Banknifty closed in red as expected after breaking down the 1 hour timeframe trendline support which is 47950 area, formed a good bear candle and taking support at 20 EMA on daily front.if today day low 47700 area breaks it can test immeadiate support of 47540 area and even lower levels. For tommorow midpoint of today candle which is 47950 area can act as barrier if gap up open it can act as support in case of gap down or flat open it can act as resistance.
47950 above sustains long targets of 48100,48250,48300 47700 below sustains short targets of 47600,47550,47420,47310.
Mentioned support,resistance and targets can act as reversal points also please check price action on those.
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15 Mins chart for reference
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expecting a gap donw open today below support 47700 watch out for those targets given in idea above one of them can act as resistances.
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took support on third target 47310 area
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infact fourth target acted as support
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47550 one target area acted as resistance double top there short entry made