Banknifty weekly analysis for 10/07/23.Banknifty in the last trading session has started trading below 45000 levels and closed below it.
It has formed a gravestone doji on the weekly charts and broke the recent support level around 45050 levels.
Market consolidated on the higher levels and has given a break down. If the market are there for a healthy retracement, it will reverse after testing 44400-44600 levels.
Though, the index was weak as compare to another index and has closed 415 points lower in the last trading session.
On the hourly time frame, the market has started trading below the 20 ema and gave a retest of the level taking rejection from the same.
Support :- 44860, 44710, 44450
Resistance :- 45050, 45210
The supports are nearby and the markets are here for retracement. Use fibonacci to find the reversal levels.
RSI indicator is showing some negative sentiment as there is a bearish divergence.
Wait for the price action near the levels before entering the market.
