Banknifty daily analysis for 12/10/23.

Banknifty today tested 44700 level after a gap up opening and came down lossing the gain and closing only 156 points higher.

It took a good support around 44500 levels and closed just around the levels.

Again, there a doji formation on the higher levels and it is unable to close above 20 ema on the daily charts.

On the hourly charts, after a first hour volatile movement it remained in a 100 points range, closing between both the moving averages.

A minor resistance is there around 44550 level and it is taking support from the 20 ema.

Support :- 44450, 44340
Resistance :- 44740, 44970

Today's weekly expiry remained silent and the markets remained volatile.

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