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Bankniftyanalysis

#Banknifty directions and levels for September 19th.Bank Nifty: Current View: Here, too, we expect a correctional target at the 38% level on the downside. After that, if the market breaks or consolidates around the 38% mark, the correction is likely to continue. > A notable point here is the pullback around the 38% level. If the market finds support and bounces back, structurally, it won't move significantly higher. We can also expect the continuation of the correction if it breaks the previous low. Alternate View: The alternate view for Bank Nifty is similar to that of Nifty. If the gap-up sustains, we might see some consolidation between the previous high and the previous day's closing. If it breaks the previous high afterward, the rally will likely continue; however, we should wait for the breakout to confirm directional momentum.
NSE:BANKNIFTY
by Manickamtraders
4
BankNifty Intraday Support & Resistance Levels for 19.09.2024On Wednesday, BankNifty opened flat and rallied over 750 points to reach a high of 52,954.20. However, some profit bookings followed, and it closed at 52,750.40, gaining 561 points from the previous close. Both the Weekly and Daily Trends (50 SMA) remain positive. Demand/Support Zones: Near Demand/Support Zone (15 min): 52,406.95 - 52,484.55 Far Demand/Support Zone (125 min): 51,643.95 - 51,938.05 Far Demand/Support Zone (Daily): 50,369.40 - 51,420.15 Supply/Resistance Zones: Near Supply/Resistance Zone (Daily): 53,103.70 - 53,357.70
NSE:BANKNIFTY
by PriteshPal
BankNifty Intraday Support & Resistance Levels for 18.09.2024On Tuesday, BankNifty opened with a gap up and traded within a narrow 200-point range throughout the day, closing at 52,188.65, gaining 35 points. The 15-minute ascending trendline mentioned in the previous post was broken in the first 15 minutes, but no significant drop followed, indicating that the bulls still have the strength to hold the index. The Weekly Trend (50 SMA) remains positive, and the Daily Trend (50 SMA) is also positive. Support and resistance zones are unchanged. Demand/Support Zones: Near Demand/Support Zone (15 min): 51,514.55 - 51,613.95 Far Demand/Support Zone (75 min): 51,025.00 - 51,222.65 Far Demand/Support Zone (75 min): 50,564.65 - 50,760.55 Supply/Resistance Zones: Near Supply/Resistance Zone (Daily): 52,145.60 - 52,586.75 (current price inside the zone) Far Supply/Resistance Zone (Daily): 53,103.70 - 53,357.70
NSE:BANKNIFTY
by PriteshPal
#Banknifty directions and levels for September 17th.Current view: There haven't been any significant changes in the previous sentiment, so I'll explain it simply. Bank Nifty is showing a moderately bullish structure, which means consolidation. If the market rejects around the immediate resistance, it may continue this sentiment. A solid rally is expected only if the immediate resistance is broken convincingly. Alternate view: the situation is similar to Nifty. Even if the market declines initially, it could maintain a bullish bias until it breaks the previous minor swing low(Blue color box). If this level is broken solidly, we can expect a correction of 38% to 50% from the minor swing.
