Banknifty daily analysis for 20/07/23.

An Inside candle has been formed on the daily chart and a dragon fly doji has been formed.

Market closed gaining 260 points. There was a gap up and a profit booking took market down.

Supports are nearby and the market is still in the bullish move.

On the hourly chart, a V shape recovery was there. And it is trading above the moving averages.

Today option buyer might have red PnL.

Support :- 45470, 45350
Resistance :- 45690, 45850

Tomorrow is weekly expiry and if market gives a breakout around 12:30, its likely to carry on.

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