Banknifty weekly analysis for 13/05/2024.
Banknifty has been trading in a rising parallel channel which is a bearish pattern. The support trend line has been tested 4 times and it is testing it again, closing around it.
Even the weekly 20 Ema is around the closing of the candle. If there is a break down on the weekly candle after 2-3 days of consolidation or halt, there is a high chances of bearish momentum is the markets.
Major support/target levels:-46600, 45800
Let the market decide the trend and trade accordingly.
For last 8 trading session, there is a red candle on the daily charts. A retracement or consolidation is required before any further fall in the market.
Wait for the price action near the levels before entering the market.
Even the weekly 20 Ema is around the closing of the candle. If there is a break down on the weekly candle after 2-3 days of consolidation or halt, there is a high chances of bearish momentum is the markets.
Major support/target levels:-46600, 45800
Let the market decide the trend and trade accordingly.
For last 8 trading session, there is a red candle on the daily charts. A retracement or consolidation is required before any further fall in the market.
Wait for the price action near the levels before entering the market.
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