NSE:BANKNIFTY
by Manickamtraders
2
BankNifty Intraday Support & Resistance Levels for 17.09.2024On Monday, BankNifty opened with a gap up, hitting a high of 52,208.70, entering the daily Supply zone mentioned in the last post, and closed at 52,153.15, gaining 215 points. Keep a close eye on the 15-minute ascending trendline. Any significant red candle (with 75% of the candle body below the trendline) breaking and closing below it could drag BankNifty down to 51,618 (15-minute Demand/Support Zone). The Weekly Trend (50 SMA) remains positive, and the Daily Trend (50 SMA) has shifted from sideways to positive. Support and resistance zones remain unchanged. Demand/Support Zones: Near Demand/Support Zone (15 min): 51,514.55 - 51,613.95 Far Demand/Support Zone (75 min): 51,025.00 - 51,222.65 Far Demand/Support Zone (75 min): 50,564.65 - 50,760.55 Supply/Resistance Zones: Near Supply/Resistance Zone (Daily): 52,145.60 - 52,586.75 (current price inside the zone) Far Supply/Resistance Zone (Daily): 53,103.70 - 53,357.70
NSE:BANKNIFTY
by PriteshPal
#Banknifty directions and levels for September 16th.Bank Nifty: Current View: In the previous session, Bank Nifty formed a diagonal pattern, which often signals the final wave of the trend when it forms at the top. However, lower time frames can sometimes break these rules. so If the market breaks the supply zone solidly or with some consolidation, we can expect the rally to continue, with targets ranging from 52,250 to 52,320. Alternate View: Alternatively, if the market faces rejection around the supply zone or declines initially, a correction of around 23% to 38% is possible. Afterward, if the market finds support near the 38% Fibonacci level, it will likely consolidate between this level and the previous high. If the market falls below the 38% level, the next target would be at the 50% Fibonacci level. However, the correction will deepen only if the 50% Fibonacci level is broken convincingly.
NSE:BANKNIFTY
by Manickamtraders
13 Sep 2024 - 51400 levels very important for BankNifty tradersBankNifty Stance Bullish ️⬆️ Everything was looking very bearish last week, but the price action on the 9th came as a surprise. By the 10th of September, the bears had given up its hold and the next target was to take out the 51400 so that the bulls could show their dominance. The breakout from the 51400 level happened on the 12th wherein BN rallied an impressive 692pts ~ 1.35%. If you remember our 23 Aug technical analysis report, you may be able to understand why the 51400 level was so important. The breakout just cemented the position of the bulls. Our stance for the next week has been changed to bullish. Again 51400 levels become the new support level below which we will go neutral.
NSE:BANKNIFTYLong
by viswaram
#Banknifty Directions and Levels for the 3rd Week of September.Bank Nifty: Current View: Bank Nifty is following a similar trend. If the week starts on a positive note, the market may face resistance around the 52126 or 52249 levels. If this happens, we can expect a 23% to 38% correction in the minor swing. After that, if support is found around the 38% level, the rally is likely to continue, with potential targets of 52527 and the supply zone. This is our first scenario. Alternate View: In the alternate scenario, if the market starts negatively or faces rejection around the immediate resistance, we can expect a 38% correction. (It’s important to note that the retracement points differ from the current view.) after that If the market breaks this level decisively, we can expect the correction to extend to at least 78% to the swing low. However, if it doesn't break the 38% level, the bullish bias could be maintained.
NSE:BANKNIFTY
by Manickamtraders
Bank Nifty Analysis - BNF is currently trading at 51,938 - BNF has a huge inefficiency on the upside - I have drawn 2 path possibilities where once the path shows we will balance the inefficiency and fall back down again - The bullish path shows that 52,000-52,442 will be filled and we will retract and chop a little before moving up again - Fundamentally we have a big week ahead where we can easily see prices moving up and down like a Roller Coaster and all eyes are on FOMC rate cut meeting - 25-50bps rate cuts both have 50-50% chances well I am rooting for a 50bps rate cut
NSE:BANKNIFTYLong
by VKtradesimbalance
BankNifty Intraday Support & Resistance Levels for 16.09.2024On Friday, BankNifty opened with a gap up, reaching a high of 51,994.10 and remaining within a narrow range, closing at 51,920.90, gaining 165 points. The weekly close was above both the previous week's and the month's high. If last week's low of (50369.40) holds, we could see further upward movement and potential new highs in the coming weeks. The Weekly Trend (50 SMA) remains positive, while the Daily Trend (50 SMA) is currently sideways. Demand/Support Zones: Near Demand/Support Zone (15 min): 51,514.55 - 51,613.95 Far Demand/Support Zone (75 min): 51,025.00 - 51,222.65 Far Demand/Support Zone (75 min): 50,564.65 - 50,760.55 Supply/Resistance Zones: Near Supply/Resistance Zone (Daily): 52,145.60 - 52,586.75 Far Supply/Resistance Zone (Daily): 53,103.70 - 53,357.70
NSE:BANKNIFTY
by PriteshPal
#Banknifty directions and levels for September 13th.Current View: If the market opens with a gap-up, it may face rejection around the previous high. If this happens, it may enter some consolidation between the previous high and the 38% Fibonacci level to the downside. This is our first variation. Alternate View: The alternate view suggests that if the gap-up doesn’t sustain, it may find support around the 38% Fibonacci level. If this occurs, it typically consolidates between the 38% and the previous high. In this case, if it breaks below the 38%, we can expect the next target at the 50% level; however, the correction will continue only if it breaks the 50% Fibonacci level solidly.
