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Bankniftyintradaylevels

BankNifty Support & Resistance Levels for 06.06.2024BankNifty gained 4.5% yesterday and closed inside the 15-minute resistance zone mentioned in the last post. If it breaks above 49,700, we might see selling pressure at the daily resistance zone starting at 50,092. Support Levels: Near Support Zone (30m) for Intraday: 47,386 - 48,000 Near Support Zone (15m) for Intraday: 46,511 - 46,833 Near Support Zone (Daily): 45,661 - 46,330 (remains the same) Far Support Zone (Weekly): 42,105 - 43,915 Resistance Levels: Near Resistance Zone (15m) for Intraday: 48,986 - 49,700 (remains the same) Major Resistance/Supply Zone (Daily): 50,092 - 51,133.20
NSE:BANKNIFTY
by PriteshPalan
05 Jun 24 Fibonacci levels correlates to SR levels of BankNiftyBanks had a higher aggression today, but just like the comments I posted in Nifty's post mortem report - I do not wish to go long yet. Take a look at the Fibonacci levels drawn for BankNifty's price action last 3 days. 100% level is at 51119 0% at 46267 - quite near my SR level of 46284 23.6% level is @ 47412, quite near 47477 SR 38.2% level is @ 48120, my support/resistance @ 48115 50% level is @ 48693, my marked SR is 48661 61.8% level is @ 49265, my closest SR is 48947. In the final 30 minutes, we closed below the 61.8% level. The best I could think of is to change the stance to neutral now and then go long if 50080 levels are getting taken out, but I do not have a marked level around the 50000 levels yet - mostly because the price action was quite shallow there. From a macro perspective, it is too early to judge if what we had was the continuation of the stubborn bull rally or just a minor pull back to yesterday's near 10% drop. Would like to watch this space pretty closely before taking major directional decisions.
NSE:BANKNIFTY
by viswaram
Bankknifty prediction for tomorrow 6 Jun 24Banknifty gave a really big bullish moment today. It's still an effect, and the market boomed 2000 points. If we look at the chart now: The market gave really big momentum to the upside. The market is trading above EMA, which shows that the market is really bullish right now. There is also a bullish EMA(13, 50) crossover, which indicates that the market is in a bullish phase now. Support levels: 48639, 47475, and 46504 resistance levels: 49528, 50161, 50938 If we look at the OI data: PCR = 0.86, which has increased from 0.47, shows a huge bullish sign in the market. 49000 is the max-pain. Lower levels have better PE writing than higher levels. The market is making a completely bullish structure. VIX has also decreased significantly, which indicates volatility is being controlled. I am expecting the market: Case 1: Sideways in range of 48639-49528. Case 2: On either side, it breaks to either side's trade accordingly. Reason: RSI > 60 shows a bullish structure. Price > EMA(13, 50, 200), which indicates a Bullishmarket structure. PCR = 0.86 has risen from 0.47 and shows great signs of bullishness. Price > VWAP shows a Bullish market structure. Verdict: Sideways in range of 48639-49528. and Volatile on either side, it breaks. Plan of action: Case 1 : Sideways: Sell 48650 PE & 49500 CE (Hedge it with 20/- premium options) Case 2 : Exit the opposite position on either side. It breaks.
NSE:BANKNIFTY
by finnova_
Banknifty prediction for today 5 Jun 24As we discussed, Banknifty, because of the event(election result) based trading, we are not going to trade. The fog is now clear, and we have which government is going to be there. Now, the market will be stable in 1 day or two. If we look at the chart now: The market had a massive fall yesterday because the election result was not as favorable as expected by the exit poll. Now, the market has reached a temporary support level of 46110 and a minor resistance level of 47837. The market is going to be sideways in the range of 46110-47837. The market might have good momentum on either side if it breaks. Support levels:46110 resistance levels: 200 EMA, 47837, 49534 If we look at the OI data: PCR = 0.47, which shows a bearish structure. 47000 is the max pain. Maximum positions have been added at 46500 and 46000, which is going to provide good support. On the upper side, 47000 and 47500 have good CE writing. I am expecting the market to be: Case 1 : Sideways in range of 46110-47837. Case 2 : On either side, it breaks to either side. The market is going to have high volatility because the VIX is still 26.74(Very High). Reason: RSI is 40-60 shows a sideways structure. Price < EMA(13, 50, 200), which indicates a bearish market structure. PCR = 0.47 shows a market bearish sign. Price < VWAP shows that a bearish market structure. Verdict: Sideways in the range of 46110-47837 and Volatile on either side it breaks. Plan of action: Case 1 : Sideways: Sell 46100 PE & 47800 CE (Hedge it with 20/- premium options) Case 2 : Exit the opposite position on either side. It breaks.
