Technical Analyst, owner of TRADEMANIAC
Banknifty may form a dozi candle in this month and it may go upside in the month of May onwards.
Today banknifty may reverse at 10:15 a.m or tomorrow 9:15 a.m. Bank Nifty is currently closed just beyond the breakout mark. As a result, Bank Nifty may start the day near 40700 and attempt to consolidate above 40725. But expect a small profit booking up to 40534 due to the overbought zone in 1 hour. If Bank Nifty maintains its position above 40725, it may advance in the direction of 40858 and 40989. This week's Banknifty future weekly trend deciders are 40850 and 39600. Today's intraday support levels for Banknifty future are 40750 and 40880.
If Banknifty breaks and manages to go above 40880, I'll attempt to see if 41150.
On the other hand, the support levels for the Banknifty fut are 40460 and 40300. Finding the next support of BNF stoploss below 40300 at 40050