Banknifty daily analysis for 02/11/22

Banknifty on the daily time frame has formed a bearish candle and closed almost flat on day to day close.

There was a nice gap up opening and markets tried to push upward but there was a sell off after taking resistance from 41650-730 zone.

The market has taken support from hourly 20 ema and closed near to the level.

On 15 minute time frame, the market has closed below 20 ema.

Support:- 41230, 41120, 41000
Resistance:- 41350, 41450, 41540

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