20 Mar ’24 — BankNifty fallen for 9 Days - yet I am not bearishBankNifty Analysis - Stance Neutral ➡️
Once again BN proved to be resilient to the bearish attack. We briefly broke the bearish channel top line, hit a new intraday low of 45828, and then reversed from there. The reversal was a whopping 828pts ~ 1.81% on what we could call a bear market killer. Whatever green candles we had in that recovery were strong and had good depth. The only reason N50 had that dramatic reversal was due to BankNifty.
4mts chart
Most of the analysts are bearish on BN, but I am still not convinced. Yes, we had a drop of 2317 points ~ 4.81% overall but the downside moves are not convincing enough. Primarily because the momentum is still not there, compare it with N50 and you will get the variance. All BN has to do is enter the bearish channel and then we can go short with a higher conviction. Meanwhile, I modified the bearish channel bottom line (purple color line), connected the recent price actions and finally, it is looking parallel to the top line (blue) as well.
63mts chart
–
Algo Trading
Our algo trades ended today with a gain of 14970 points. Sensing the situation getting a bit volatile, I manually squared off the positions at 09.38 itself.
Bankniftyintradaylevels
Bank Nifty 21-03-2024 AnalysisHello Traders, Welcome to SriTrader5121
_______________________________________
Overall view for the day.
Buy - Above Side-ways-zone
Sell - Below Side-ways-zone
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.
#Banknifty directions and levels for March 20th."Banknifty consolidated in the last session. Structurally, if the market opens with a gap-up, then the consolidation will continue further. We could wait for the rally only if it breaks the Fibonacci level 38%.
Alternatively, if the gap-up doesn't sustain and breaks yesterday's low, then we can expect minor correction initially. Correction continuation will happen only if it breaks the demand zone."
BANKNIFTY Intraday Trade Setup For 20 Mar 2024BANKNIFTY Intraday Trade Setup For 20 Mar 2024
Bullish-Above 46750
Invalid-Below 46640
T- 47255
Bearish-Below 46250
Invalid-Above 46360
T- 45660 45140
BANKNIFTY has closed on a bearish with 0.41% cut today. Index has closed below 50 EMA after after 18 days. Now below today's low 46250 there can be a strong downmove however key level is 46000. Tomorrow's best trade will be in short side below today's low, ideally on flat opening. We will change our bearish view to bullish if index regains 50 EMA in daily TF. Between 46750 and 46250 index will be sideways like seen today.
Coming to Wednesday's trade setup, if index opens flat and a 15 Min candle closes above 46750 then we will long for the target of 47255.
For selling we need a 15 Min candle close below 46250. T- 45660 and 45140.
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.
#Banknifty Directions and levels for March 19th.Banknifty showed a solid pullback structure in the last session. Giftnifty indicates a negative start, but structurally, it has a minor pullback continuation. So, If the market finds support around 46296 to 46176, we can expect a range market or pullback continuation. On the other hand, if it breaks the previous low, then the correction will likely continue."
Banknifty Intraday Prediction Levels for 18 March 2024The chart indicates 15 min time frame. These Levels act as Support and Resistance according to position of price. These are strictly for Intraday Trading only. Execution only after break out and close above the Resistance zone or break down and close below the Support zone.
These levels act as support and resistance. You have to trade according to level breakout or breakdown.
To buy or sell you can follow Buy/Sell Indication given by indicator or you can follow cloud also.
If you are a new trader then just watch (No Trade) these levels for some days.
Happy trading.
Disclaimer:
I am not a SEBI Registered Analyst. Anything posted here is my own analysis and views. This is created for educational purposes only. Always consult with your Financial Advisor before taking any decision or trade.
BANKNIFTY Intraday Trade Setup For 19 Mar 2024BANKNIFTY Intraday Trade Setup For 19 Mar 2024
Bullish-Above 46750
Invalid-Below 46640
T- 47350 47855
Bearish-Below 46000
Invalid-Above 46110
T- 45430 44819
BANKNIFTY has closed on an absolute flat note today. For the 3rd day index is playing around 50 EMA on close to close basis. However it has formed a Pinbar candle in daily TF. Above its high there can be a good bullish move. 46750 is the level for a bullish trigger towards 47855. 46000 will be an intraday support, breakdown of which will trigger a short term bearish move. Ideal and best trade looks in the upside.
Coming to Tuesday's trade setup, if index opens flat and a 15 Min candle closes above 46750 then we will long for the target of 47350 and 47855.
For selling we need a 15 Min candle close below 46000. T- 45430 and 44820.
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.
18 Mar ’24 — BankNifty tests its feet below the bearish channelBankNifty Analysis - Stance Neutral ➡️
BankNifty had to fall 400pts to enter the bearish channel. Well, it did not happen today but we had an interesting candle at 11.15, for a brief period BN dips into the bearish channel and then pulls out. Much like testing how deep the water is before taking the jump. The shorts were strong then and the recovery would have prompted the short covering that took BN up 488pts ~ 1.06% above the high of the 11.15 candle.
