BANKNIFTY for 04 August 2023

BANKNIFTY has closed at a very interesting position today. It broke down 44502, which is a crucial support, but again moved up and closed for the day above this level. On the other hand, it closed right below the fibo-1 (which is 44550.80).

We need to look at how the market opens tomorrow and observe the movement for the initial half an hour. In case of a gap-down opening, the market could test the 44181 level, before deciding the next course of movement. In case of a Gap-up opening, we need to wait till it breaks and sustains above the 44774 level.

Note: This is just a personal opinion and not a trading suggestion. Do your own analysis before initiating a trade.