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Bankniftyanalysis

BankNifty Intraday Support & Resistance Levels for 30.12.2024On Friday, BankNifty opened gap-up, touched a high of 51,628.45, and dropped to a low of 51,240.10 before recovering slightly to close at 51,311.30, gaining 140 points over the previous close. The Weekly Trend (50 SMA) continues to remain sideways, while the Daily Trend (50 SMA) is negative. Demand/Support Zones Near Demand/Support Zone (15m): 50,688 - 50,909 Near Demand/Support Zone (Daily): 49,787.10 - 50,983.50 (tested) Far Support Level: 49,282.64 (61.8% FIBO retracement) Supply/Resistance Zones Near Supply/Resistance Zone (125m): 52,010.65 - 52,368.30 Far Supply/Resistance Zone (125m): 52,709.40 - 52,911.10 Far Supply/Resistance Zone (Weekly): 53,741.40 - 54,467.35 (tested) Outlook BankNifty’s move within a narrow range highlights a tug-of-war between buyers and sellers. If it manages to break above the 125m resistance zone of 52,010.65 - 52,368.30, we might see further bullish momentum. On the downside, the demand zone at 50,688 - 50,909 will play a critical role in providing support.
NSE:BANKNIFTY
by PriteshPalan
#Banknifty directions and levels for Friday, December 27th:Bank Nifty Current View The Bank Nifty's current view indicates that if the market declines after the gap-up, we can expect the correction to continue, accompanied by some consolidation. The corrective targets are expected to reach a minimum of 50,851, based on the Elliott Wave structure. Alternate View: If the gap-up sustains, Bank Nifty could rise to a maximum of 51,571, which acts as a major resistance. Here, it is important to note that we are in a corrective wave. Until the previous high is broken, further continuation cannot be expected. If the previous range breaks, we can anticipate targets around 51,943 to 52,174. Conversely, if the market does not break 51,571, some consolidation before the correction is likely.
NSE:BANKNIFTY
by Manickamtraders
BankNifty Intraday Support & Resistance Levels for 27.12.2024On Thursday, BankNifty opened gap-up, climbing to a high of 51,740 before facing resistance and dipping to a low of 50,951.80. It closed the session at 51,170.70, losing 62 points over the previous close. While the Weekly Trend (50 SMA) remains sideways, the Daily Trend (50 SMA) continues to be negative. Demand/Support Zones Near Demand/Support Zone (15m): 50,688 - 50,909 Near Demand/Support Zone (Daily): 49,787.10 - 50,983.50 (tested) Far Support Level: 49,282.64 (61.8% FIBO retracement) Supply/Resistance Zones Near Supply/Resistance Zone (125m): 52,010.65 - 52,368.30 Far Supply/Resistance Zone (125m): 52,709.40 - 52,911.10 Far Supply/Resistance Zone (Weekly): 53,741.40 - 54,467.35 (tested)
NSE:BANKNIFTY
by PriteshPalan
BankNifty Intraday Support & Resistance Levels for 26.12.2024On Tuesday, BankNifty opened flat and made a high of 51,382.10 and a low of 51,137.50 within the first half hour. For the rest of the session, it remained range-bound. It closed at 51,233, losing 84 points. The Weekly Trend (50 SMA) remains sideways, while the Daily Trend (50 SMA) is negative. Demand/Support Zones Near Demand/Support Zone (15m): 50,688 - 50,909 Near Demand/Support Zone (Daily): 49,787.10 - 50,983.50 (tested) Far Support Level: 49,282.64 (61.8% FIBO retracement) Supply/Resistance Zones Near Supply/Resistance Zone (125m): 52,010.65 - 52,368.30 Far Supply/Resistance Zone (125m): 52,709.40 - 52,911.10 Far Supply/Resistance Zone (Weekly): 53,741.40 - 54,467.35 (tested)
NSE:BANKNIFTY
by PriteshPalan
#Banknifty directions and levels for December 24th.Current View: The current view suggests that if the initial market takes a pullback after some decline or if it opens with a gap-up, then we can expect a continuation of the pullback. Structurally, the 38% retracement could be a major resistance in this variation. As per the wave structure, it is unlikely to go beyond this level. If you find any reversal confirmation, we can consider entering a short position. Conversely, if the pullback breaks the 38% level, it could extend to the next resistance level. This is the basic structure. Alternate View: The alternate view suggests that if the gap-down sustains, we can expect a correction to the previous bottom. Until the bottom is broken, the market sentiment could remain range-bound. If it breaks, we can consider that a 5th correctional wave.
