Banknifty daily analysis for 21/07/23.

A 500 points rally took banknifty past 46k levels and market has closed above it.

During the morning hour market consolidated and in the second half gave a rally of more than 400 points touching 46200 levels.

On the hourly charts, the breakout of the previous day high gave a 350 points rally during the last hours.

A sideway to bullish market will be there. Buy on dips is going on the market.

Support :- 45850, 45370
Resistance :- 46250, 46885(fibonacci level)

200-300 points rally is there as per the flag and pole pattern break out. Watch the market closely before entering any bearish trade.

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