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BANKNIFTY

#Banknifty Directions and Levels for May31st.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 market might continue. Alternatively, if the initial market corrects, the downside 61% Fib level will act as minor support. My personal opinion is that if the market declines initially, it may enter a range market.
NSE:BANKNIFTY
by Manickamtraders
BankNifty Support & Resistance Levels for 31.05.2024Yesterday, BankNifty took support at the 75-minute zone (48,216 - 48,410) mentioned in the last two posts and bounced up to the near supply zone (49,043 - 49,187), as indicated in the previous post. Support Levels: Near Support Zone (75m): 48,216 - 48,410 (remains the same) Far Support: 48,017 (61.8% FIBO level of the last swing) Further Down Support Zone (125m): 47,435 - 47,959 Resistance Levels: Near Resistance Zone (30m): 49,186 - 49,320 (remains the same) Far Resistance Zone (75m): 49,502 - 49,689 (remains the same)
NSE:BANKNIFTY
by PriteshPal
30 May 2024 - BankNifty defended 48661 quite aggressively todayBankNifty 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 have been forced to go long. Between 14.55 to 15.15 we tested the support levels of 48661 and it was defended again. The final closing is so positive for the banks that I am really worried about how Nifty50 is going to gather momentum for a breakdown. We might have to break either of the 48661 or 48947 levels tomorrow and be prepared for what is coming next week. I seriously hope we find some bearish momentum soon.
NSE:BANKNIFTY
by viswaram
Banknifty analysis for tomorrow 31 MayAs 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 48487-48899 unless it breaks to the upside (high probability). If we look at the OI data: PCR = 0.82, which has risen from 0.63. shows a good amount of PE writing on the lower side. There has been good CE and PE writing at 48500 and 49000. The next support point is 48000 on the lower side and 49500 on the upper side. People are making Strange for election results. I am expecting Case 1: Sideways in the range 48487-48900. Case 2: if the market breaks 48900 to the upside- Bullish With a good volatility market in upcoming sessions because VIX is 24.2. Reason: RSI is 40-60 shows a sideways structure. (Bearish) EMA(50) > Price > EMA(200), which indicates indecisive or rather sideways market. The market has taken support from 200 EMA, which might lead to a bullish market in the upcoming session. The market has given a good volume spike that shows this level is good support. PCR = 0.82 shows good market bullish sign. Price> VWAP shows that a bullish market structure can lead to a Bull market. Verdict: Sideways (70% chances) or Bullish (30% chances) Plan of action: Case 1: Sideways: Sell 48500 PE & 48900 CE (Hedge it with 50/- premium options) Case 2: Bullish: Sell 48600 PE (Hedge it with 50/- CE option)
NSE:BANKNIFTY
by finnova_
#Banknifty Directions and levels for May 30th.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 the upcoming low to the 61% Fibonacci level. Alternatively, if the gap-down sustains and breaks the immediate support with some consolidation or immediately, then the correction will likely continue.
NSE:BANKNIFTY
by Manickamtraders
BANKNIFTY Intraday Trade Setup For 30 May 2024BANKNIFTY Intraday Trade Setup For 30 May 2024 Bullish-Above 48700 Invalid-Below 48590 T- 49230 Bearish-Below 48350 Invalid-Above 48460 T- 47625 BANKNIFTY has closed on a bearish note with 1.3% cut today. Index opened with a big gap down of 355 points. 10 o'clock range was to be used as per setup, range broke downside below 48770, trade gave almost 1:4 gain till 48405 with slow momentum. Tomorrow if 48350 acts as a initial support then a bounce towards 48700 zone is possible. In case index breaks 48350-30 then a gradual fall towards 47625 is possible. Coming to Thursday's trade setup, if index opens flat and a 15 Min candle closes above 48700 then we will long for the target of 49230. For selling we need a 15 Min candle close below 48350. T- 47625. In case of a big gap up/down, wait till 10 o'clock and mark the high and low of the trading range (5MIN). Trade on this range breakout. ========== I am Not SEBI Registered This is my personal analysis for my personal trading. Kindly consult your financial advisor before taking any actions based on this.
NSE:BANKNIFTY
by Omahto
29 May 2024 - BankNifty stance revised to neutral, not bearish!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 with a lot of seriousness. Earlier when HDFC and KOTAK were taking beatings, ICICI had stayed strong. In fact, the major contributor to the BN points came from the rally of ICICI than HDFC. I would prefer to start the day tomorrow with a neutral bias and then go short if 48351 is taken out during the first 2 hours. Ideally, BN and N50 have to face the same direction before going to the election results.
