Banknifty after a gap up opening came for a profit booking and closed 60 points lower forming a red candle on the daily charts.
On the hourly charts, it seem to consolidate after the initial sell off and has closed above both the moving averages.
Market has given a nice bullish move and are stretched enough to give a retest or consolidation. It will be sideway or volatile before giving another bullish leg.
On 15 minute time frame, it formed a lower high lower low formation and there are chance of market giving some retracement.
Watch for option premiums as tomorrow is banknifty's weekly expiry and there are less chance of a trending move in market as it has already move alot.
Support :- 45430, 45320, 45230 Resistance :- 45690, 45855
Wait for the price action near the levels before entering the market.