NSE:BANKNIFTY is Trading in a narrow price range from date 24 nov to 4 nov.
41,500 is crucial level for banknifty. Its a strong resistance or supply zone. Banknifty is trying to break this resistance. On Nov 1 it succeed to break resistance but not able to sustain. Also this level is tested for multiple times.
On the other hand, 40850 is strong support. 2 times banknifty took support from that level and gone upside.
Banknifty is curretly neither in Up trend nor in Down trend. Its just moving in between 41500 - 40850. we can say sideways.
On longer time frame like daily or weekly we can clearly see an up trend. So if we get banknifty around 40850 and gives us a bullish confirmation we will think for Long (Bullish view) for target of 41100,41300 & 41500.
If Banknifty breaks 41500 level and sustain above that we will surely go for Long (Bullish view) for target of 41700, 41800 & 42000.
In worst case banknifty will break its support level 40850 and sustains below we can go for short(Bearish view) for target of 40600, 40500,40300.
If we think logically, most of the major banks NSE:SBIN, NSE:AXISBANK, NSE:HDFCBANK, NSE:ICICIBANK having good quarterly earning report. FII have started buying recent. So we can expect a bullish move for upcoming days. But, we are close to all time high.
Disclaimer : I am not SEBI registered analyst. Do your own analysis before taking trade. I am not responsible for your profit or loss.
Banknifty is following our trendline. May be in upcomming days it can show good upside trend. So if you are trading in banknifty don't go for bearish side. Instade try to buy on dips on confirmation.