NSE:BANKNIFTY
by viswaram
Banknifty Prediction for tomorrow 30 May 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 EMA(200). this zone is perfect for taking support for Banknifty. If we look at the OI data: PCR = 0.63 shows a bearish signal in the market. There is good writing on both sides at 48400 and 48500. 48000 has good PE writing, so it is going to provide a good support zone. on the upper side, 49000 is going to be a hard resistance zone because of heavy CE writing. I am expecting Case 1: Sideways in range 48400-48853. Case 2: if the market breaks 48400 to the downside- Bearish With a good volatility market in upcoming sessions because VIX is 24.2. Reason: RSI < 40 shows a weak bull structure. (Bearish) EMA(13) > Price >= EMA(200), which indicates indecisive or rather sideways market. The market might receive support at 200 EMA. The market has given a good volume spike that shows this level is good support. PCR = 0.63 indicates bearish. price < VWAP shows that a weak market structure can lead to a bearish market. Verdict: Bearish or Sideways. Plan of action: Case 1: Sideways: Sell 48400 PE & 48850 CE (Hedge it with 15/- premium options) Case 2: Bearish: Sell 48400 CE (Hedge it with 15/- CE option)
NSE:BANKNIFTY
by finnova_
8
Nifty monthly expiry analysis for 30/05/24.Today nifty after a gap down opening has remained in a 100 points range closing 83 points lower. The daily candle is looking bearish and chance of testing 22580 levels are high, if it starts trading below today's low of 685. Nifty is trading between the moving averages and 20 ema is around the support zone. A bullish leg is there in the market and it is the retracement or profit booking before the election results. On fib levels it can test 38.2% levels. If the levels are breached soon, 580 levels will be tested . Major support levels :- 22680, 22620 Resistance :- 22800, 22880 Tomorrow is monthly expiry and upcoming week there is election results. Bullish reversal can be a possibility in case of a gap up opening. Flat to slightly gap down opening there will negative sentiment on intraday. Wait for the price action near the levels before entering the markets.
NSE:NIFTY
by Mambotrade
#Banknifty directions and levels for May 29th.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 takes a solid pullback, we can expect a range market to rally continuation.
NSE:BANKNIFTY
by Manickamtraders
BANKNIFTY Intraday Trade Setup For 29 May 2024BANKNIFTY 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. Below 49000 index may slip towards 48450 zone. Above 49350 chances of a upmove is also there. Be ready for both side moves ahead of major event. Coming to Wednesday's trade setup, if index opens flat and a 15 Min candle closes above 49350 then we will long for the target of 49800. For selling we need a 15 Min candle close below 49040. T- 48450. In case of a big gap up/down, wait till 10 o'clock and mark the high and low of the trading range (5MIN). Trade on this range breakout. ========== I am Not SEBI Registered This is my personal analysis for my personal trading. Kindly consult your financial advisor before taking any actions based on this.
NSE:BANKNIFTY
by Omahto
28 May 2024 - 48947 critical support just a swing awayIn the last session, we informed that a stance revision may be required if we fall below 48947. Luckily we did not fall below that level today - hence the bullish stance continues. Today we lost over 139pts ~ 0.28%, but the price action proved quite dangerous. The next 1 week to 10 days may be very critical for our stock markets as the election results are coming up. The first sector to get an impact will be banks, hence we might have to watch this space very closely. Ideally both Nifty and BankNifty should be facing the same direction, and if we get it right on the previous day of the election - an year's profit can be made in a week. Luckily, I do not play hero zero and would prefer to wait out during this period.
NSE:BANKNIFTYLong
by viswaram
Bank Nifty on the Brink: Chart Patterns SignalBank Nifty is at a critical juncture where it is retesting a key pattern and awaiting confirmation of its next move. The DMI is close to a crossover, hinting at a potential shift in trend, while the ADX is already indicating a strengthening trend. The OBV's interaction with the 20 EMA further supports the analysis, as it suggests that buying pressure is being tested but remains intact. Traders should monitor these indicators closely for confirmation of the next directional move.
NSE:BANKNIFTY1!Long
by OptimaltradeX
Banknifty prediction for tomorrow 29 Mar | Expiry SpecialAs 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 cross 40, which will lead to a strong, bearish structure, and the market can correct itself to 200 EMA levels. If we look at the OI data: PCR = 0.80, which has fallen from 0.98. That indicates that there is good CE writing at higher levels, which can also be seen in the OI chart. 49000 is the max pain for Banknifty. Also, the next good PE writing is at 48500. there is not much CE writing on lower levels. I am expecting a bearish market with a good volatility market in upcoming sessions because VIX is 24.2. Reason: RSI < 50 falling from the upside shows a good reduction in the bull's strength. If it crosses 40 on the downside, the market will be strong and bearish. EMA(13) > Price > EMA(200), which indicates indecisive or rather sideways market. the market can correct itself till 200 EMA. The market has formed a lower high that indicates the market is bearish. PCR = 0.80 indicates mild bullish, but this has fallen from 0.98, which shows good CE writing on higher levels. price < VWAP shows that a weak market structure can lead to a bearish market. Verdict: Bearish Plan of action: Sell 49100 CE (Hedge it with 15/- PE premium) Note: you can target 200 EMA.
NSE:BANKNIFTYShort
by finnova_
#Banknifty Directions and levels for May 28th.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 alternate variation is similar to Nifty. If the market takes a correction initially, it could reach the Fibonacci level of 38%, which is also a strong support. After that correction, if it finds support there, we can expect a minimum pullback of 38% to 50%. Alternatively, if the correction occurs sharply and if it breaks or consolidates around the Fibonacci level of 38%, then the correction will likely continue.
NSE:BANKNIFTY
by Manickamtraders