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Bankniftyanalysis

BankNifty Intraday Support & Resistance Levels for 19.08.2024On Friday, BankNifty opened with a gap up and sustained its bullish momentum throughout the day, closing at 50516.90 with a gain of 789 points. The nearest resistance is at 50750; a breakout with volume above this level could potentially lead to a rally towards the 125m Supply zone at 51310, which also aligns with the 61.8% Fibonacci retracement level. The weekly trend (50 SMA) remains positive, while the daily trend (50 SMA) is negative. Support Levels: Near Demand/Support Zone (30m): 49806 - 50017 Far Support Level: 49660 (Double bottom on Daily Chart) Far Support Level: 48858 (61.8% FIBO Retracement level of the rally from 46078) Resistance Levels: Near Resistance Level: 50750 Far Supply/Resistance Zone (125m) for Weekly Trade: 51309 - 51609
NSE:BANKNIFTY
by PriteshPal
Banknifty directions and levels for August 4th week.Banknifty - Current View: If the market starts with a bullish bias in the upcoming session, then it may face rejection around the 50,969 to 51,151 level. If that happens, it may retrace a minimum of 23% to 38%. After that, if it finds support around the 38% level, the bullish sentiment will continue, and we can expect a rally once it breaks the previous high again. On the other hand, if it breaks below the 38% Fibonacci level, it may enter a correction phase. The correctional targets are expected to be a minimum of 61% to 78%. "This sentiment will apply to the scenario where the upcoming session does not break the previous high or where there is an immediate decline. You can use this sentiment in such cases. This is our first variation." Alternate View: The alternate view suggests that if the initial pullback sustains or breaks the 51,151 level, then the rally will continue with some minor consolidation. In this case, the targets are expected to be a minimum of 61% to 51,563. If the rally faces rejection around the 51,563 level, we can expect a minor correction of 23% to 38%. This correction is minor
NSE:BANKNIFTY
by Manickamtraders
16 Aug 2024 - BankNifty stance is neutral, magical recovery.BankNifty Stance Neutral ➡️ BankNifty gets an upgrade, but not to bullish but to neutral from bearish. We have managed to go up by 27pts ~ 0.05% in the current week, but this after a dramatic fall and then a recovery. 82% of this recovery coming on Friday the 16th, i.e. 698pts out of 851. BankNifty went down to 49654 a level that we last saw on 6th Aug, and then magically rebounded. I know the frustration of the bears to drive down the prices because I am one of them.  I am a bear not because I do not negate the belief in India's growth story, but because of 2 important facts. The primary reason for the huge influx of money to stock markets was that the average business owners felt the capital markets were giving better returns than their own enterprises. People look at the order book and hope that there is someone else ready to buy the stock at a higher price and hence they are saved. LIC To Invest Around Rs 1.3 Lakh Crore In Stock Market In Fiscal 2025 The news that LIC is ready to invest 130,000,000,000 in stock markets will definitely give courage to the average retail investor. All of them believe if they buy the shares of a company XYZ for Rs2000, the influx of more money will be forced to buy XYZ for a higher price and hence they are safe. For me that is froth. The only reason the markets are going up even when the FIIs are not on a buying spree is due to the accidental courage the retail investors have got as they think the domestic institution is there to catch them.
