BANKNIFTY Detailed analysis for Upcoming days check levels
BANKNIFTY DETAILED ANALYSIS
PRICE ACTION,OPEN INTEREST & CHANGE IN OI, TECHNICAL ANALYSIS
Previous trading day BANK Nifty open at 22190
Made high of 22344
and low of 22165 then
closed at 22299
which showed the Selling pressure on top and also some
buying pressure from bottom
High to close - 45 points down from day's high
Low to close - 134 points up from day's low
i.e BULL Power is 2.9X+ more than BEAR power
BULLISH BIAS AS PER PRICE ACTION LET'S CHECK WITH OTHERS
LAST TRADING DAY TOO NARROW RANGE WITHIN 180 PTS
-----------------------------------------------------------------
OPEN INTEREST ANALYSIS
Close Price - 22299
HIGH OI strike CE - 23000
HIGH OI Strike PE - 22000
Next week remaining days Range Probability - 22000 to 23000
-----------------------------------------------------------------
CHANGE IN OPEN INTEREST ANALYSIS
High change in OI in CE strike as per Option data will act
as a major Resistance
R1- 22500 (NEAR FROM SPOT)
R2- 22800
R3- 23000
High change in OI in PE strike as per Option data will act
as a major Support
S1- 22000 (NEAR FROM SPOT)
As Per Change in OI data Near support is 22000 is stronger than
Near Resistance showing BULLISH BIAS
-----------------------------------------------------------------
TECHNICAL ANALYSIS
Day basis closed above trend line and below fibonacci level(0.382)
Weekly basis Exactly above trendline looks breakout but closed
fibonacci key level 0.382
CONCLUSION
If sustain above 22440 will move further to 22680/22830/23100
other wise it will come down to 11100
If sustain below 22000 may fall further to 21700/21580
----------------------------------------------------------------
The Profit Patterns
**Educational Purpose only
-----------------------------------------------------------------
LIKE & FOLLOW TO GET MORE TRADE IDEAS CHECK OTHER TRADE IDEAS
Dear followers,
--Wherever I used the word sustain means not only buy or sell the levels on single spike, and enter immediately.
--Sustain means price should need to spend on time in our buy or sell level, then only enter.
--My preferable sustain price on time atleast 1hr close basis, sometimes i prefer 30mins,4hrs,day basis here everything is flexible not a rigid.
--For Risk takers may choose any time frame under 1hr and others may choose 1hr and above time frame.
--Still confusing, no issue don't hurry to execute the real trade just do it in paper as a paper trade then start with real one
--Patience most important. Be patient and do the right things continuously the right one will come.
----------------------------------------------------------------
The Profit Patterns
**Educational Purpose only
-----------------------------------------------------------------
LIKE & FOLLOW TO GET MORE TRADE IDEAS CHECK OTHER TRADE IDEAS
PRICE ACTION,OPEN INTEREST & CHANGE IN OI, TECHNICAL ANALYSIS
Previous trading day BANK Nifty open at 22190
Made high of 22344
and low of 22165 then
closed at 22299
which showed the Selling pressure on top and also some
buying pressure from bottom
High to close - 45 points down from day's high
Low to close - 134 points up from day's low
i.e BULL Power is 2.9X+ more than BEAR power
BULLISH BIAS AS PER PRICE ACTION LET'S CHECK WITH OTHERS
LAST TRADING DAY TOO NARROW RANGE WITHIN 180 PTS
-----------------------------------------------------------------
OPEN INTEREST ANALYSIS
Close Price - 22299
HIGH OI strike CE - 23000
HIGH OI Strike PE - 22000
Next week remaining days Range Probability - 22000 to 23000
-----------------------------------------------------------------
CHANGE IN OPEN INTEREST ANALYSIS
High change in OI in CE strike as per Option data will act
as a major Resistance
R1- 22500 (NEAR FROM SPOT)
R2- 22800
R3- 23000
High change in OI in PE strike as per Option data will act
as a major Support
S1- 22000 (NEAR FROM SPOT)
As Per Change in OI data Near support is 22000 is stronger than
Near Resistance showing BULLISH BIAS
-----------------------------------------------------------------
TECHNICAL ANALYSIS
Day basis closed above trend line and below fibonacci level(0.382)
Weekly basis Exactly above trendline looks breakout but closed
fibonacci key level 0.382
CONCLUSION
If sustain above 22440 will move further to 22680/22830/23100
other wise it will come down to 11100
If sustain below 22000 may fall further to 21700/21580
----------------------------------------------------------------
The Profit Patterns
**Educational Purpose only
-----------------------------------------------------------------
LIKE & FOLLOW TO GET MORE TRADE IDEAS CHECK OTHER TRADE IDEAS
Dear followers,
--Wherever I used the word sustain means not only buy or sell the levels on single spike, and enter immediately.
--Sustain means price should need to spend on time in our buy or sell level, then only enter.
--My preferable sustain price on time atleast 1hr close basis, sometimes i prefer 30mins,4hrs,day basis here everything is flexible not a rigid.
--For Risk takers may choose any time frame under 1hr and others may choose 1hr and above time frame.
--Still confusing, no issue don't hurry to execute the real trade just do it in paper as a paper trade then start with real one
--Patience most important. Be patient and do the right things continuously the right one will come.
----------------------------------------------------------------
The Profit Patterns
**Educational Purpose only
-----------------------------------------------------------------
LIKE & FOLLOW TO GET MORE TRADE IDEAS CHECK OTHER TRADE IDEAS
If sustain above 22440 will move further to 22680/22830/23100
If sustain below 22000 may fall further to 21700/21580/21100
Thanks @srikanthkoduru