NSE:BANKNIFTY
by Manickamtraders
BANKNIFTY Prediction for tomorrow 24 Dec 24As we discussed Bankanifty, Bankanifty opened up +220 points and ended up sideways the whole day. If we look at the chart now: The market is trading at 1H-TF 0.618 fib level, which is a good point to support. It also did hold today nicely. Support levels : 51138, 50719. Resistance levels : 51762, 50 EMA and 200 EMA . If we look at the OI data: PCR = 0.6, which has increased from 0.5, shows bulls are adding PE in lower levels. The market has good PE writing at 51000, which is going to provide good support, and 51500 is going to provide good resistance as having very nice CE writing on a higher level. I have neutral behavior in the market. Reason: Price < EMAs shows bearish market structure. PCR = 0.6 shows that the market is bearish. RSI is 40 - 60, showing the sideways market structure. Price < VWAP shows the market is bearish right now. the market is trading at 0.618 fib level, which can be a good support point. Verdict : Sideways Plan of action: Sell 51500 CE and Sell 51500 PE (Hedge position) adjust according to the price action on given levels.
NSE:BANKNIFTY
by finnova_
BankNifty Intraday Support & Resistance Levels for 24.12.2024On Monday, BankNifty opened with a gap-up, touching a low of 51,030.40 before climbing to a high of 51,417.35. It closed positively at 51,317.60, gaining 558 points. The Weekly Trend (50 SMA) remains sideways, while the Daily Trend (50 SMA) is negative. Demand/Support Zones Near Demand/Support Zone (15m): 50,688 - 50,909 Near Demand/Support Zone (Daily): 49,787.10 - 50,983.50 (tested) Far Support Level: 49,282.64 (61.8% FIBO retracement) Supply/Resistance Zones Near Supply/Resistance Zone (125m): 52,010.65 - 52,368.30 Far Supply/Resistance Zone (125m): 52,709.40 - 52,911.10 Far Supply/Resistance Zone (Weekly): 53,741.40 - 54,467.35 (tested) Outlook As expected, BankNifty showed bullish momentum after entering the Daily Demand Zone on Friday and its oversold condition. If the Daily Demand Zone support holds, we may witness further upside movement toward 52,000 or even 52,700 in the coming days.
NSE:BANKNIFTY
by PriteshPalan
#Banknifty directions and levels for December 23rd.Current View: The current view suggests that if the market opens with a gap-up of less than 200 points and then declines initially, we can expect a slight further correction due to some sub-waves bending. However, if this occurs, the minor demand zone will act as strong support. Alternate View: The alternate view suggests that if the gap-up opens with more than 300 points and sustains, then the pullback could continue to the 38% level, with some consolidation as we discussed. This pullback could be interpreted as a 4th wave.
NSE:BANKNIFTY
by Manickamtraders
BankNifty Intraday Support & Resistance Levels for 23.12.2024On Friday, BankNifty opened with a gap-down, climbing to a high of 51,629 before plummeting nearly 1,000 points to a day low of 50,609.35, entering the Daily Demand Zone. It closed negative for the 4th straight session at 50,759.20, losing 816 points. The Weekly Trend (50 SMA) remains sideways, while the Daily Trend (50 SMA) has turned negative. Demand/Support Zones Near Demand/Support Zone (Daily): 49,787.10 - 50,983.50 (current price inside the zone) Far Support Level: 49,282.64 (61.8% FIBO retracement) Supply/Resistance Zones Near Supply/Resistance Zone (125m): 52,010.65 - 52,368.30 Far Supply/Resistance Zone (125m): 52,709.40 - 52,911.10 Far Supply/Resistance Zone (Weekly): 53,741.40 - 54,467.35 (tested) Outlook After shedding almost 3,000 points in the past week, BankNifty has entered an oversold zone on the 75m timeframe and closed inside the Daily Demand Zone. A bounce-back is possible unless this critical zone is breached.
NSE:BANKNIFTY
by PriteshPalan
Gap pe GapThe BankNifty on the daily charts has closed the erstwhile rising gap with a recent falling gap. In the last five trading sessions, the index is down close to 5% with a proper sequence of lower low and lower high. Looking at this recent sell-off, it seems like we are all set for a re-test of a broad support zone within (49,600-50,400) marked by the blue box. This blue zone for the BankNifty has been a solid range of support since early August 2024. And we can see how many times in the recent past the index has bounced up from this zone. I have also plotted my favourite Fibonacci retracement duo, which comes close to (50,650-50,750). The current price & momentum state does not offer us any reason to go long unless you prefer to play a blind hand. We should look closely at the index once these perceived support levels get tested. And if we get a bounce back from any of these levels, evaluate which banking stock is leading that move. Do feel free to share your thoughts. Till then, Trade Well.
