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Bankniftyintraday

#Banknifty directions and levels for August 30th.Banknifty Current View: There is currently a range-bound market. Structurally, the market will take its next direction when it breaks either to the upside or downside. > In this scenario, if the market breaks to the upside solidly or with potential volume, the rally will likely continue with some minor consolidation around the level of 51,519 to 51,563. On the other hand, if it breaks the range gradually, it might not go much further and could potentially re-enter the range once again. Alternate variation In the alternate scenario, if the market initially declines, the range-bound behavior is likely to persist. A more significant correction would only occur if the market aggressively breaks the previous low. However, if the bottom is breached gradually, the market may find support around the demand zone and re-enter the range, maintaining its current pattern.
NSE:BANKNIFTY
by Manickamtraders
#Banknifty directions and level for August 29th.Bank Nifty Current View: The Bank Nifty chart is saying that if the market opens with a gap-down, then it may continue the correction, reaching a minimum of 61% with some minor consolidation. After that, if it finds support there, we can expect a maximum bounce of 23% to 38%. Structurally, it won’t sustain. Once it rejects there, then the correction will likely continue. Alternate View: Alternatively, if the initial market takes a solid bounce back and breaks the 38% Fibonacci level in the minor swing, then it may turn into a range market.
NSE:BANKNIFTY
by Manickamtraders
BankNifty Intraday Support & Resistance Levels for 28.08.2024On Tuesday, BankNifty opened with a gap up, dipped to a low of 50938.10, touching the 15-minute demand zone mentioned in the previous post, and then bounced back to a high of 51404.70. However, due to selling pressure in the last trading hour, it closed at 51278.75. The weekly trend (50 SMA) remains positive, while the daily trend (50 SMA) is sideways. Support Levels: Far Demand/Support Zone (30m): 50663 - 50772 Far Demand/Support Zone (30m): 50393 - 50507 Far Demand/Support Zone (30m): 49806 - 50017 Far Demand/Support Zone (125m): 49681 - 49797 Resistance Levels: Near Resistance Level: 51316 (61.8% FIBO Retracement level) Near Supply/Resistance Zone (125m) for Weekly Trade: 51309 - 51609 (Already Tested) Far Supply/Resistance Zone (125m) for Weekly Trade: 52870 - 53188
NSE:BANKNIFTY
by PriteshPal
#Banknifty directions and levels for the August 27th.In the previous session, Bank Nifty experienced a range breakout, which is structurally a positive sign. But today, the giftnifty indicates a negative start. So, what’s next? > Bank Nifty has minor consolidation structure followed by a breakout. Structurally, it should not take much of a correction. > Therefore, if the market opens negatively and finds support around the immediate support level, it may continue to consolidate within the previous day’s range. This is our first variation in this case. After that consolidation, if the market breaks the previous day's high, then the rally will likely continue. > An alternate variation suggests that if the gap-down sustains and breaks the 38% Fibonacci level solidly or with some consolidation, the market could potentially move further down to the 50% to 61%.
NSE:BANKNIFTY
by Manickamtraders
#Banknifty directions and levels for August 26th.Bank Nifty > In the previous session, Bank Nifty also closed with a consolidation structure. > SO, If the gap-up sustains and breaks the consolidation, it could reach a minimum of 51,214 or the 61% Fibonacci level. > The structure is also important here; if it breaks the consolidation with a solid candle, the rally will likely continue with some consolidation. On the other hand, if it moves gradually, it may not have a long rally. > An alternative scenario is similar to Nifty: if the gap-up doesn't sustain or if the market declines initially, then the 38% Fibonacci level will act as support. In this case, after the decline, if it finds support at the 38% level, the bullish bias is likely to continue. However, if it breaks the 38% level, it may fall further to the 50% level or swing low on the downside.
NSE:BANKNIFTY
by Manickamtraders
Banknifty weekly analysis for 26/08/2024.Banknifty trading in a range on the dialy charts and is around the resistance levels. A dynamic support around the 100 ema (daily) and 20 ema (weekly) is there. There are chances of BN recovering and test the high as nifty is only 200 points short of the ATH. In a bullish trade there is a huge gap to cover for banknifty. Major resistance levels :- 51130, 51540, 51800 Now the market has created support but the trendline resistance is still there. Once the market starts trading above the resistance line, a bullish trade with proper R:R can be initiated. Major support levels :- 50800, 50300 Watch out for the levels and the price action in the charts. Trade only the setup not emotions.
NSE:BANKNIFTY
by Mambotrade
Bank Nifty Analysis: Head and Shoulders Pattern in the Making?NSE:BANKNIFTY closed relatively flat today amidst some market volatility. However, the pattern forming on the chart does not look good. We are potentially witnessing the development of a Head and Shoulders pattern, which, if completed, could signal a downward move. If this pattern plays out, we may see the index decline towards the 49,640 level. On the other hand, if Bank Nifty fails to form the pattern and continues its upward trajectory, we can see a significant resistance around the 51,900 level. Important Levels: Support - 49640 Resistance - 51900 Traders, if you liked this analysis or have your own insights, please share your thoughts in the comments. I would be glad to hear from you! 👩‍💻 Disclaimer: This analysis is for informational purposes only and does not constitute financial advice. Please conduct your own research or consult a financial advisor before making any trading decisions.