NSE:BANKNIFTY
by finnova_
04 Jun 2024 - If Circuit triggered on BankNifty, further panicBankNifty Analysis The intraday fall on BankNifty was approx 5028pts ~ 9.84%, a few more points would have triggered the lower circuit and we would have had a pause of 30 to 45mts. The Lower circuit hit would have opened the floor to further fall due to panic and somehow magically the reversal came and it really saved the day. If you look at the daily chart, the reversal came right at the 46284 support level, this was after breaking 48947, 48661, 48115, and 47465 (critical) supports. How that played out today was quite panic-creating. Our stance is revised to bearish till proven wrong. Expecting some more volatility going forward, once the situation normalizes - will be more than happy to switch on the Algos with full thrust. A coalition government is really good for the option traders, the uncertainty will spice up the option premiums. I could say with a decent level of confidence that a bit of fear is good for financial markets, after all, we were in a blind one sided rally.
NSE:BANKNIFTYShort
by viswaram
03 Jun 2024 - BankNifty has more steam left even after 4% rallyLast week we wrapped up the discussion saying BankNifty is looking more bullish than Nifty. We also said the torch bearer would be Banks in case of a positive scenario. India's growth story will have to come via Bank's is their base case, this explains the 40% plus dependency of the index on Financial Sectors. BankNifty managed to close higher than the open value, almost 2000pts ~ 4% in what became a mega gap. The new ATH is 51106, notice that we managed to conquer 51000 levels too. Our stance is bullish with the first support at 49937 levels. Once the counting is in progress tomorrow - we could expect real volatility and fake moves too. We would get exact clarity only by Wednesday, Jun 5th, incidentally it's an expiry day too.
NSE:BANKNIFTYLong
by viswaram
#Banknifty Trading Important levelsOn 1 Day Timeframe, Banknifty Index trading important levels. Time to wait for either breakout or Breakdown (reversal) for the Banknifty Index. Breakdown Move - Confirmation for breakdown will be if Banknifty Index starts trading and sustain below 50311 level - Downside rally nearly 2000 points expected in case of breakdown - Intermediate support expected near 48855- level - Short Trader can place there stop loss if Banknifty Index starts trading above 50568 level Breakout move - Long side movement expected in case Banknifty Index starts trading and sustain above 50568 level - Above this level Banknifty Index can go upto the 53070+ level. - Intermediate resistance expected near 52280 level - Long trader can place there stop loss if Banknifty Index starts trading below 50311 level.
NSE:BANKNIFTY
by TradZoo
1
BANKNIFTY Intraday Trade Setup For 3 May 2024 | Loksabha TradingBANKNIFTY Intraday Trade Setup For 3 May 2024 Bullish-Above 49150 Invalid-Below 49000 T- 50570 52170 BANKNIFTY has closed on a neutral note last week unlike NIFTY being on a slight bearish note. This means that there is a divergence of strength which will lead BANKNIFTY being stronger than NIFTY in the coming days. As per Exit Polls it looks that there can a huge short covering rally ahead of result day. In the coming days 52250 zone can be tested. High chance of a big gap up on Monday so follow 10 o'clock range breakout. Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 49150 then we will long for the target of 52170. High chance of a gap up so follow 10 o'clock range to build trade with calculated risk. 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 prediction for tomorrow 3 June | MondayAs we discussed, the Banknifty sideways and bullish structure market gave a volatile move in the uptrending channel range, as we discussed in case 1. If we look at the chart now: The market took very nice support from 200 EMA and is moving in an uptrending channel. The market is also making an inverted Flag & pole pattern, which is a bearish pattern. If the market breaks the pattern to the downside, it might make a nice bearish move. Support levels: 200 EMA, 448487, 48223, 48000 resistance levels: 49061, 49315, 49650 If we look at the OI data: PCR = 0.76, which has fallen from 0.82, shows the market is turning to a bearish side. 49000 is max pain. Maximum positions have been added at 49500 and 50000. on the lower side, 48500 and 48000 People are making Strange for election results. That can also be seen on the chart. People are making short strangle in a wide range as premiums are already skyrocketing. I am expecting the market: Case 1 : Sideways in the uptrending channel. Case 2 : if the market breaks the channel to the downside, the market will turn bearish. With a good volatility market in upcoming sessions because VIX is 24.60. Reason: RSI is 40-60 shows a sideways structure. Price > EMA(13, 50, 200), which indicates a bullish market structure, but as it is moving in the channel bullish direction is not yet confirmed The last two candles have given good volume at the buy candle as well as good volume at the sell-off, which indicates sideways market pressure. PCR = 0.82 shows good market bullish sign. Price > VWAP shows that a bullish market structure. Verdict: Sideways in the channel and bearish if it breaks to the downside. Plan of action: Case 1: Sideways: Sell 49200 CE & 48500 PE (Hedge it with 50/- premium options) Case 2: Bearish: Sell 49200 CE (Hedge it with 50/- CE option)
NSE:BANKNIFTY
by finnova_
#Banknifty Directions and Levels for May31st.The Banknifty structure differs slightly from Nifty, but the sentiment is the same. The current variation suggests that if the initial market takes a solid pullback and breaks the level of 48938, we can expect it to reach 61%. Notably, the market will continue the rally only if it sustains above the level of 48938. If it doesn't sustain above this price, the range market might continue. Alternatively, if the initial market corrects, the downside 61% Fib level will act as minor support. My personal opinion is that if the market declines initially, it may enter a range market.