NSE:BANKNIFTY
by Abhijit_Paul
#Banknifty directions and levels for December 20th.Good morning, friends! 🌞 Here are the market directions and levels for December 20th. Market Overview: Both the global and local markets are maintaining a bearish sentiment. Today, the market may open with a slight gap-down start, as the Nifty is indicating a negative 80 points at 8:00 AM. In the previous session, both Nifty and Bank Nifty experienced a minor pullback after the long gap-down. Although the structure remains bearish, we can expect a continuation only if it breaks the previous day's low with solid movement. If this happens, we can anticipate a target of 78% in the minor swing. On the other hand, if the market initially pulls back without breaking yesterday's low, or if it finds support at the immediate support level with gradual movements, then we can expect a pullback of 23% to 38%. This is the basic structure. Otherwise, we can follow the same sentiment that we discussed in the previous session, as nothing has changed.
NSE:BANKNIFTY
by Manickamtraders
BankNifty Intraday Support & Resistance Levels for 20.12.2024On Thursday, BankNifty opened with a significant gap-down, dropping to a low of 51263.75, entering the 125m Demand Zone and taking support near the 61.8% Fibonacci retracement level. It managed a slight recovery, reaching a high of 51789.85, but closed negative for the third consecutive session at 51575.70, losing 563 points. The Weekly Trend (50 SMA) has turned sideways from positive, while the Daily Trend (50 SMA) remains sideways. Demand/Support Zones Near Support: 51353 (61.8% Fibonacci retracement level) Near Demand/Support Zone (125m): 50898.75 - 51271.50 (tested) Far Demand/Support Zone (Daily): 49787.10 - 50983.50 Supply/Resistance Zones Near Supply/Resistance Zone (125m): 52709.40 - 52911.10 Near Supply/Resistance Zone (15m): 53159.20 - 53276.55 Far Supply/Resistance Zone (30m): 53489.70 - 53675.05 Far Supply/Resistance Zone (Weekly): 53741.40 - 54467.35 (tested) Key Insights BankNifty continues to hover near critical support levels, and a break below 51353 could push it further into the Daily Demand Zone. Resistance remains strong at 53000+ levels.
NSE:BANKNIFTY
by PriteshPalan
BANKNIFTY prediction for 29 Dec 24As we discussed yesterday, the market opened at -500 points and spent whole days sideways volatile moment. If we look at the chart now: The market is trading at 1H-TF 0.618 fib level, which is a good point to support. It also did hold today nicely. Support levels : 51138, 50719. Resistance levels : 52075, 52378, and 52833 . If we look at the OI data: PCR = 0.5, which has decreased from 0.9, shows bearish market behavior. The market has good CE and PE writing at 51500, which is going to provide maximum pain. On higher levels, the market has good CE writing at 52000 and 52500, which is going to provide a very good resistance point. On Lover, levels 51500 and 51000 have good PE writing, which is going to provide good support. I have neutral behavior in the market. Reason: Price < EMAs shows bearish market structure. PCR = 0.5 shows that the market is bearish. RSI < 40 shows the strength of a weak bull. Price < VWAP shows the market is bearish right now. the market is trading at 0.618 fib level, which can be a good support point. Verdict : Neutral Plan of action: Sell 51500 CE and Sell 51500 PE (Hedge position) adjust according to the price action on given levels.
NSE:BANKNIFTY
by finnova_
#Banknifty directions and levels for December 19th.Good morning, friends! 🌞 Here are the market directions and levels for December 19th. Market Overview: After the Fed rate cut, the Dow Jones fell drastically and ended with a negative change of 2.5%. This also affected the Nifty. Therefore, today the market may open with a significant gap-down, indicating that the Nifty is expected to start 330 points lower. The global sentiment suggests there is a bearish bias. If you look at the charts from a broader perspective, the Nifty is showing a negative trend, while the Bank Nifty appears to be range-bound. Thus, both indices are displaying slightly different biases. However, my expectation is that, even though the Bank Nifty has a range-bound structure, it could reach a minimum correction of 78% in the minor swing. More or less, the current trend indicates a negative outlook. If the gap-down sustains today, we can expect a continuation of the correction with some consolidation. A reversal could be considered if there is a breakout at the EMA 20 or the 38% Fibonacci level in the minor swing. Until these factors occur, the trend could remain bearish. Additionally, I checked the volume profile and EMA 200 for long-term trend projections. Both the Nifty and Bank Nifty have yet to break the EMA 200, which means the higher degree trend is still bullish until it breaks that level. However, the volume profile is showing initial indications of a reversal in the Nifty, while the Bank Nifty has not yet shown this because the 51,500 level (in futures contracts) is providing good support based on the volume profile. Conclusion: There is no clear direction yet from the combination of the Nifty and Bank Nifty charts. Therefore, we should approach this correction as a minor trend only.
