Banknifty weekly expiry analysis for 04/10/23.

Banknifty has been trading in a range and closed in the same range losing 185 points.

After the first hour fall the market consolidated and remained inside the first hour candle.

On the hourly charts, market has closed below both the moving averages.

Market has been consolidating for a few day and tomorrow is weekly expiry.

Even on the smaller time frame, market has closed below both the moving averages and closed just around the 20 ema.

Support :- 44240, 43900
Resistance :- 44730, 44970

The option buyer have been facing losses for few days and tomorrow being a weekly expiry there are chances of a trending move.

Wait for the price action near the levels before entering the market.

Commentaire:

The markets have opened gap down. Wait for the markets to form some pattern or price action for an opportunity.

The market is trading around 44000 levels. Wait for a break down.