Banknifty weekly analysis for 19/02/24.

Mambotrade Updated   
NSE:BANKNIFTY   Nifty Bank Index
Banknifty has formed a nice bullish candle on the weekly charts and closed 750 points higher.

The market remained in a range for a while and gave a nice break out during the previous week.

In the last trading session market tried to clear the resistance levels of 46600 but couldn't clear the same and closed around 46400 levels.

Major resistance levels :- 46580, 46980-47100.

If there is a gap up opening, the market will look to test 47k levels and further test 47550.

On the bearish side the market can test the lower levels of 46k and 45700.

Anything below 45700 may seem to be a bearish move.

Major support levels :- 46040, 45700

Wait for the price action and buy on dip is the current market cycle.

Nifty is trading around the ATH while banknifty is trading short of 2000 points. It can be seen getting close to the ATH in the coming week.

Today the market remained in a tight range of 300 points and has consolidated well.

The doji candle around the resistance zone is creating confusion. Let market decide which side it wants to move and trade accordingly.

Major resistance levels :- 46730, 47000

Major support :- 46450, 46320.

In case of a gap down below 46300 there will be confusion, so let the market make base in this case.

If there is a gap up opening, bullish trade above the resistance zone can be created.

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


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