Banknifty weekly analysis for 09/10/23.Banknifty has been taking support from the 20 ema on the weekly charts and has closed above the level this week too.
It is respecting the crucial levels and has closed 223 point lower on the weekly charts.
There were gap up and gap down this week and didn't gave any intraday opportunity for an option buyers. The market has closed between both the moving averages, on the daily charts.
In the last trading session, banknifty opened 110 points higher and traded in a range of just 250 points whole day. It closed only 147 points higher just decaying the option premiums.
The market has been forming a similar pattern on the daily charts and this week can be different. The gift nifty is showing a 113 point gain on the daily close and if it remain same in the morning, Indian market too can show another gap up opening.
On the hourly charts, it took support from the 20 ema and has closed between both the moving averages.
Market has created support and resistance at a close range and trades should only be initiated once the market crosses the high or low of the previous day.
Support :- 44270, 44120, 44020
Resistance :- 44450, 44720, 44975
Banknifty has been respecting a trend line on the hourly charts and its break out can show some bullish move in the market. The markets are still confused in deciding the trend
It has been tradin in a 1000 points range for last 15 days or 10 trading session which is unusual for Banknifty. There are high chances of a trending move in the market. Bullish or bearish trades should be trailed if the market start trading above 44700 or below 43700 levels respectively.
Wait for the price action near the levels before etnering the market.