NSE:BANKNIFTY
by viswaram
BANKNIFTY Intraday Trade Setup For 19 Aug 2024BANKNIFTY Intraday Trade Setup For 19 Aug 2024 Bullish-Above 50610 Invalid-Below 50500 T- 51175 Bearish-Below 50100 Invalid-Above 50210 T- 49650 BANKNIFTY has closed on a flat note last week. However it has formed double Pinbar candle in weekly TF indicating a potential bullish reversal above 50850. Index has been trading between 51800 and 49700 in daily since last 8 sessions. Breakout in the upside will be followed by 50 EMA breakout in daily TF. 50610 and 50110 will be intraday levels for tomorrow. Sell on rise approach to be halt till we get fakeout scenario now. Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 50610 then we will long for the target of 51175. For selling we need a 15 Min candle close below 50100. T- 49650. 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
#Banknifty direction's and levels for August 16th. Bank Nifty has a range-bound market structure. There are two possible scenarios:* 1. *If the market finds support around at the 78% Fibonacci level, we can expect a bounce back that may once again reach today's high.* 2. *If the market consolidates around those support levels, (the 78% Fibonacci level), then the correction may continue further.* *In my personal opinion, if you're a conservative trader, it's advisable to go with the latter scenario(2nd one), as there is a 60% probability of success.*
NSE:BANKNIFTY
by Manickamtraders
2
BANKNIFTY Intraday Trade Setup For 16 Aug 2024BANKNIFTY Intraday Trade Setup For 16 Aug 2024 Bullish-Above 49960 Invalid-Below 49850 T- 50415 Bearish-Below 49650 Invalid-Above 49760 T- 48900 BANKNIFTY has closed on a slight bearish note with 0.21% cut today. On Wednesday it was total sideways. Daily candle is more or less a spinning top, now weather it can spin the ongoing trend on the last day of the week is to be watched. If 50k is reclaimed then there is fair chance of a pullback/ up move. Below 49650 index will breakout hourly range and a big length fall will be on card. Coming to Friday's trade setup, if index opens flat and a 15 Min candle closes above 49960 then we will long for the target of 50415. For selling we need a 15 Min candle close below 49650. T- 48900. 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
BankNifty Intraday Support & Resistance Levels for 14.08.2024On Monday, BankNifty opened with a gap down, breached the 30m Demand zone, and closed at 49831.85, losing 746 points. After yesterday's decline, the weekly trend (50 SMA) remains positive, but the daily trend (50 SMA) has turned negative. Support Levels: Major Demand/Support Zone (Weekly): 49530 - 50253 (currently inside the zone) Far Support: 48858 level (61.8% FIBO Retracement level) Resistance Levels: Near Supply/Resistance Zone (15m): 50222 - 50268 Far Supply/Resistance Zone (15m): 51325 - 51400 (inside the 125m Supply Zone) Far Resistance Level: 51750 Far Supply/Resistance Zone (125m) for Weekly Trade: 51309 - 51609
NSE:BANKNIFTY
by PriteshPal
#Banknifty directions and levels for August 14th.1st Scenario: >Even if the market opens with a gap-up, structurally it may not sustain. If this happens, we can expect the correction to continue towards the levels of 49,697 to the demand zone when it breaks the previous day’s low. >After that correction, if the market finds support around the major support levels, we might see a 23% to 38% bounce back. However, this bounce is not guaranteed; if it doesn’t occur, the correction may continue with minor consolidations. 2nd Scenario: If the gap-up sustains structurally, we can expect an initial bounce back of 23% to 38%. Usually, sharp movements bounce back within this range. If the price gets rejected at this level, the major trend will likely continue. However, if it breaks the 38% Fibonacci level solidly, the current movement may shift to a range-bound market. But the probability of this is less likely.
NSE:BANKNIFTY
by Manickamtraders
Banknifty prediction for tomorrow 14 AugAs Banknifty is showing a huge sell-off today, the market is in bearish sentiments, followed by the Heisenberg report on the SEBI chairperson. If we look at the chart now: The market is trading at the 4H-TF support trendline zone(Marked in Green) and 200 EMA (4H-TF). price is trading below the ema(13, 50, 200) shows market is in bearish phase. The market might take support here, or if it breaks down to the downside, it's going to take support at 49000 next, as can also be confirmed with OI data. Support levels : 49683, 200 EMA (4H-TF) Resistance levels : 50 EMA, 200 EMA If we look at the OI data: PCR = 0.55 shows bearish market behavior. There has been a huge PE sell-off today, which shows bulls are not trusting the market anymore and come out. There is too much CE writing at higher levels than PE writing at lower levels, which shows a high chance of a bearish market in the upcoming session. I am expecting the market to follow 3 cases which are marked on the chart. Case 1 : if it opens the gap down, it might touch the trendline and take support 49000. Case 2 : if the market opens a gap-up, it will take resistance at 50 EMA, and then it might continue the bearish momentum. Case 3: If it opens sideways, wait for the price action at the green trendline zone. Reason: RSI < 40, showing the market is going to be in a bearish structure. Price trading at 200 EMA (4H-TF), which might provide good support. PCR = 0.55 shows that the market is huge Bearish. Price < VWAP shows a Bearish market structure. Verdict : Bearish or sideways Plan of action: See the price action at the green trendline zone. There have been marked three cases.