NSE:BANKNIFTY
by Manickamtraders
BankNifty Intraday Support & Resistance Levels for 19.12.2024On Wednesday, BankNifty opened negative, reached a high of 52827.60, but slipped to a low of 52010.65, entering the Daily Demand Zone. It ended the day at 52139.55, down by 695 points, marking its second consecutive losing session. The Weekly Trend (50 SMA) remains positive, while the Daily Trend (50 SMA) has shifted to sideways. Demand/Support Zones Near Demand/Support Zone (Daily): 51693.95 - 52197.25 (current price inside this zone) Far Support: 51353 (61.8% Fibonacci level) Far Demand/Support Zone (125m): 50898.75 - 51271.50 Far Demand/Support Zone (Daily): 49787.10 - 50983.50 Supply/Resistance Zones Near Supply/Resistance Zone (125m): 52709.40 - 52911.10 Near Supply/Resistance Zone (15m): 53159.20 - 53276.55 Far Supply/Resistance Zone (30m): 53489.70 - 53675.05 Far Supply/Resistance Zone (Weekly): 53741.40 - 54467.35 (tested)
NSE:BANKNIFTY
by PriteshPalan
BankNifty Intraday Support & Resistance Levels for 18.12.2024On Tuesday, BankNifty opened negative, hit a high of 53515.70, and dropped sharply to a low of 52709.40. It closed flat at 52834.80, losing 746 points over the previous close. Both the Weekly Trend (50 SMA) and Daily Trend (50 SMA) remain positive. Demand/Support Zones Near Demand/Support Zone (75m): 52264.55 - 52665.15 Far Demand/Support Zone (Daily): 51693.95 - 52197.25 Far Demand/Support Zone (125m): 51693.95 - 51906.90 Supply/Resistance Zones Near Supply/Resistance Zone (15m): 53159.20 - 53276.55 Near Supply/Resistance Zone (30m): 53489.70 - 53675.05 Far Supply/Resistance Zone (Weekly): 53741.40 - 54467.35 (tested) Key Insights BankNifty is oscillating between key support and resistance levels. Immediate support lies in the 75m Demand Zone at 52265 - 52665, while resistance is seen in the 30m Supply Zone at 53490 - 53675. A decisive move beyond these levels could provide clarity on the next trend. Stay focused and plan your trades wisely!
NSE:BANKNIFTY
by PriteshPalan
#Banknifty directions and levels for December 17th.Bank Nifty Current View: Bank Nifty also reflects a similar sentiment as Nifty. If the market initially takes a pullback, it could reach a minimum of 53,703 to 53,791. However, the rally will continue only if the market breaks this level with a solid candle. If it does, we can expect the next targets at 53,934 and 54,099. Alternate View: The alternate view suggests that if the market sustains the gap-down, the 38% Fibonacci level will act as strong support. If the market finds support here, we can expect a bounce back of at least 38% to 78% in the minor swing. Conversely, if this support level is broken, the market may move lower to the 50% and 61% Fibonacci levels in the minor swing.
NSE:BANKNIFTY
by Manickamtraders
Banknifty Analysis for tomorrow 17 Dec 24As we discussed yesterday, the market was sideways as it could not break the resistance level. If we look at the chart now: The market is in a sideways zone and expected to have a bullish bias. If Liquidy Grab came, it might also touch 53300. However, the market is not Bearish right now unless it breaks the support (53300) to the downside. It is a sideways area in the orange region, and it is bullish in the green region. Support levels : 50 EMA, 53300, 52980, 200 EMA Resistance levels : 53724, 24290 If we look at the OI data: PCR = 0.9 (unchanged) shows bullish market behavior. There has been good PE writing at 53500, which is going to provide a good support level. Also, 53500 has good CE writing, which might hold the level for a bit. The next good resistance is 54000. I am expecting the market to be bullish (if breaks upside) in upcoming sessions. Reason: The market has broken the upside in the channel-making flag and pole structure. PCR = 0.9 shows that the Market is Bullish. RSI ~ 60 shows a Bullish structure. Price > VWAP shows the market is bearish right now. Price is trading in the mother bar candle zone, which is going to be sideways. Once it's broken, it can give nice bullish momentum. Verdict : Sideways in region or Bullish if breaks 53750 to upside. Plan of action: Inside sideways Zone IRON CONDOR, if breaks 53750 go BULLISH.
