Banknifty weekly analysis for 09/09/2024.

Banknifty is trading below the 50k levels and the weekly bearish engulfing candle signifies some bearishness coming.

The market has reversed from 50% fib levels and the pattern formation is also negative.

Index seems to give a follow through candle in the same direction as it has been trading silently for past few days.

Major levels :-50400, 49940, 49670

If market starts trading below 49700 levels, a bearish trend will be confirmed and sell on rise will be the market cycle.

Resistance levels :- 51000, 51320

Banknifty is trading below all the moving averages on the hourly charts and has also breached 20 & 50 DEMA.

Trade only the setup market create. Use trailing SL and profit booking on the targets.

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