NSE:BANKNIFTYShort
by finnova_
Banknifty weekly expiry analysis for 14/08/2024.Banknifty has closed below the 50k mark and is looking bearish on the daily charts. It is trading around the 100 ema on daily time frame, which shows some bearishness in the markets. If the market starts trading below today's low, there are chances of it testing the recent low around 49650. MA strategy and the price action both are signifying some bearish movement in the market. Hourly charts are trading below the moving averages. A bearish market will be confirmed if the market starts breaching the support levels, after a flat or slight gap up opneing. If there is a follow through candle in the market, there are chance of testing 49k levels soon. Major support levels :- 49670, 49400 Resistance levels :- 50000, 50250 Tomorrow is expiry and vix is around 16 which is good for option buyers Wait for the price action near the levels before entering the trade.
NSE:BANKNIFTY
by Mambotrade
BANKNIFTY Intraday Trade Setup For 14 Aug 2024BANKNIFTY Intraday Trade Setup For 14 Aug 2024 Sell_1- From 50440 Invalid-Above 50550 T- 48900 Sell_2- Below 49700 Invalid-Above 49810 T- 48900 BANKNIFTY has closed on a bearish note with 1.48% cut today. Index has been trading between 54800 and 49700 in daily TF since last 7 sessions. Breakout will give us the next directional move with momentum. As of now index looks ready to dive below 49700. 48900 will be 1st target if sell triggers tomorrow. As stated many time index is still sell on rise, follow the same approach. Coming to Wednesday's trade setup, if index opens flat and a 15 Min candle closes below 4700 then we will long for the target of 48900. In case of a gap up we will short from 50440. T- 49800. 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
#Banknifty directions and levels for August 13th.Bank Nifty Analysis Bank Nifty is showing a diagonal pattern. In the previous session, it had significant swings, but they closed near neutral by the end of the day. If we simplify it, we can say it's a range market. However, structurally, it’s a diagonal pattern, and there’s no real difference between the two because both are time adjustment patterns. So, we should wait for a breakout from this range, whether to the upside or downside. If it breaks out, we can expect only a minor trend initially because the structure suggests there isn’t a big move ahead. But if we see a solid breakout candle, then we can expect stronger momentum. This forms our basic structure. However, if the range isn’t broken, the market will likely continue moving within it.
NSE:BANKNIFTY
by Manickamtraders
BankNifty Intraday Support & Resistance Levels for 13.08.2024On Monday, BankNifty opened with a minor gap down but rebounded over 650 points from the day's low, reaching a high of 50830.70 before closing at 50577.95, up by 93 points. During the session, BankNifty breached the resistance level of 50750 but could not sustain above it for long. The weekly trend (50 SMA) remains positive, while the daily trend (50 SMA) is negative. Support Levels: Near Demand/Support Zone (30m): 50149 - 50305 Major Demand/Support Zone (Weekly): 49530 - 50253 Far Support Level: 48858 (61.8% Fibonacci Retracement Level) Resistance Levels: Near Resistance Level: 51750 Far Supply/Resistance Zone (15m): 51325 - 51400 (inside the 125m Supply Zone) Far Supply/Resistance Zone (125m) for Weekly Trade: 51309 - 51609
NSE:BANKNIFTY
by PriteshPal
#Banknifty directions and levels for August 12th. In the previous session, Bank Nifty closed with consolidation after a significant gap-up. If the market breaks the previous high, then we can expect a minor rally, but not a big one. A big rally is expected only if the breakout occurs with a solid green candle and some consolidation around the immediate resistance level. However, if this doesn't happen, the market may reject at that level and continue in its current range, which is our first scenario. Alternatively, if the market initially declines, the 38% Fibonacci level will act as a key support. If the market finds support there, the range-bound movement may continue. On the other hand, if it breaks below the 38% level, we can expect the correction to continue.
