Banknifty daily analysis for 31/10/23.
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Banknifty has tested 38.2% fib level but is still closed below the fibonacci level.
It has given a bullish engulfing candle after testing the low of 42400 it has given close above 43k level. Chance are of testing the 200 ema on the daily front.
On the hourly charts, the market has closed between both the moving averages and is around the resistance level of 43100.
If the market start moving upwards the targets will be the retest of 50 and 61.8 fib level. Market will form a "W" pattern before moving upward or it will give another bearish leg retesting the levels.
Support :- 42800, 42400
Resistance :- 43100, 43370
Wait for the price action near the level before entering the market.
It has given a bullish engulfing candle after testing the low of 42400 it has given close above 43k level. Chance are of testing the 200 ema on the daily front.
On the hourly charts, the market has closed between both the moving averages and is around the resistance level of 43100.
If the market start moving upwards the targets will be the retest of 50 and 61.8 fib level. Market will form a "W" pattern before moving upward or it will give another bearish leg retesting the levels.
Support :- 42800, 42400
Resistance :- 43100, 43370
Wait for the price action near the level before entering the market.
Note
Market has started trading below the hourly 20 ema and a supply zone.
If it starts trading below the fay day low it can test the lower support around 43350.
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