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Bankniftyintradaylevels

#Banknifty directions and levels for September 27th.Bank Nifty Current View: Bank Nifty is also following the Nifty sentiment. If the market opens with a gap-up or if the initial market sees a solid pullback, it could reach 54,655. However, some rejection could also occur. This is our first scenario. Alternate View: If the initial market breaks or consolidates around the 50% Fibonacci level, we can expect a correction down to the 78% level or the swing low. On the other hand, if it doesn't break, the market will likely turn into a range between the previous high and the 50% Fibonacci level.
NSE:BANKNIFTY
by Manickamtraders
#Banknifty directions and levels for September 26th.Bank Nifty Current View: Bank Nifty mirrors Nifty's sentiment. If the first move consolidates around the supply zone (MSZ), it could reach a maximum of 54,498. Conversely If it breaks the supply zone with strength, the rally may continue with some consolidation around 54,655. This is our first scenario. Alternate View: The alternate view for Bank Nifty suggests that if the market declines or faces rejection near the supply zone, the range may persist. However, the precise move is if the rejection breaks the 38% Fibonacci level in the minor swing, it could extend to a minimum of 78%, reaching 53,699.
NSE:BANKNIFTY
by Manickamtraders
#Banknifty Directions and Levels for the Last Week of SeptemberCurrent View: The sentiment is similar to Nifty, but structurally, we shouldn’t expect more than a 38% correction in the minor swing. If the market rejects near the immediate resistance, we could complete the 3rd sub-wave at that point, and the rejection would indicate the start of the 4th wave. Typically, the 4th wave doesn’t involve a deep correction, so we can expect a maximum correction of 23% to 38% in the minor swing. Alternate View: The alternate view suggests that if the market consolidates or breaks the immediate resistance, the 3rd wave could extend to levels of 54,840 to 55,141.
NSE:BANKNIFTY
by Manickamtraders
20th Sep 2024 - BankNifty up 2049pts ~ 3.95% bulls are on fireBankNifty Stance Bullish ️⬆️ The run on BankNifty was much better and more fierce than N50, we went up an amazing 2049pts ~ 3.95% last week. Unlike Nifty, which started showing its bullish breakouts on Thursday, BankNifty started on Wednesday itself. Over the last 2 weeks, BN is up 3324pts - it has been nothing short of a dream for the bulls. Meanwhile, what is surprising is that it was even good for non-directional algo traders like me. The premiums were good enough that short intraday straddles with rolling stop losses made me good money. Occasionally I had to wind up the Algo's early because the index was looking to go ballistic. What I am trying to say is that BN gave me enough heads-up to exit my non-directional trades - which is not usual. The usual thing is BN always traps their straddlers. For the next week also, we wish to maintain our bullish stance and look for long only opportunities. I will not be running the non-directional algos unless BN gives me a "ran and tired" indication.
NSE:BANKNIFTYLong
by viswaram
#Banknifty directions and levels for September 20th.Banknifty: Current view: The current view is similar to Nifty. If the market declines after an initial pullback, we can expect a correctional target at the 50% Fibonacci level on the downside. Structurally, it might not sustain there. However, a proper trend reversal (for a correction) will occur only if it breaks the 50% level. This is our first variation. Alternate view: The alternate view suggests that if the gap-up sustains, Banknifty could reach the supply zone on the upside (53,419 to 53,491). This is a crucial level in the current structure. Once the market reaches this zone, there is a high probability of rejection, which means we could expect a 61% to 78% correction in the minor swing. Structurally, this indicates a diagonal pattern. However, a rally could be expected only if the supply zone is broken effectively.
NSE:BANKNIFTY
by Manickamtraders
2
#Banknifty directions and levels for September 19th.Bank Nifty: Current View: Here, too, we expect a correctional target at the 38% level on the downside. After that, if the market breaks or consolidates around the 38% mark, the correction is likely to continue. > A notable point here is the pullback around the 38% level. If the market finds support and bounces back, structurally, it won't move significantly higher. We can also expect the continuation of the correction if it breaks the previous low. Alternate View: The alternate view for Bank Nifty is similar to that of Nifty. If the gap-up sustains, we might see some consolidation between the previous high and the previous day's closing. If it breaks the previous high afterward, the rally will likely continue; however, we should wait for the breakout to confirm directional momentum.
NSE:BANKNIFTY
by Manickamtraders
4
#Banknifty directions and levels for September 17th.Current view: There haven't been any significant changes in the previous sentiment, so I'll explain it simply. Bank Nifty is showing a moderately bullish structure, which means consolidation. If the market rejects around the immediate resistance, it may continue this sentiment. A solid rally is expected only if the immediate resistance is broken convincingly. Alternate view: the situation is similar to Nifty. Even if the market declines initially, it could maintain a bullish bias until it breaks the previous minor swing low(Blue color box). If this level is broken solidly, we can expect a correction of 38% to 50% from the minor swing.
