BankNifty Analysis 26 JUNE Short-Term Caution Amid Anticipation

Jun 25

📈 Bank Nifty Analysis: Short-Term Caution Amid Anticipation

Last Analysis Review: From my previous Bank Nifty analysis on June 25, 2024, we observed that “Scenario 1” (Buy above Gap up opening with 30-minute closing above 52,000) played out accurately. Now, let’s delve into the current scenario.

Analysis: June 26, 2024

• Short-Term View: Caution is advised as the market rises on sentiments ahead of the FINAL BUDGET 2024 presentation.
  
• Long-Term View: Despite short-term optimism, the higher time frames (e.g., 4-hour or 1-day) reveal weak technical aspects for Bank Nifty. Strong candles with small wicks may signal a fake breakout.
  
• Private Sector Bank Rally: Analysts at Macquarie expect healthy ROAs and ROEs for private sector banks over the next three years. These banks remain steady compounding stories, less affected by ECL regulations.
  
• External Debt Update: India’s external debt stands at $663.8 billion as of end-March 2024, rising by $39.7 billion from the previous year.
  

Trading Scenarios:

Scenario 1 (Gap Up):

• If Bank Nifty opens above or around 52,900, watch for resistance at 53,000.
  
• Consider buying above 53,000 with caution.
  

Scenario 2 (Gap Up with Resistance):

• If the price opens between 52,900 and 53,000, be prepared for resistance.
  
• Sell immediately within the first 15-30 minutes if a strong breakout above 53,000 doesn’t occur. Use a tight stop loss.
  

Scenario 3 (Flat or Small Gap Down):

• Wait until Bank Nifty breaks below 52,349.
  

✅ Bank Nifty Support and Resistance Levels:

Intraday Resistance Zone: 52,746 - 52,987

• Intraday Resistance 1: 52,746
  
• Intraday Resistance 2: 52,984
  
• Intraday Resistance 3: 53,561
  

Intraday Support Zone: 52,537 - 52,460

• Intraday Support 1: 52,460
  
• Intraday Support 2: 52,300
  
• Intraday Support 3: 52,000
  

🔍 Bank Nifty Options to Watch (June 26):

• Call Option: 52,700 CE
  
• Put Option: 52,500 PE
  

Trade wisely and adapt to market dynamics! 🚀📊

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