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BANKNIFTY Intraday Trade Setup For 11 Jun 2024BANKNIFTY Intraday Trade Setup For 11 Jun 2024 Bullish-Above 50300 Invalid-Below 50190 T- 51000 Bearish-Below 49550 Invalid-Above 49660 T- 48730 BANKNIFTY opened absolutely flat and closed absolutely flat today. Intraday moves were choppy. It has formed a shooting star in daily TF and chance of a corrective move of the rise from 46100 is high. Below 49550 we may test 48700 zone. Chances of an inside candle looks high in weekly TF. 50300 will be important for any upside trigger, probably towards ATH. 48700 zone can act as an intraday support tomorrow. Coming to Tuesday's trade setup, if index opens flat and a 15 Min candle closes above 50300 then we will long for the target of 51k. For selling we need a 15 Min candle close below 49550. T- 48700. 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
Bank Nifty 11-06-2024 AnalysisHello Traders, Welcome to SriTrader5121 _______________________________________ Overall view for the day. Buy - with support of PDL Sell - with rejection of PDL Major Support - Around 489## Major Resistance - Around 502## See the price action at our zones, take the trade according to your Risk - Reward. Happy Learning and Trading – SriTrader5121 _______________________________________ Rules to follow... 1) Wait for confirmation. 2) See the price action at our zones. 3) Trade with Strict Stop Loss. 4) Trade with Small Quantity. 5) Take entries based on Support & Resistance Zones. _____________________________________________________ Please take the trade according to the zones marked, with Risk-Reward. This is not a Buy or Sell recommendation to anyone. Take entries based on your own analysis and risk. This is for education purposes and a helping hand to learn trading in the live market. NOTE: Trade with Strict Stop Loss. It may or may not hit all levels / Zones. So one can book profit / loss based on your risk-reward or considering price action at the respective zone and how it works near that zone. I hope you all like my analysis. Follow me to get regular updates. Please do share your thoughts in the comment section. Please Hit a LIKE, it motivates me to do analysis and do share with your trading friends.
NSE:BANKNIFTY
by SriTrader5121
07 June 2024 - BankNifty not as bullish as Nifty, who will be FMWho will be the next finance minister would be something that Banks and Financial services sector would be keenly watching. For a stronger banking sector, we might need a tougher PM - someone who can make rational decisions. Will people who did not contest Lok Sabha elections be given a financial ministry berth? I hope not, personally I think FM is more important to stock markets than PM and Banks are the heartbeat. A stronger bank and a powerful central banking system will propel India to a powerful economy in a shorter time span. On the other hand, a weaker bank and ratifying middle class (of course with the non-considerate tax policies) will slow us down. Technically the stance is still bullish on BankNifty, but we are yet to reclaim the tops.
NSE:BANKNIFTYLong
by viswaram
Bank Nifty 10-06-2024 AnalysisHello Traders, Welcome to SriTrader5121 _______________________________________ Overall view for the day. Buy - with support of s/1 and s/2 Sell - with rejection of R/1 and R/2 Major Support - Around 493## Major Resistance - Around 505## See the price action at our zones, take the trade according to your Risk - Reward. Happy Learning and Trading – SriTrader5121 _______________________________________ Rules to fallow... 1) Wait for conformation. 2) See the price action at our zones. 3) Trade with Strict Stop Loss. 4) Trade with Small Quantity. 5) Take entries based on Support & Resistance Zones. _____________________________________________________ Please take the trade according to the zones marked, with Risk-Reward. This is not a Buy or Sell recommendation to anyone. Take entries based on your own analysis and risk. This is for education purpose and a helping hand to learn trading in live market. NOTE: Trade with Strict Stop Loss. It may or may not hit all levels / Zones. So one can book profit / loss based on your risk-reward or considering price action at respective zone how it works near that zone. 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.
NSE:BANKNIFTY
by SriTrader5121
Banknifty prediction for today 7 Jun 24As we discussed yesterday, Banknifty traded in a sideways-bullish zone. If we look at the chart now: The market has taken support from 200 EMA. 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. also, we got a golden crossover, which shows the market's strong bullish structure. Support levels: 48937, 48639, and 47547 resistance levels: 49600, 50503, and 50919 If we look at the OI data: PCR = 0.62, which has decreased from 0.82, shows a mild bearish sign in the market. There is no such max-pain that means the market can easily achieve 49500, which shows a significant CE writing on higher levels. Next, good CE writing is at 50000, which is also at the psychological level. On the other hand, the lower side, at 48500 and 49000, has good PE writing. VIX has also decreased significantly, which indicates volatility is being controlled. I am expecting the market: Case 1: Sideways in range of 48937 - 49600. Case 2: Bullish if it breaks 49600 to the upside. Reason: RSI > 60 shows a bullish structure. Price > EMA(13, 50, 200), which indicates a Bullishmarket structure. EMA Golden crossover of EMA(50, 200). PCR = 0.62 has decreased from 0.82, which is a sign of worry that might lead to a sideways if 200 EMA holds good support. Price > VWAP shows a Bullish market structure. Verdict: Sideways in range of 48937 - 49600. bullish if it breaks 49600 to the upside. Plan of action: Case 1 : Sideways: Sell 48900 PE & 49500 CE (Hedge it with 20/- premium options) Case 2 : Exit 49500 CE if it breaks to the upside.
NSE:BANKNIFTY
by finnova_
Bank Nifty 07-06-2024 AnalysisHello Traders, Welcome to SriTrader5121 _______________________________________ Overall view for the day. Buy - with support of PDH Sell - with rejection of PDL Major Support - Around 480## Major Resistance - Around 505## See the price action at our zones, take the trade according to your Risk - Reward. Happy Learning and Trading – SriTrader5121 _______________________________________ Rules to fallow... 1) Wait for conformation. 2) See the price action at our zones. 3) Trade with Strict Stop Loss. 4) Trade with Small Quantity. 5) Take entries based on Support & Resistance Zones. _____________________________________________________ Please take the trade according to the zones marked, with Risk-Reward. This is not a Buy or Sell recommendation to anyone. Take entries based on your own analysis and risk. This is for education purpose and a helping hand to learn trading in live market. NOTE: Trade with Strict Stop Loss. It may or may not hit all levels / Zones. So one can book profit / loss based on your risk-reward or considering price action at respective zone how it works near that zone. 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.
NSE:BANKNIFTY
by SriTrader5121
BankNifty Support & Resistance Levels for 07.06.2024BankNifty stayed inside the 15-minute resistance/supply zone mentioned yesterday. It closed above the important level of 61.8% retracement (of the last swing) at 49,202, which is a positive sign. If BankNifty can sustain this level, we might see further upward movement. 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 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
06 June 2024 -BankNifty slightly bullish above 48947BankNifty Analysis BankNifty opened gap up and quite above the 48947 resistance line. The beauty of the price action today was that, we never fell below this support level - this could be taken as evidence of bullishness. And like old times, the pattern appears to be a W, double bottom. Each of the levels appears perfectly landing on either the support or the resistance levels. The outperformance today was from SBI, quite on the expected lines as PSU sectors could continue the euphoric status due to policy continuation. We are slightly bullish on banknifty and expect to take out the last ATH levels of 49952 soon, I am not sure about 51133 as of now though.
NSE:BANKNIFTYLong
by viswaram
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