NSE:BANKNIFTY
by finnova_
#Banknifty directions and levels for December 16th.Bank Nifty Current View: This also looks like the Nifty sentiment; if the market takes a pullback after the gap-down start, we can expect the rally to continue. However, confirmation should be considered from an effective break of the MSZ mark. This is the basic structure; until this zone is broken, we can expect minor consolidation. Alternate View: The alternate view suggests that if the market sustains the gap-down and breaks the 53450 mark, it could reach a minimum of 23% to a maximum of 38%. Structurally, it won’t break 38%. However, if it does break, then it will reach the 50% and 78% Fibonacci levels in the recent swing. Simply put, if you find a three-wave structure while it reaches this level, we can expect a bounce back, which indicates a bullish structure. However, if it reaches the 38% level in a straight line, it will likely continue further once it breaks the 38% mark.
NSE:BANKNIFTY
by Manickamtraders
Banknifty analysis for tomorrow 14 Dec || BullishAs we discussed yesterday, the market has shown a really nice V-shape recovery, which shows the market has a bullish nature. If we look at the chart now: The market broke to the downside and then gave a V-shaped recovery. Also, It broke the flag and pole patterns to the upside. Support levels : 53170, 200 EMA (15H-TF), 52906 Resistance levels : 53607, 53821, 54291 If we look at the OI data: PCR = 0.9 shows bullish market behavior. There has been good PE writing at 53500, which is going to provide a good support level. Also, 53500 has good CE writing, which might hold the level for a bit. The next good resistance is 54000. I am expecting the market to be bullish in upcoming sessions. Reason: The market has broken the upside in the channel-making flag and pole structure. PCR = 0.9 shows that the Market is Bullish. RSI > 60 shows a Bullish structure. Price > VWAP shows the market is bearish right now. Price is trading in the mother bar candle zone, which is going to be sideways. Once it's broken, it can give nice bullish momentum. Verdict : Bullish and sideways. Plan of action: Wait for the market to retrace and then go bullish.
NSE:BANKNIFTYLong
by finnova_
#Banknifty directions and levels for December 13th.Bank Nifty Current View: This also looks like the Nifty sentiment; if the market opens with a gap-down, it could reach a minimum of the 78% Fibonacci level. After that, if it sustains or breaks the level of 78%, then the correction will continue to the demand zone. If it finds support there, we can expect a minimum bounce back of 23% to 38% in the minor swing. On the other hand, if it consolidates or breaks below, then the correction will likely continue. Alternate View: The alternate view suggests that if the market takes a solid pullback around the immediate support level and breaks the 38% level in the minor swing, it could re-enter the range-bound market, which means we can expect targets of a minimum of 78% to the channel top. This also indicates that until it breaks the 38% level, it could remain a bearish market.
NSE:BANKNIFTY
by Manickamtraders
Banknifty analysis for 13 Dec - Getting ready for BullsAs Banknifty is trading in the accumulating channel, the market is getting ready for the bulls. If we look at the chart now: The market is trading at the 1H-TF support 50-EMA. The Price is trading below the ema(13, 50) and above 200. EMA shows the market is in a sideways phase. The market might take support here, as it is at the lower level of the channel and 200 EMA (15-min TF) Support levels : 53170, 200 EMA (15H-TF), 52906 Resistance levels : 53607, 53821, 54291 If we look at the OI data: PCR = 0.9 shows bullish market behavior. There has been good PE writing at 53000, which is going to provide a good support level. Also, the upper side 53500 has good CE writing. I am expecting the market to be bullish in upcoming sessions. Reason: market is accumulating in the channel-making flag and pole structure. PCR = 0.9 shows that the Market is Bullish. RSI 40-60 shows a sideways structure. Price < VWAP shows the market is bearish right now. Price is trading in the mother bar candle zone, which is going to be sideways. Verdict : Sideways or Bullish Plan of action: Sideways: wait for the market to break out of the channel. Inside the channel, you can channel range and play iron condor.
NSE:BANKNIFTYLong
by finnova_