Bank Nifty closed 81.10 points higher on Wednesday, as the market remained highly volatile due to the weekly expiry of Bank Nifty. The index went down to the day low of 38613, but it found support at that level and moved upwards to touch 39265. After experiencing ups and downs, the market eventually closed at 39132.60, which was 81.10 points higher than the previous day's close.Hammer candlestick pattern on Daily Time FrameWhen analysts analyzed the candlestick pattern in the daily time frame, they noted that Bank Nifty had formed a Hammer. According to the daily chart, the support and resistance levels were at 38613 and 39456, respectively. The market is currently in a downtrend, and Bank Nifty will only move up if it maintains the current level for one or two trading sessions and breaks the wicks of the hammer candle at 39456 and closes the daily candle above this level.15-minute chart follows trend lineIn a 15-minute time frame, the chart follows a trend line, and if Bank Nifty breaks this trend line, the market could test the day low of today's trading session at 38613. If the market breaks the resistance level of 39456, it could go up to 39752.Option chain analysis for weekly expiry on 23rd March 2023In option chain analysis for the next weekly expiry on 23rd March 2023, maximum put writing was seen at the levels of 39000, 38500, and 38000, which act as support for Bank Nifty. The maximum call writing was seen at the levels of 39500, 40000, and 40500, which act as resistance for Bank Nifty.Trade Setup for tomorrowRegarding trade setup for tomorrow, if the market opens flat and touches the level of 39345 and goes down, then in the second time, if Bank Nifty closes above 39345, traders may consider buying with a small quantity with targets at 39458, 39565, and 39735. However, if the market opens flat and spends some time around the level of 39000 before breaking it, traders may consider shorting with targets at 38866 and 38650. If Bank Nifty opens gap up or gap down, traders may follow the price action of the candlestick pattern.
