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PostMortem on Bank Nifty Today & Analysis of 04 NOV 2022Banknifty opened right at the support/resistance level of 41314 touched the next resistance level of 41455 in the first candle. The 3rd candle showed a bullish tone when i thought BN took support at 41314 and rallied again to 41455, but over the next 2 candles BN gave away that hope. By 09.40, bank nifty had dropped below the SR level and traded the entire day below that. From 09.30 to 10.40 it made a good lower swing - but the momentum was not adequate for further follow up selling. We need to give some credit to the Indian indices now - the resilience is the best in the world. No other major markets are staying up at all time highs as the Indian market is. And no amount of negative cues or macros are triggering the selling button. The move from 14.10 to close was again a small rally that helped BN close back at the SR level. Final close at 41297. Due to the normal range bound trading and the open/close being almost same - the option prices did not swing that much. In fact the PE option prices are relatively cheap - it could also be attributed to the India VIX staying low (fell another 1.8% today to 15.6550%). Compare that with US VIX which is 25.38. --- Of the major bank nifty components - HDFC Bank and ICICI showed bearish momentum, although ICICI did some good recovery in last 30mts. SBI made bullish tone after breaking out at 13.45 (may be due to earnings expectation) AXIS & Kotak started the day with bearish tone, but axis closed in green and Kotak flat IndusInd bank closed in green but by creating a flattish chart pattern. But the opening 20mts candle formation on HDFCBk, SBI, Axis and Kotak are quite surprising - again it must be trade settlements by FIIs in the pre-open session --- Most of the option strategies would not have worked today, primarily because the implied volatility was low and the decay in time was not really worth it. Straddle would have given good results, since open & close are at same levels - but the stop losses would have hit at both ends. A simple short iron fly would have worked out better - since the stop loss is not required for. I tried out the put ratio spread when BN broke the support at 09.23 ie sell 1 lost of 41300 PE at 407.75 and but 2 lots of 40700 PE for 152.47. Although the premium decayed the trade did not plan out well. I had to square it off at 317.55 and 111.05 a loss of 33.95 pts. I will have to check if some other ratio or strike price would have resulted in a profit - will get that done offline. --- SPX & Bank nifty gap is widening - a total decoupled Indian stock market as of now SPX upcoming support is at 3641, resistance at 3737. The big red candle formed at 14.30 02 Nov would have a story to tell after taking out the gains made from 24th Oct. --- 15mts showing perfect sideways market 1hr also shows perfect sideways move - the 1st candle of 03 Nov might have a story to tell on the upside. 1D pattern shows upside move if the BN is able to break from the consolidation at present. --- Bank nifty support & resistance levels s1: 40867, s2: 40691 r1: 41312, r2: 41455 --- PS: Read the standard disclaimer at: bit. ly/3Nm3RER
NSE:BANKNIFTY
by viswaram
Bank Nifty Today - 03 NOV 2022 Analysis + Comparison with S&P500Bank nifty moved today quite contradictory to the global moves. Frankly what is happening to India's banks - is there so much positivity to bury the global macros ? S&P500 down 2.5&, Nasdaq100 down 3.39% and our bank nifty up 0.37% today Just look the opening 4 candles. Gap down opening at 40873 very near to the support level of 40867 - hits the resistance level of 41314 by 9.35 - who would believe it ? 494pts move in 20mts with great momentum. I am not worried with bank nifty moving up like that - but on a day where the global cues were very negative - quite impossible. From 9.35 to close BN traded in and around the SR line with minimal volatility. Cannot even believe the India VIX came down by 4.3% today. Is there a real fundamental shift in India & its growth story - or are these some pump & dump scheme operated to loot the retail traders & investors? Who am I to ask these….? The candle at 10.10 looked interesting - it broke through the resistance and then a fall back to the level over the next 11 candles. And then another pump at 11.10, over the next 2 candles we would have got the impression that BN may breakout - but the 41455 resistance line came into play. Then we had a gradual fall below the SR line, but notice the price action at 13.10 (strong green candle breaking the resistance again). Anyways the final close was at 41304 just below the SR of 41314. --- 6 major banks, most of them showing strength