weak, India markets can also come for a retracement.
Wait for the price action near the levels before entering the markets.