NSE:BANKNIFTY
by Stable_Logic
#Banknifty directions and levels for August 21st.Current View > That,The market may open with a slight gap-down start, according to the SGX Nifty indication. So, after that gap-down, if the market finds support around the immediate support level, it may consolidate between the previous day's high and the immediate support level. > But, Even if it consolidates, structurally, it will continue the rally once it breaks the previous day's high. In this case, if it breaks the previous high without consolidation (like yesterday’s movement), the same bullish trend may continue further. Alternate View > The alternate scenario suggests that if the gap-down sustains and the market breaks the immediate support level solidly, then the correction could continue, with some minor bounce-backs. These are the two possible scenarios for today's session.
NSE:BANKNIFTY
by Manickamtraders
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BankNifty Intraday Support & Resistance Levels for 21.08.2024On Tuesday, BankNifty surpassed the 50750 resistance level, reaching a high of 51025 before closing at 50803.15, gaining 434 points. Notably, this is the first time since 2nd August that BankNifty has closed above 50800. The weekly trend (50 SMA) remains positive, and the daily trend (50 SMA) has shifted from negative to sideways. Support Levels: Near Demand/Support Zone (30m): 50283 - 50423 Far Demand/Support Zone (30m): 49806 - 50017 Far Support Level: 49660 (Double bottom on the daily chart) Far Support (FIBO 61.8% Level): 48858 Resistance Levels: Near Supply/Resistance Zone (125m) for Weekly Trade: 51309 - 51609 Far Supply/Resistance Zone (125m) for Weekly Trade: 52870 - 53188
NSE:BANKNIFTY
by PriteshPal
Banknifty weekly expiry analysis for 21/08/2024.Banknfity has given a nice move on the upper side clearing the resistance zone of 50800 but reversed after testing the round levels of 51k. The markets were looking bullish from the morning and even in the second half. The last hour selling has created a confusion about the market movement for tomorrow. It has been respecting the resistance trendline and retested 38.2% fib levels. Shorting opportunity in the market will trigger once the makret starts trading below 50550 levels. If today's high is taken out by the market, a gap filling trade can be a possibility while testing the higher levels. Major support levels :- 50550, 50250 Resistance levels :- 51000, 51260 Wait for the price action near the levels before entering the market.
NSE:BANKNIFTY
by Mambotrade
Banknifty analysis for 20/08/24.A flag and pole pattern formation is there on the charts. While market is trading around the resistance zone of the range. If there is a break out of the Flag, wait for the market to clear the resistance levels. A scalp can be made for small targets but intraday position should be initiated only once the upper levels are cleared. Moving average gate is being formed acting as a support for the market. Levels are marked on the charts. Trade only the markets not the emotions. Wait for the price action near the levels before entering the markets .
NSE:BANKNIFTY
by Mambotrade
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
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 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 directions and levels for August 6th.1.Basic Structure: As per the structure, there is no more pullback in this minor swing. So if the gap-up doesn’t sustain or if the initial market declines, we can expect minor consolidation between the previous low to 38% Fibonacci level to the upside. After that, if it breaks yesterday's low, then the correction will likely continue to the level of 49439. This is our basic structure. 2.Alternate View: The alternate view is similar to the consolidation, but this time we wouldn't expect a correction. Instead, we can expect pullback continuation if it breaks the 38% Fibonacci level to the upside again. If it happens, we can expect the pullback target to the level of 50%. Once if it rejects there, then we can expect correction. Simply, it's also a range market variation. 3.Price Action Scenario: The third scenario is taken from the price action. If the initial market takes a solid pullback and closes above the 38% Fibonacci level, then it may continue further to the level of 61% with minor consolidation. Do you want to realize if it is progressing in this variation? Just observe if it consolidates around the immediate resistance level or if it forms an inside bar, then it may continue the rally. These are my expectations for today. In my personal opinion, if the market enters consolidation, trading will become more challenging. If you choose to enter, reduce your position size. However, if you have a clear direction, you can trade more effectively.
NSE:BANKNIFTY
by Manickamtraders
BankNifty Intraday Support & Resistance Levels for 24.07.2024On Tuesday, during a highly volatile budget session trading day, BankNifty opened gap up inside the 15m supply zone mentioned in the last post and fell 1200 points, making a day low of 51342.65. It re-entered the Daily Demand zone but did not break the bottom of the zone, closing inside with a 502-point drop at 51178.30. The weekly trend (50 SMA) remains positive, but the daily trend (50 SMA) is now sideways. Support Levels: Near Demand/Support Zone (Daily): 51138 - 51934 Minor Demand/Support Zone (15m): 50597 - 50825 Major Demand/Support Zone (Weekly): 49530 - 50253 Resistance Levels: Near Supply/Resistance Zone (30m): 52559 - 52783 Far Supply/Resistance Zone (30m): 53064 - 53188 Major Supply/Resistance Zone (75m) for weekly trade: 52880 - 53187
NSE:BANKNIFTY
by PriteshPal
Budget day trading levels BN 23/07/24.Banknifty prior to the budget day closed flat and there are chances of a trending market owing to the news. On the hourly charts, the market has consolidation after the first hour candle. Consolidation is good to make the break out/ down to travel. Market is trading around the 20 ema and above 200 ema. If the market break below the moving average, trade using MA strategy can be entered. Major support levels :- 52160, 51940 Resistance levels :- 52420, 52630 Wait for the price action near the levels before entering the markets.
NSE:BANKNIFTY
by Mambotrade