NSE:BANKNIFTY
by Manickamtraders
2
#Banknifty directions and levels for September 16th.Bank Nifty: Current View: In the previous session, Bank Nifty formed a diagonal pattern, which often signals the final wave of the trend when it forms at the top. However, lower time frames can sometimes break these rules. so If the market breaks the supply zone solidly or with some consolidation, we can expect the rally to continue, with targets ranging from 52,250 to 52,320. Alternate View: Alternatively, if the market faces rejection around the supply zone or declines initially, a correction of around 23% to 38% is possible. Afterward, if the market finds support near the 38% Fibonacci level, it will likely consolidate between this level and the previous high. If the market falls below the 38% level, the next target would be at the 50% Fibonacci level. However, the correction will deepen only if the 50% Fibonacci level is broken convincingly.
NSE:BANKNIFTY
by Manickamtraders
13 Sep 2024 - 51400 levels very important for BankNifty tradersBankNifty Stance Bullish ️⬆️ Everything was looking very bearish last week, but the price action on the 9th came as a surprise. By the 10th of September, the bears had given up its hold and the next target was to take out the 51400 so that the bulls could show their dominance. The breakout from the 51400 level happened on the 12th wherein BN rallied an impressive 692pts ~ 1.35%. If you remember our 23 Aug technical analysis report, you may be able to understand why the 51400 level was so important. The breakout just cemented the position of the bulls. Our stance for the next week has been changed to bullish. Again 51400 levels become the new support level below which we will go neutral.
NSE:BANKNIFTYLong
by viswaram
#Banknifty Directions and Levels for the 3rd Week of September.Bank Nifty: Current View: Bank Nifty is following a similar trend. If the week starts on a positive note, the market may face resistance around the 52126 or 52249 levels. If this happens, we can expect a 23% to 38% correction in the minor swing. After that, if support is found around the 38% level, the rally is likely to continue, with potential targets of 52527 and the supply zone. This is our first scenario. Alternate View: In the alternate scenario, if the market starts negatively or faces rejection around the immediate resistance, we can expect a 38% correction. (It’s important to note that the retracement points differ from the current view.) after that If the market breaks this level decisively, we can expect the correction to extend to at least 78% to the swing low. However, if it doesn't break the 38% level, the bullish bias could be maintained.
NSE:BANKNIFTY
by Manickamtraders
#Banknifty directions and levels for September 13th.Current View: If the market opens with a gap-up, it may face rejection around the previous high. If this happens, it may enter some consolidation between the previous high and the 38% Fibonacci level to the downside. This is our first variation. Alternate View: The alternate view suggests that if the gap-up doesn’t sustain, it may find support around the 38% Fibonacci level. If this occurs, it typically consolidates between the 38% and the previous high. In this case, if it breaks below the 38%, we can expect the next target at the 50% level; however, the correction will continue only if it breaks the 50% Fibonacci level solidly.
NSE:BANKNIFTY
by Manickamtraders
#Banknifty directions and levels for September 12th.Bank Nifty: Bank Nifty also has a similar sentiment to Nifty. If the market opens with a gap-up, then the 51319 level will act as minor resistance. Once the market breaks this level with a solid candle or some consolidation, it will reach a minimum of 51492 to 51593. > In this case, the supply zone will act as resistance only if approached gradually. Conversely, if the market reaches that level with a solid structure, it may require some consolidation there before continuing the rally. Alternate view: The alternate view is that if the gap-up doesn’t sustain or if the market rejects around the 51319 level, then it will continue the range further between the previous day’s range.
NSE:BANKNIFTY
by Manickamtraders
#Banknifty directions and levels for September 11th.Bank Nifty: Bank Nifty has a similar structure to Nifty. However, if you ask where it differs, I would point to the movement. Let me explain it simply: > On the downside, if the market declines, the demand zone may act as strong support. If it holds, the market may once again reach the previous day's close. However, Nifty’s structure is not as clear. > On the upside, if the market breaks the 78% level solidly, it may not respect the supply zone, and a long pullback could be possible. In this case, the breakout structure becomes important. Alternates for Both Scenarios: >If the market doesn’t hold the demand zone or consolidates there, the correction will likely continue. >On the upside, if the market breaks the 78% level gradually, it may not go far.
NSE:BANKNIFTY
by Manickamtraders
#Banknifty directions and levels for September 10th.Current View: > Bank Nifty is also showing an unclear trend. If the market opens with a gap-up, it might reach the 78% Fibonacci level. If it consolidates or breaks above this level, the rally may continue further. > on the other hand, If the market rejects the 78% level, it could retrace min of 38% Fibonacci level in the minor swing. Alternate View: > Alternatively, if the gap-up doesn’t sustain or if the market rejects around the immediate resistance level, it may retrace to a minimum of 38% in the minor swing. However, the correction will only continue if it breaks the 38% Fibonacci level. If that happens, we can expect the next corrective target to be 50% and 78% in the minor swing.
NSE:BANKNIFTY
by Manickamtraders