NIfty & Banknifty Structure Analysis

Nov 6, 2023

NIFTY
#NIFTY50 Daily Chart 📊

1st It is moving in a downtrend, and currently forming a pullback.

Pullback Started By taking support at 200 EMA and should approach the 50 EMA or The downtrend resistance line.

The Doji bars formed from the last 2 sessions will trigger a huge gap.

Open Will be around 19300 Zone.
There is multiple resistance marked on the chart,

If the first 5-minute candle sustains above opening then upmove till 19550 Is expected otherwise down move continues.



BANKNIFTY
#BANKNIFTY Daily chart 📊

Formed a range bar above 200 EMA after a fall and its near trend line + other resistance too.

From Gap up these multiple resistance will get cleared.

But For up move need to take confirmation of 1st 15 min candle closing.

Trend line resistance- 43625
50 EMA RESISTANCE- 44050.

There is a divergence in nifty and bank nifty movements as banknifty is reacting faster than nifty.

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Nov 7, 2023

Note

#NIFTY50 on Day chart.

Yesterday after a good struggle it managed to break the Resistance zone and closed a bullish bar.

Now there is another Resistance Forming of 50EMA and 0.618 Fib zone, and as per Globals indicating a range bound session and it can be just a pause in up move till trendline resistance.

#BANKNIFTY closed around high of the bar and didn’t cleared the resistance but nifty closed bullish why? Cause. They both are not aligned.

Both index need to be in sync to make a significant move.

Nifty will be making some moves and Banknifty should remain silent.

Yesterday High is important but still need more confirmation.