Banknifty daily analysis for 27/10/23.Banknifty has been trading below the 200 DMA and for consecutive 3 trading session it has closed in red.
Today, the close is below 550 points after testing low of 42100. The trend in the market is bearish and more selling upto 41500 level can be seen in the coming days.
On the hourly chart, there was a fall in the first half of the session and consoldiated in a parallel channel in the second.
A perfect bearish flag and pole formation is there on 15 minutes chart.
Support :- 42000-40, 41500
Resistance :- 42800, 43000
Market has given a break down and now there are big targets in the market. If the market breaks down the parallel channel there can be another sell off breaching another round number levels of 42000.
Wait for the price action near the levels before entering the market.
