Banknifty daily analysis for 09/06/23.

A great bearish move in banknifty, it has broken the recent support of 44000-50 and closed below it.

The market has given a bearish engulfing candle engulfing 3 previous day's candle.

Banknifty was trading around ATH in the morning session and in the second half has given a nice move of more than 350 points.

Being a expiry, there was a good opporunity in the last hour.

On the hourly charts, market has broken the 20 ema and closed well below it.

Support :- 43850, 43710
Resistance :- 44050, 44200-240

Market has given both side move today. It can take a halt or fall futher to test lower levels.

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