today HDFC bank closed in red, but the chart pattern is not negative ICICI closed in green with flattish pattern SBI closed well in green with bullish pattern AXIS bank showed strong breakout in the morning to give it all back later - closed flat Kotak was trading below yesterday's close with a bearish bias IndusInd bank showing bullish pattern. --- Since today was expiry - there were many trade possibilities that could have been planned. BN stayed within the support & resistance zone eventhough it felt it would be a breakout today. All OTM calls & puts have gone to zero - if you would have written them, you could have made money. However we can all say that with hindsight - cannot engineer the outcome in advance. I am of the personal opinion that most of the traders would have hit their stop loss due to the mammoth move in the opening 20mts. Due to the overnight macros - most of them would have thought the bias will be bearish today. I noticed that the premiums on the call side were very minimal signaling the bank nifty might not breakout, but was not courageous enough to short them today after seeing the open. I am researching into deploying ratio spreads into weekly expiry to bring in exponential returns with a limited risk profile - may be it will take 6 to 9 months to get some clarity (i dont prefer to back test, i instead journal the trades henceforth - something like a forward test) --- SPX & Banknifty has diverged more today - the gap is now in excess of 22%. Presently the ES1 futures are showing a drop of 1% - so may be the US market will be in red today also. --- 15mts showing sideways market 1hr also showing sideways market --- Bank nifty support & resistance levels s1: 40867, s2: 40691 r1: 41312, r2: 41455 --- PS: Read the standard disclaimer at: bit. ly/3Nm3RER
NSE:BANKNIFTY
by viswaram
BankNifty-02/11/2022-LevelsHello Traders, Welcome to SriTrader5121 ____________________________________ BankNifty-02/11/2022-Levels IMPORTENT ZONE FOR THE DAY : 41286 - 41350 Possibilities of Today market open... Possibility 1: FLAT If market open as a FLAT and moves to UP-SIDE then BUY with the Support of W_O and SELL with the Rejection of !H_RH. (or) If market open as a FLAT and moves to DOWN-Side then BUY with the Support of PDL and SELL with the Rejection of PDL. _______________________ Happy Learning and Trading Rules to fallow... 1) Trade with Strict Stop Loss. 2) Trade with Small Quantity. 3) Take entries based on Support & Resistance Levels. Please take the trade according to the levels marked, with Risk-Reward. This is not a Buy or Sell recommendation to anyone. Take entries after your own analysis. This is for education purpose and a helping hand to learn trading in market. NOTE: Trade with Strict Stop Loss. It may or may not hit all levels. So one can book profit / loss at respective level considering how price action works near that level. I hope you all like my analysis. Follow me to get regular updates. Please do share your thoughts in comment section. Please Hit a LIKE , it motivates me to do analysis and do share with your trading friends. SHORT FORM &FULL FORM ------------------------------- 0.5-> 0.5% Swing PDH-> Previous Day High PDL-> Previous Day Low PDC-> Previous Day Close PDO-> Previous Day Open PWH-> Previous Week High PWO-> Previous Week Open PWC-> Previous Week Close PWL-> Previous Week Low D_S-> Day Support D_R-> Day Resistance W_S-> Week Support W_R-> Week Resistance W_O-> Week Open W_C-> Week Close LW_O-> Last Week Open LW_C-> Last Week Close IMP -> Important R@1, R@2,R@3... ->Resistance-Zones S@1, S@2,S@3... ->Support-Zones MS -> Major Support SH -> Swing-High SL -> Swing-Low DT -> Double Top DB -> Double Bottom TT -> Triple Top TB -> Triple Bottom TF -> Time Frame BO -> Break-Out RR -> Risk-Reward SL -> Stop-Loss GAP -> The area b/w Previous Day Close and Today Open Blue Color Text(S@*,R@*)-> Act as Major Support or Resistance-Zones(Be Alert, Chances to Market take Reversals )
NSE:BANKNIFTY
by SriTrader5121
Banknifty spot chart analysis for 18.10.2022Banknifty standing just below a strong resistance of 39954. between 39954 to 40120 is also an super strong resistance zone. if banknifty crosses above 40120 then it may also cross above 40276 and may reach to the level of 40442. If Bank Nifty crosses over 40442 then it may reach to the level of 40564. if banknifty moves down below 39798 then it may reach to the level of 39632, 39632 is a strong support. if banknifty crosses down below 39632 then it may also cross 39483 and will reach to the level of 39301. If banknifty crosses down 39301 then it take bounce back from bounce back zone. it is highly unlikely that banknifty will cross 40564 tomorrow and reach higher levels.
NSE:BANKNIFTY
by stoxway