Banknifty daily analysis for 06/10/23.

NSE:BANKNIFTY   Nifty Bank Index
Banknifty is trading below the moving average and has formed a doji candle on the daily charts.

After an initial gap up the market consolidated in a range and was range bound causing serious decay in the option premiums.

Even the markets consolidated on the weekly expiries and there are now high chances of a trend move in the market.

On the hourly charts, market today traded between both the moving averages took support from 20 ema .

Support :- 44030, 43890
Resistance :- 44340, 44730

Major levels for trend move are above 44800 and below 43730. Banknifty has been trading between these levels and is creating enough volatility for option buyers.

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


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