NSE:BANKNIFTY
by Manickamtraders
BANKNIFTY Intraday Trade Setup For 12 Aug 2024BANKNIFTY Intraday Trade Setup For 12 Aug 2024 Bullish- Above 50750 Invalid- Below 50640 T- 51400 Bearish-Below 50370 Invalid-Above 50480 T- 49650 BANKNIFTY has closed with 1.69% cut last week. However it has formed a Pinbar candle in weekly TF. After a global sell off weekly candle shows some kind of reversal structure , above it's high 50750 will get more confirmation. It is still sell on rise and I will personally follow the same outlook. 49600 is a crucial market structure level below which we are going to crash once again. Breakout of the plotted trendline will initiate a gap filling/ retracement move. 50750 and 50370 are Intraday levels for tomorrow. Coming to Monday's trade setup, if index opens flat and a 15 MIN candle closes above 50750 then we will long for the target of 51400. For selling we need a 15 MIN candle close below 50370. T- 49650. 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
#Banknifty directions and levels for the 3rd week of August. As per the chart Bank Nifty has a range-bound structure. However, the market closed at the top of this range by the end of the week. So, if the market starts with a bullish bias, it may reach the swing high once again. This is because, as we mentioned in the previous post, if the market breaks the 50% level in the minor swing, it will lose the strength of the current trend. If this happens, it may reach the Fibonacci levels of 61% to 78% on the upside. However, there are two variations for the bullish sentiment. 1. First Variation: If the initial day's candle closes with a solid bar, then the market may continue the pullback with minor consolidation around the Fibonacci level of 61% in the upcoming sessions. 2. Second Variation: If the market faces rejection around the minor supply zone or if the week starts with a negative candle, then the range-bound market may continue further. The Bearish Variation: The bearish variation suggests that if the market potentially breaks the channel, then it may continue the correction. There are some minor levels to watch, which is typical. If the market breaks the 38% level in the minor swing, we can expect the next target to be 78%.
NSE:BANKNIFTY
by Manickamtraders
BankNifty Intraday Support & Resistance Levels for 12.08.2024On Friday, as expected, BankNifty opened with a gap-up and maintained its strength throughout the day, closing at 50484.50. BankNifty closed above the Weekly Demand Zone for the first time in five days, indicating the potential for a bull rally up to 51100. The weekly trend (50 SMA) remains positive, while the daily trend (50 SMA) is negative. Support Levels: Major Demand/Support Zone (Weekly): 49530 - 50253 Far Support: 48858 (61.8% FIBO Retracement level) Resistance Levels: Near Resistance Level: 51750 (High of 5th August) Far Supply/Resistance Zone (15m): 51325 - 51400 (inside the 125m Supply Zone) Far Supply/Resistance Zone (125m) for Weekly Trade: 51309 - 51609
NSE:BANKNIFTY
by PriteshPal
#Banknifty directions and levels for August 9th.Bank Nifty: Bank Nifty is also maintaining its consolidation. If the gap-up sustains and breaks the level of 50,468, then we can expect the next targets to be 50,688 and 50,823. > Here, we have the same sentiment as in Nifty: after the pullback, if it sharply rejects around the level of 50,823, the market may enter a correction phase. Targets are expected to range between 38% to 78% of the minor swing. > On the other hand, if it consolidates or breaks solidly above the level of 50,823 on the upside, then the rally will likely continue. The alternative scenario is if the gap-up doesn't sustain or if the market initially declines, then the range-bound market will likely continue.
NSE:BANKNIFTY
by Manickamtraders
BankNifty Intraday Support & Resistance Levels for 09.08.2024On Thursday, BankNifty entered the 15m Supply zone mentioned in the last post and fell 400 points from the top before closing at 50156.70. For the fourth consecutive day, BankNifty closed inside the Weekly Demand Zone (49530 - 50253). Weekly zones are considered strong, and if the low is not broken, we might see a bounce from this Weekly Demand Zone. The weekly trend (50 SMA) has turned sideways from positive, and the daily trend (50 SMA) is negative. Support Levels: Major Demand/Support Zone (Weekly): 49530 - 50253 (currently, the price is inside the zone) Far Support: 48858 level (61.8% FIBO Retracement level) Resistance Levels: Near Supply/Resistance Zone (15m): 50350 - 50441 Far Supply/Resistance Zone (15m): 51438 - 51583 (inside the 125m Supply Zone) Far Supply/Resistance Zone (125m) for Weekly Trade: 51309 - 51609 Note: As of writing this, GIFTNIFTY is trading 275 points positive, indicating we might see a gap-up opening, and the near 15m Supply zone might get violated.
NSE:BANKNIFTY
by PriteshPal