NSE:BANKNIFTY
by Manickamtraders
30 May 2024 - BankNifty defended 48661 quite aggressively todayBankNifty Stance Neutral ➡️ BankNifty had an awkward-looking opening today, a decent gap-down, and breaking the 48661 support. The intraday lowest point was the level at which we opened today. More importantly, we retraced the fall and even re-tested the 48947 levels. Fortunately for the bears, 48947 resistance was not broken, if it had given away - then we would have been forced to go long. Between 14.55 to 15.15 we tested the support levels of 48661 and it was defended again. The final closing is so positive for the banks that I am really worried about how Nifty50 is going to gather momentum for a breakdown. We might have to break either of the 48661 or 48947 levels tomorrow and be prepared for what is coming next week. I seriously hope we find some bearish momentum soon.
NSE:BANKNIFTY
by viswaram
Banknifty analysis for tomorrow 31 MayAs we discussed, the Banknifty bearish or Sideways structure market gave a volatile move in range, as we discussed in case 1. If we look at the chart now: The market took very nice support from 200 EMA. And it was quite volatile for the whole day. The Price is struggling to break the 50-EMA resistance. The market is going to be sideways in the range of 48487-48899 unless it breaks to the upside (high probability). If we look at the OI data: PCR = 0.82, which has risen from 0.63. shows a good amount of PE writing on the lower side. There has been good CE and PE writing at 48500 and 49000. The next support point is 48000 on the lower side and 49500 on the upper side. People are making Strange for election results. I am expecting Case 1: Sideways in the range 48487-48900. Case 2: if the market breaks 48900 to the upside- Bullish With a good volatility market in upcoming sessions because VIX is 24.2. Reason: RSI is 40-60 shows a sideways structure. (Bearish) EMA(50) > Price > EMA(200), which indicates indecisive or rather sideways market. The market has taken support from 200 EMA, which might lead to a bullish market in the upcoming session. The market has given a good volume spike that shows this level is good support. PCR = 0.82 shows good market bullish sign. Price> VWAP shows that a bullish market structure can lead to a Bull market. Verdict: Sideways (70% chances) or Bullish (30% chances) Plan of action: Case 1: Sideways: Sell 48500 PE & 48900 CE (Hedge it with 50/- premium options) Case 2: Bullish: Sell 48600 PE (Hedge it with 50/- CE option)
NSE:BANKNIFTY
by finnova_
#Banknifty Directions and levels for May 30th.BankNifty also has the same sentiment. If the market finds support around the immediate support level, then we can expect a minor pullback that will take a max of 23 to 38%. After that, if it gets rejected there, then the correction will likely continue. On the other hand, if the pullback breaks the 38% Fibonacci level, it could turn into a range market between the upcoming low to the 61% Fibonacci level. Alternatively, if the gap-down sustains and breaks the immediate support with some consolidation or immediately, then the correction will likely continue.
NSE:BANKNIFTY
by Manickamtraders
29 May 2024 - BankNifty stance revised to neutral, not bearish!Banknifty closed just below the SR of 48603 and for the same reason, I am going neutral. Unlike Nifty, BN has few SR zones nearby hence the decision to go neutral instead of bearish. Although we fell 640pts ~ 1.3%, none of the 63mts candles closed distinctly below 48603 which is a sign of worry for the Bears, Meanwhile, the drop seen in ICICI will be considered with a lot of seriousness. Earlier when HDFC and KOTAK were taking beatings, ICICI had stayed strong. In fact, the major contributor to the BN points came from the rally of ICICI than HDFC. I would prefer to start the day tomorrow with a neutral bias and then go short if 48351 is taken out during the first 2 hours. Ideally, BN and N50 have to face the same direction before going to the election results.