4mts chart
BN is still neutral as the momentum is missing on the bearish side. Just take a look at the 10.18 (-248pts) and 11.21 (+405pts) 63mts candle. Something tells me the momentum should favor the bulls if we have some consensus. As the CALL shorters are weak, we would need the big boys to enter to really move the needle. FII selling is not really helping. Agreed that NiftyIT tanked today, but the fear factor is still missing on the large caps. If you watch the Nifty sub-sectors you can see how quickly the market breadth changes from GREEN to RED and then back to GREEN. Markets are really on the edge and all it requires is a small push.
63mts chart
–
Algo Trading
Our algo trades ended today with a loss of Rs3430. The charges and the transaction costs were more than the losses as the Algos did quite a lot of adjustments today.
Banknifty prediction for tomorrow 19 Mar 24As we discussed in our analysis market closed sideways today.
I am expecting market to be sideways for tomorrow.
all important levels have been marked at the chart.
Support: 46343, 46000
Resistance: 46690, 46900
Verdict: Sideways
Plan of action: Sell 46300 PE and Sell 46700 CE (Hedge it with 20/- premium )
bankNifty analysis for 18th March 2024bank nifty is travelling inside a channel. 46300 to 46500 is a strong support level as marked on the chart.
if this level is broken, bank nifty may go downside to the next support level marked on the chart.
or, if it takes support to this level, it may go up to the next upper level marked on the chart
Disclaimer: All information provided here is for educational purposes and not a recommendation, advice, research report, or stock tip of any nature. Analysis Posted here is just our view/personal study method on the stocks, commodities or other instruments and assets.
#banknifty directions and levels for March 18th.Banknifty has a diagonal structure. So, if the market breaks the previous low, then the diagonal will continue further, and we can expect a minimum of 46197 to 45948. If it finds support there, then we can expect a minimum of 23 to 38% pullback wave.
Alternatively, if the gap-down doesn't sustain and breaks the diagonal pattern, then we can expect a range market initially, and if it breaks 47034, then the pullback will continue further.
BANKNIFTY Intraday Trade Setup For 18 Mar 2024BANKNIFTY Intraday Trade Setup For 18 Mar 2024
Bullish-Above 46810
Invalid-Below 46700
T- 47375 47855
Bearish-Below 46300
Invalid-Above 46410
T- 45750 45220
BANKNIFTY has closed on a bearish note last week with 2.6% cut last week. Index is at 50 EMA in daily TF. If at all index has to take support from this zone then we will wait for a bullish price structure atleast in hourly TF while it has to regain 47000 to gain bullishness. Below 46300 index may give a sharp downside as it hourly trendline support. 45660 is another big level for a larger slide.
Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 46810 then we will long for the target of 47375 and 47855.
For selling we need a 15 Min candle close below 46300. T- 45750 and 45220.
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.
BANKNIFTY Prediction for tomorrow 18 Mar 24As we have discussed in our Video, BANKNIFTY was making HNS, whose target was 46470. that has been achieved.
If we look at the chart now:
The market is trading at the support trendline(1-H TF). Banknifty is also trading at 0.61 fib level, which might be crucial for banknifty to take support. Price is volume balanced, which indicates the market can make a move soon.
If we look at the OI data:
PCR = 0.72, which indicates a neutral behavior for the market. Bulls have written 46500 and bear heavily, which will be acting as max pain for now. On the upper side, 47000 is a good resistance that also coincides with 200 EMA.
Looking at the FII Data, we can say the market might open a gap-down.
I am expecting the market to be sideways for one day at least. After that, once it moves to the Green zone, it will turn bullish. unless it breaks to Bearish zone(RED ZONE)
Reasons:
The market is trading at the strong support trendline.
46350 - 46680 is a sideways range. If it breaks into the RED ZONE market, it might fall heavily, but the possibility of breaking down is less right now.
PCR = 0.72 is neutral. 46500 is acting as MaxPain. 46500 is also working as good support. Whereas 47000 is working as good resistance.
RSI ~ 50 shows the market is going to be sideways for the next trading day.
VWAP ~ price shows that the price is volume balanced, which means the market will soon be ready to make a move in either direction.
Verdict: Sideways
Plan of Action:
Sell 46500 PE and 46650 CE (hedge with 20/- option). Exit the leg once it breaks to either side.
BANKNIFTY Intraday Trade Setup For 15 Mar 2024BANKNIFTY Intraday Trade Setup For 15 Mar 2024
Bullish-Above 47250
Invalid- Below 47140
T- 48040
Bearish-Below 46550
Invalid-Above 46660
T- 45930 45360
BANKNIFTY has closed on a bearish note with 0.41% cut today. Index is at a decisive level, 50 EMA in daily TF. If it all it has to take support then 46550 should be safe and should make a bullish price structure. In hourly TF it has maintained a falling channel, breakout will confirm 50 EMA support. Below 46550 there can be panic selling. 46950 will be an important internal level.
Coming to Friday's trade setup, if index opens flat and a 15 Min candle closes above 47250 then we will long for the target of 48040.
For selling we need a 15 Min candle close below 46550. T- 45930 and 45350.
