Description
⋅ Banknifty has given a hammer candle around the higher levels after a gap up opening above 48k levels.
The index came for profit booking after a good gap up and closed round 48k levels.
Now the market is around the last resistance zone of 48300 and then there is the ATH.
After a 3 day consolidation there was a gap up and it took the opportunity of making money in the up move.
In case of another gap up, bullish trades on the retest can be made around 48300 levels .
If there is a flat to slight gap down, bullish trades above 48250 can be created.
Major Resistance levels :- 48250, 48530-590
The market has created highs after gap up openings. In the scenario too, it seems market will show some gap up if it wants to create new ATH.
Support levels :- 47700, 47430
Wait for the price action near the levels before entering the market.