NSE:BANKNIFTY
by viswaram
Banknifty Prediction for tomorrow 30 May As we discussed, the Banknifty bearish structure market gave a very nice momentum to the downside. If we look at the chart now: The market is trading at 200 EMA(30 min TF), which can provide potential support. Also, bank nifty is trading between fib 0.50 and 0.61, which might also be a good support zone. The price is trading lower than EMA(13,50) and above EMA(200). this zone is perfect for taking support for Banknifty. If we look at the OI data: PCR = 0.63 shows a bearish signal in the market. There is good writing on both sides at 48400 and 48500. 48000 has good PE writing, so it is going to provide a good support zone. on the upper side, 49000 is going to be a hard resistance zone because of heavy CE writing. I am expecting Case 1: Sideways in range 48400-48853. Case 2: if the market breaks 48400 to the downside- Bearish With a good volatility market in upcoming sessions because VIX is 24.2. Reason: RSI < 40 shows a weak bull structure. (Bearish) EMA(13) > Price >= EMA(200), which indicates indecisive or rather sideways market. The market might receive support at 200 EMA. The market has given a good volume spike that shows this level is good support. PCR = 0.63 indicates bearish. price < VWAP shows that a weak market structure can lead to a bearish market. Verdict: Bearish or Sideways. Plan of action: Case 1: Sideways: Sell 48400 PE & 48850 CE (Hedge it with 15/- premium options) Case 2: Bearish: Sell 48400 CE (Hedge it with 15/- CE option)
NSE:BANKNIFTY
by finnova_
8
#Banknifty directions and levels for May 29th.The current variation indicates that if the market breaks the 38% Fibonacci level, we can expect the correction to continue, potentially reaching the next Fibonacci level of 50%. If it finds support there, the 4th sub-wave may complete and start the 5th pullback wave. Alternatively, if the market finds support around the immediate support or if the initial market takes a solid pullback, we can expect a range market to rally continuation.
NSE:BANKNIFTY
by Manickamtraders
BANKNIFTY Intraday Trade Setup For 29 May 2024BANKNIFTY Intraday Trade Setup For 29 May 2024 Bullish-Above 49350 Invalid-Below 49240 T- 49775 Bearish-Below 49040 Invalid-Above 49150 T- 48450 BANKNIFTY has closed on a bearish note with 0.28% cut today. Yesterday we discussed that chances of index being inside 49700 and 49000 is high, so has happened today. Now tomorrow chances of a trendy move tomorrow. Below 49000 index may slip towards 48450 zone. Above 49350 chances of a upmove is also there. Be ready for both side moves ahead of major event. Coming to Wednesday's trade setup, if index opens flat and a 15 Min candle closes above 49350 then we will long for the target of 49800. For selling we need a 15 Min candle close below 49040. T- 48450. 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 prediction for tomorrow 29 Mar | Expiry SpecialAs we discussed, the Banknifty sideways or bearish structure market was bearish while having sideways volatility. If we look at the chart now: The market has broken the support level to the downside with a continuously increasing volume. If the market fails to take support at 50 EMA, it will fall rapidly to the 48631 level. RSI is also below 50 and about to cross 40, which will lead to a strong, bearish structure, and the market can correct itself to 200 EMA levels. If we look at the OI data: PCR = 0.80, which has fallen from 0.98. That indicates that there is good CE writing at higher levels, which can also be seen in the OI chart. 49000 is the max pain for Banknifty. Also, the next good PE writing is at 48500. there is not much CE writing on lower levels. I am expecting a bearish market with a good volatility market in upcoming sessions because VIX is 24.2. Reason: RSI < 50 falling from the upside shows a good reduction in the bull's strength. If it crosses 40 on the downside, the market will be strong and bearish. EMA(13) > Price > EMA(200), which indicates indecisive or rather sideways market. the market can correct itself till 200 EMA. The market has formed a lower high that indicates the market is bearish. PCR = 0.80 indicates mild bullish, but this has fallen from 0.98, which shows good CE writing on higher levels. price < VWAP shows that a weak market structure can lead to a bearish market. Verdict: Bearish Plan of action: Sell 49100 CE (Hedge it with 15/- PE premium) Note: you can target 200 EMA.
NSE:BANKNIFTYShort
by finnova_
#Banknifty Directions and levels for May 28th.Bank Nifty has the same sentiment. Structurally, it's a little correction followed by a long rally. So, if the market opens neutral or if the initial market takes a pullback, we can expect a range market within the previous day's range. After that, if it breaks either upside or downside, then we can follow that trend. Here also, my opinion is bullish. An alternate variation is similar to Nifty. If the market takes a correction initially, it could reach the Fibonacci level of 38%, which is also a strong support. After that correction, if it finds support there, we can expect a minimum pullback of 38% to 50%. Alternatively, if the correction occurs sharply and if it breaks or consolidates around the Fibonacci level of 38%, then the correction will likely continue.
NSE:BANKNIFTY
by Manickamtraders