What a day today ! I had to take some for things to sink in. We literally had 3 support & resistance in play today & that should make an amazing post mortem today.
The open was inline at 42703 very near to the close yesterday, i was hesitant to go in with a debit ratio spread of 42500/42400 PE 2:4 ratio when it had only 28pts premium. The major reason i didnt...
Bank Nifty form Rectangle Chart Pattern and after creating 42700 Resistance or 41800 Major Support
Its go up through creating trendline support and Giving GapUp beyond 42700 Hold 2 Sessions on Upper level with breakking out Trendline…..
If Tomorrow which is Month End Expiry HOLD 42700 levels AtLeast 15Candle on upper levels we can se Up Rally or if it BreakDown...
The FASP for BankNifty is listed for 19-1-2023 . You can add this levels to your trade setup for better results. This should not be the only indicator but an additional tool to increase your winning possibilities.
What is Fibolysis Anchor SupRes Points(FASP)?
It is a unique level arrived by using Fibonacci Retracement , Fibonacci Extension , Standard Pivot...
From 5th January onwards we have seen that Banknifty is stuck between 41720 - 42745 is creating a sine wave pattern.
If we look at banknifty chart in a broader time frame we will see that price is consolidating in this range preparing for a breakout to a new Banknifty high.
SCENARIO 1
If we see a gap up and Banknifty opens above or around 42745 then we may see...
Banknifty View and Support & Resistance Levels for Tomorrow..
Expectation : BEARISH / Negative Sentiment - Flat Open around 42450 and BEARISH Reversal expected from 42300 / 42400 levels.
I still see Negative sentiment in Banknifty , so only SELL on raise mode tomorrow since the Major trend is BEARISH .
Buyers and Sellers Zones - When price breaks the zone,...
Take a look at the chart below, 5mts TF its a perfect continuation from yesterday - we broke the 1st support at 09.40 and 2nd support at 13.15 in the single leg.
And then we had a retracement back to the SR level (yellow dotted lines) and final close there.
So what do we infer from the charts today
Expiry level positioning worked out very well today, all the...
Resistance level:43175
Support level : 42907
****Fib Retracement levels will act as the support or resistance****
If candles are sustaining or break above resistance level , we can expect upside move and the targets will be fib retracement levels as per chart
If candles are sustaining between resistance and support levels, consider as neutral
If candles are...
Banknifty View and Support & Resistance Levels for Tomorrow..
Expectation : BEARISH / Negative Sentiment - Flat / Small Gap up Open from Close and BEARISH Reversal from CPR 43132.
Currently Nifty is trading below monthly CPR and there was strong rejection today which indicates the BEARISH move in the upcoming days.
But Banknifty is trying to hold above monthly...
Probably you would feel it repetitive when i said the nifty and bank nifty made moves when the US markets were on holidays.
Look what happened today with bank nifty - we have negated the 2 day's of price action ie. 02 Jan and 03 Jan. Which means we have closed today at the same value as of 30th Dec
The child was having a nice time when the mom was on leave, now...
The FASP for BankNifty is listed for 05-1-2023. You can add this levels to your trade setup for better results. This should not be the only indicator but an additional tool to increase your winning possibilities.
What is Fibolysis Anchor SupRes Points(FASP)?
It is a unique level arrived by using Fibonacci Retracement , Fibonacci Extension , Standard Pivot...
We had a good price action today mostly following up from the moves from yesterday.
Today's open was gap down at 43151 but if you take a look at the candles formed over the next 15 to 20mts its very much in continuation with the move started at 14.20 yesterday.
The uptrend went on till 10.15 forming the swing high and then a retracement to the flat line. Bank...
Resistance level:43023.60
Support level : 42532.05
****Fib Retracement levels will act as the support or resistance****
If candles are sustaining or break above resistance level , we can expect upside move and the targets will be fib retracement levels as per chart
If candles are sustaining between resistance and support levels, consider as neutral
If candles...
Banknifty View and Support & Resistance Levels for Tomorrow..
Expectation : BIG Gap Up Open - Short Covering Fall / Sideways
Buyers and Sellers Zones - When price breaks the zone, Buyers zone will become Resistance and Sellers zone will become Support.
For Best entry, Wait for first 5m candle close. Go long when High breaks, take Short when low breaks. Keep...
When i said i was bearish yesterday, a drop of 32pts was not what i was referring to. Bank nifty held its head high almost the entire day, only the 15.10 candle shows some signs of weakness & a minor break of support.
I was literally unable to take any trades today such was the move of bank nifty today. Well it did not move - killing out the premiums of options...
NSE:BANKNIFTY
Trade Setup for 22-12-2022
1) Don't Jump in to trade at the beginning of the market. Let it get settle for 15-20min first and judge the price action.
2) Everything is mentioned on the chart. I hope it is easy to understand.
3) All the levels will work as support, resistance, entry and exit w.r.t price action near that level.
4) Avoid gap up...
![BANKNIFTY: Simple Trade Setup | BANKNIFTY | 22-12-2022 EXPIRY [INTRADAY]](https://s3.tradingview.com/a/AlC9i1u9_mid.png "Simple Trade Setup | BANKNIFTY | 22-12-2022 EXPIRY [INTRADAY]")
