Banknifty weekly analysis for 30/10/23.

NSE:BANKNIFTY   Nifty Bank Index
Banknifty has been trading below Weekly 20 ema and has given nice trending movement of around 1500 points from high to low while closing around 940 points lower.

It recovered around 1% or 500 point higher on the last trading session that is a retracement after the selling leg.

Daily candle is showing a retracement and can test fibonacci 38.2% or 50% level.

The closing on the hourly charts is above the 20 ema after consolidating around the level.

Support :- 42500, 42320, 42130
Resistance :- 43100, 43380, 43620

After a selling leg the market are retracing to clear the imbalances. The trend is bearish for now and sell on rise in the market cycle.

Wait for the price action and a setup for the entry. Trailing stop loss can give good targets on the bearish side.


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