Banknifty weekly analysis for 07/08/23.

NSE:BANKNIFTY   Nifty Bank Index
Banknifty in the last week has traded below the previous swing low and is taking resistance from 50% fibonacci levels.

It has closed 590 points lower on the weekly charts. The market gave a nice fall in 2 trading session and in the last trading session tried to sustain above 45k level but couldn't.

The market on the daily charts, is giving doji after doji and has closed around 44900 levels.

Banknifty tried to sustain near the new high but seller overtook the buyer and brought market to test 44300 levels losing 1100 point in just two tradin session.

On the daily chart, market had started trading below the 20 ema and has closed below it too. It has started forming lower low lower high formation and chance of testing lower levels is high.

Market cycle is of sell on rise for the short term. Banknifty formed a nice bearish flag patter before and gave nice targets.

On the hourly charts, market has formed a bearish moving averages cross over and has closed below both the moving averages.

Support :- 44620, 44310
Resistance :- 45080, 45500

The lower low lower high formation can be followed by the market in the coming week. Watch to sell the market on high with confirmation.

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


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