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.
Bank Nifty 15-03-2024 Analysis
Hello Traders, Welcome to SriTrader5121
_______________________________________
Overall view for the day.
Buy - with support of Important / Support
Sell - with rejection of Important / Side-ways-zone
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.
Banknifty weekly analysis for 11/03/24.After 3 days holiday markets will open tomorrow.
Banknifty has been halting around the higher levels and constantly facing rejection around 48k levels.
On the weekly charts, there is a bullish move in the market and seems to continue as nifty is around the highs but banknifty is still lagging behind it.
An inside candle has been formed on the daily charts and near the high. If there is a break out new highs can be tested this week for banknifty.
Else it may come to test the lower levels.
Major support levels :- 47520, 47260
Resistance :- 48150, 48260, 48400
Buying there on every dip and resistances above are weak.
Bullish move is expected as the charts indicate. If there is a gap down opening, it would be wise to avoid trading for intraday as there will confusion in the markets.
Wait for the price action near the levels before entering the market.
Nifty intraday levels for weekly expiry 14/03/24.
Nifty has given a break down of the parallel channel and has closed below the 22k levels after a gap up opening.
Even 20 ema, on the daily chart, is breached and closing is much below it.
Today, not the index even the stock has given bearish move. There were chance of a retest but from the morning nifty was in a bearish mood.
It can given another red candle as there is a bearish divergence in RSI and volume are high.
Either it will retest the break down channel or consolidate after a gap up or flat opening.
Major support levels :- 21920, 21770, 21580
If there is a gap down opening, there can be another selling leg from the morning.
Resistance levels :- 22110, 22250
Tomorrow is weekly expiry for nifty and can be another trending day for it.
Wait for the price action near the levels before entering the market.
BANKNIFTY Intraday Trade Setup For 14 Mar 2024BANKNIFTY Intraday Trade Setup For 14 Mar 2024
Bullish-Above 47250
Invalid-Below 47140
T- 47850
Bearish-Below 46840
Invalid-Above 46950
T- 46218 45640
BANKNIFTY has closed on a bearish note with 0.64% cut today. However BANKS were defending NIFTY or else NIFTY would have tanked much more resulting into pure panic selling. Sell triggered as per trade setup below 47180 and gave a move till 46850. Tomorrow 47250 will be important level for upside if broken. In case it 46840 is broken in the downside after flat opening then we can see good intraday fall towards 46210.
Coming to Thursday's trade setup, if index opens flat and a 15 Min candle closes above 47250 then we will long for the target of 47855.
For selling we need a 15 Min candle close below 46840. T- 46218 and 45640.
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.
Bank Nifty 13-03-2024 AnalysisHello Traders, Welcome to SriTrader5121
_______________________________________
Overall view for the day.
Buy - with support of PDL / Support
Sell - with rejection of PDL / Resistance
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.
Bank Nifty Analysis for tomorrow Thrusday | 14 March 24 As we discussed in our video analysis, the bank's nifty bearish nature broke to the downside and gave a nice bearish target today.
If we look at the chart now:
The price has broken 200 EMA, HNS Neckline support zone to the downside. The market is quite bearish. RSI is also showing weakness in bulls.
If we look at the OI data:
PCR = 0.67 shows a bearish market structure. Also, there is a huge CE and PE writing at 47000, which will work as maxPain. There is not much of support levels except 46500 which is also confirmed by Price Action levels.
I am expecting the market to fall till 46500.
Reasons:
RSI < 40 shows weakness in bulls.
price < EMAs shows bearish strengthen market.
PCR = 0.67 shows a bearish market.
price < VWAP indicates bearish sentiment in the market.
Verdict: Bearish
Plan of Action : Sell 46900 CE (Hedge it with 20 rs CE).
BANKNIFTY Intraday Trade Setup For 13 Mar 2024BANKNIFTY Intraday Trade Setup For 13 Mar 2024
Bullish-Above 47500
Invalid-Below 47390
T- 47855 48385
Bearish-Below 47150
Invalid-Above 47260
T- 46645
BANKNIFTY closed almost on a flat note with a minor cut of 0.1% after a huge volatility today. As per the trade setup short triggered @ 47810 and gave a nose dive till 46885. Plotted half bat worked like a dot level. Now tomorrow if there is a big gap up above 47800 then chances of Open= High will be high. Opening between 47500 and 47200 will be best suited to trade on 47500 and 47150 range breakout. Till the time leader NIFTY is in distribution phase or trading between the parallel channel momentum will be fuss.
Coming to Wednesday's trade setup, if index opens flat and a 15 Min candle closes above 47500 then we will long for the target of 47855 and 48386.
For selling we need a 15 Min candle close below 47150. T- 46615.
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.
Bank Nifty 13-03-2024 AnalysisHello Traders, Welcome to SriTrader5121
_______________________________________
Overall view for the day.
Buy - Above Side-ways-zone / with support of PDL / with support of Strong-resistance
Sell - Below Side-ways-zone / with rejection of PDH / with rejection of Strong - resistance
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.