Banknifty weekly analysis for 11/09/23.

Banknifty has moved higher by 720 points this week, closing above the round number figure of 45k.

Market remained bullish this week owing to the ongoing G-20 summit. On friday, banknifty closed at 45156 gaining 278 points.

It has taken a good support from the weekly 20 ema and consolidated around in for 3 weeks and has given a break out.

On daily charts, banknifty was struggling to cross the 20 ema but has crossed and sustained above it.

The market has formed a nice bullish pattern of higher highs higher lows and is giving a good consolidation and a breakout.

On 15 minute time frame, it took support from the 20 ema and has closed above both the moving averages. It also showed a fake of 45200 levels.

Support :- 45080, 44860
Resistance :- 45220, 45370, 45500

Market looks bullish but still banknifty is taking resistance from 61.8% (around 45350) fibonacci levels of the major trend.

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