Banknifty weekly analysis for 06/02/23.

Banknifty has closed above the 20 ema on weekly charts and formed a nice bullish candle giving 2.85% movement.

The market has given a nice move. But is still trading between both the moving averages on daily charts.

The daily candle is showing some positivity in the index.

The market touched the 42k level and reversed, if the market closed above the level this week the market can test the ATH.

On the hourly charts, the market took support from 41800 levels and closed at 41500 levels, giving nice movement.

There is a bullish moving averages cross over on the 15 minutes charts.

Support :- 41000, 40800
Resistance :- 41580, 42000, 42700

Wait for the price action near the price level before entering the markets.