NSE:BANKNIFTY
by Manickamtraders
BankNifty Intraday Support & Resistance Levels for 13.09.2024On Thursday, BankNifty decisively crossed the 51316 level (61.8% FIBO mentioned in previous posts) with strong volume, reaching a high of 51878.10 before closing at 51772.40, gaining 762 points. The weekly trend (50 SMA) remains positive, while the daily trend (50 SMA) is sideways. Support Levels: Near Demand/Support zone (15m): 51514.55 - 51613.95 Near Demand/Support zone (75m): 51025 - 51221.95 Near Demand/Support zone (75m): 5064.55 - 50760.55 Far Demand/Support zone (Weekly): 49530 - 50253 Resistance Levels: Near Supply/Resistance Zone (Daily): 52145.60 - 52586.75 Far Supply/Resistance Zone (Daily): 53103.70 - 53357.70
NSE:BANKNIFTY
by PriteshPal
#Banknifty directions and levels for September 12th.Bank Nifty: Bank Nifty also has a similar sentiment to Nifty. If the market opens with a gap-up, then the 51319 level will act as minor resistance. Once the market breaks this level with a solid candle or some consolidation, it will reach a minimum of 51492 to 51593. > In this case, the supply zone will act as resistance only if approached gradually. Conversely, if the market reaches that level with a solid structure, it may require some consolidation there before continuing the rally. Alternate view: The alternate view is that if the gap-up doesn’t sustain or if the market rejects around the 51319 level, then it will continue the range further between the previous day’s range.
NSE:BANKNIFTY
by Manickamtraders
BankNifty Intraday Support & Resistance Levels for 12.09.2024On Wednesday, BankNifty reached a high of 51420.15, touching the 125m supply zone mentioned in the previous post, before dropping over 450 points to close at 51010. A breakout above 51316 (61.8% FIBO retracement level) with volume could open the door to higher levels at 51750 - 52340. The weekly trend (50 SMA) remains positive, while the daily trend (50 SMA) is sideways. Support Levels: Near Demand/Support Zone (15m): 50564 - 50715 Far Demand/Support Zone (Weekly): 49530 - 50253 Far Demand/Support Zone (125m): 49681 - 49798 Resistance Levels: Near Supply/Resistance Zone (30m): 51445 - 51497 Far Supply/Resistance Zone (30m): 51665 - 51732
NSE:BANKNIFTY
by PriteshPal
#Banknifty directions and levels for September 11th.Bank Nifty: Bank Nifty has a similar structure to Nifty. However, if you ask where it differs, I would point to the movement. Let me explain it simply: > On the downside, if the market declines, the demand zone may act as strong support. If it holds, the market may once again reach the previous day's close. However, Nifty’s structure is not as clear. > On the upside, if the market breaks the 78% level solidly, it may not respect the supply zone, and a long pullback could be possible. In this case, the breakout structure becomes important. Alternates for Both Scenarios: >If the market doesn’t hold the demand zone or consolidates there, the correction will likely continue. >On the upside, if the market breaks the 78% level gradually, it may not go far.
NSE:BANKNIFTY
by Manickamtraders