As we discussed, the Banknifty sideways and bullish structure market gave a volatile move in the uptrending channel range, as we discussed in case 1. If we look at the chart now: The market took very nice support from 200 EMA and is moving in an uptrending channel. The market is also making an inverted Flag & pole pattern, which is a bearish pattern. If...
Today will be gap up opening in BANKNIFTY. After opening if banknifty sustain above 48550 level then possible upside rally of 400-500 points upto 48950 level & this rally can extend another 400 points if market gives breakout 49050 level in todays session. Any Major downside only expected in case banknifty starts trading below 48450 level. also possible reversal...
The Banknifty structure differs slightly from Nifty, but the sentiment is the same. The current variation suggests that if the initial market takes a solid pullback and breaks the level of 48938, we can expect it to reach 61%. Notably, the market will continue the rally only if it sustains above the level of 48938. If it doesn't sustain above this price, the range...
BankNifty Stance Neutral ➡️ BankNifty had an awkward-looking opening today, a decent gap-down, and breaking the 48661 support. The intraday lowest point was the level at which we opened today. More importantly, we retraced the fall and even re-tested the 48947 levels. Fortunately for the bears, 48947 resistance was not broken, if it had given away - then we would...
As we discussed, the Banknifty bearish or Sideways structure market gave a volatile move in range, as we discussed in case 1. If we look at the chart now: The market took very nice support from 200 EMA. And it was quite volatile for the whole day. The Price is struggling to break the 50-EMA resistance. The market is going to be sideways in the range of...
BankNifty also has the same sentiment. If the market finds support around the immediate support level, then we can expect a minor pullback that will take a max of 23 to 38%. After that, if it gets rejected there, then the correction will likely continue. On the other hand, if the pullback breaks the 38% Fibonacci level, it could turn into a range market between...
Banknifty closed just below the SR of 48603 and for the same reason, I am going neutral. Unlike Nifty, BN has few SR zones nearby hence the decision to go neutral instead of bearish. Although we fell 640pts ~ 1.3%, none of the 63mts candles closed distinctly below 48603 which is a sign of worry for the Bears, Meanwhile, the drop seen in ICICI will be considered...
As we discussed, the Banknifty bearish structure market gave a very nice momentum to the downside. If we look at the chart now: The market is trading at 200 EMA(30 min TF), which can provide potential support. Also, bank nifty is trading between fib 0.50 and 0.61, which might also be a good support zone. The price is trading lower than EMA(13,50) and above...
The current variation indicates that if the market breaks the 38% Fibonacci level, we can expect the correction to continue, potentially reaching the next Fibonacci level of 50%. If it finds support there, the 4th sub-wave may complete and start the 5th pullback wave. Alternatively, if the market finds support around the immediate support or if the initial market...
Today will be gap down opening in BANKNIFTY. After opening if banknifty start trading below 48950 level then possible downside rally of 400-500 points upto 48550 Level & this rally can can extend another 400 points if market gives breakdown 48450 level in todays session.Any Major upside only expected in case banknifty starts trading above 49050 level.also possible...
BANKNIFTY Intraday Trade Setup For 29 May 2024 Bullish-Above 49350 Invalid-Below 49240 T- 49775 Bearish-Below 49040 Invalid-Above 49150 T- 48450 BANKNIFTY has closed on a bearish note with 0.28% cut today. Yesterday we discussed that chances of index being inside 49700 and 49000 is high, so has happened today. Now tomorrow chances of a trendy move tomorrow....
As we discussed, the Banknifty sideways or bearish structure market was bearish while having sideways volatility. If we look at the chart now: The market has broken the support level to the downside with a continuously increasing volume. If the market fails to take support at 50 EMA, it will fall rapidly to the 48631 level. RSI is also below 50 and about to...
Bank Nifty has the same sentiment. Structurally, it's a little correction followed by a long rally. So, if the market opens neutral or if the initial market takes a pullback, we can expect a range market within the previous day's range. After that, if it breaks either upside or downside, then we can follow that trend. Here also, my opinion is bullish. An...
BANKNIFTY Intraday Trade Setup For 28 May 2024 Bullish-Above 49700 Invalid-Below 49590 T- 50200 Bearish-Below 49050 Invalid-Above 49160 T- 48450 BANKNIFTY has closed with 0.63% gain today. Buy triggered above 49060 and hit our target perfectly (49688). Price took resistance exactly at our target and in the last 45 Min fell with full force but it seems like DIIs...
As we discussed, Banknifty's bullishness in past sessions has hit its target today. If we look at the chart now: The market has touched the target (49471), as we mentioned in the previous analysis. A huge fall was registered once the given target got hit. That means it's working as a good resistance zone for the upcoming session. Now, for the market to go...
Bank Nifty also has the same sentiment, and HDFC Bank has a solid bullish candle. If the market continues this trend, we can expect the rally to continue, potentially reaching a minimum of 49196 to a maximum of 49335 (78%). Alternatively, if the initial market takes a correction, we could wait for an immediate support breakout. If it breaks, the minor demand zone...
Unlike Nifty which had broken out, BankNifty is still below its ATH. 48948 resistance and 48661 support were in play today. In fact, the first 16mts candles touched both these levels. We closed right at the resistance level. On Monday we expect a breach in resistance and a further up move. Our stance of bullishness continues. We do not have further resistances...
BANKNIFTY Intraday Trade Setup For 27 May 2024 Bullish-Above 49060 Invalid-Below 48950 T- 49635 Bearish-Below 48640 Invalid-Above 48750 T- 48200 BANKNIFTY has closed on a bullish note with 1.6% gain last week. Index looks ready for a fresh ATH. Index is still following the channel in daily TF, now the upper trendline of the channel has to be tested which will...