Banknifty for 14 Nov-18 Nov 2022 multi timeframe analysis

Banknifty is trading at all-time highs.
Friday's close was at 42137.

Monthly chart
October Candle: Big Bull Candle, suggesting bulls are in the driving seat.

RSI: Above 60 - Bull Range with high momentum.

November Price Action till now: The month started with a gap up opening at 41552 vs the previous month's close @ 41307( 245 points), right now near month high.

Monthly support @ 39000-39100, above this level, banknifty most probably moves higher, and a dip would be an opportunity to accumulate or create fresh positions.

Monthly Verdict : Positive

Weekly Chart

Candle: Indecisive candle at high, suggesting increased volatility, though the candle is HH HL structure, any dip would be an opportunity to buy.

Weekly Support @ 40320 -40550

RSI 67 - Bull range

Weekly Verdict: Positive


Daily Chart

Price Action: Friday was a gap-up opening at 42137 vs the previous day's close at 41603( approx 534 higher).

Candle: Doji at highs - suggesting high volatility and wild swings moving forward.

Immediare Support : 41380- 41400
Immediate Resistance: 42350 - 42420

RSI : 67 - Bull Range

Verdict: Positive - Buy on dip and trade with Strict SL

Hourly Chart
Immediate Intraday support at 42117 ( May or not get hold)

Further Intraday support @ 41700

CMP: 42137

Wait for a dip or trade with the Monday's first 15 min or hourly candle low's Stop loss.