Banknifty daily analysis for 12/05/23

Bank nifty on the daily time frame has given a grave stone doji after a dragon fly doji.

Market after Gap up opening has given a selling. Initially market came for selling and consolidated in the second half of the session.

After the first hour market has formed a bearish flag pole pattern.

Support:- 43430, 43200
Resistance:- 43640, 43700

Bank nifty is still stronger than nifty. Watch for the banking sector and enter only on the break out/down.

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