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Bankniftyoptions

Banknifty daily analysis for 23/08/23.Market are still not in a trending phase and it consolidating in a narrow range. Banknifty after a gap up opening tried to trade above 44100 levels but couldn't sustain above the levels and came for selling in the second half of the session after consolidating in the first half. On the hourly charts, market has closed around 20 ema and is trading around 44k levels. Banknifty has closed below both the moving averages and the sell off is also showing some negative sentiments. Market has been facing a good resistance from 44100 levels as it was unable to close above the levels and closed almost flat on daily time frame. On 15 minutes time frame, it has closed below both the moving averages and has taken support around 43950 levels . Support :- 43930, 43740 Resistance :- 44090, 44320 A good consolidation is going on in the market and a good trending market will be there once buyer sellers fight is over. Watch for good targets with trailing stop loss. Wait for the price action near the levels before entering the market.
NSE:BANKNIFTY
by TheMamboMomentum
21 Aug ’23 Post Mortem on BankNifty | Stance is still bearish Looking at the way Nifty performed in the morning session, I was quite worried that the stance on BankNifty might also have to be changed. The level that we were looking for was 44068 which is the first resistance zone. At 13.15 we broke that in the 5mts candle, and then we broke it again at 13.55 - but the momentum was not strong enough. There was a strong fall of 159pts in the last 30mts which would have given some respite for the bears. Basically it was this move that helped me decide to not change the stance. The moves today were as bullish as Nifty, the only reason was the failure of resistance breach. The foundation of my tech analysis is based on support and resistance - so if we do not get a clear break, then I still consider it as a continuation pattern. This is the case even if the price action is strongly opposing it. On the 1hr TF, the pattern is quite similar to Nifty - the only difference is that the price is below the SR line whereas its above for Nifty. As long as we are below the resistance in a falling wedge pattern - its still a bearish signal. Meanwhile the convergence is coming up real soon and an upward thrust could shift the momentum in bullish favor. The reason for faster convergence is because the slope is steeper for banknifty. For tomorrow I would prefer to retain my bearish stance until we have an hourly closing above the 44068 zone.
NSE:BANKNIFTYShort
by viswaram
1
Banknifty TradeSetup for 18-08-2023Banknifty important levels to watch are as follows #Support: 43735 Sell below: 43735 only on 15 minute candle closure below the level. Target 1: 43520 Target 2: 43290 #Resistance: 43925 Buy Above: 43925 only on 15 minute candle closure Above the level. Target 1: 44070 Target 2: 44281 #Demand Zone: 43730-43810 may act as a immediate buying zone, and price may bounce from the region marked in green on the chart. #Supply Zone: 44000-44070 may act as an immediate selling zone, and price may reject from the region marked in red on the chart. #Remember each level will act as a support and resistance individually so there is a probability of reversal on either side. Please do your own research before initiating any trade. Always keep stoploss in order to protect your capital. Follow us for more such information and educational ideas. Give it a like if you appreciate the idea. Queries will be answered in comment section.
NSE:BANKNIFTY
by InvestyourAsset
17 Aug ’23 Post Mortem on BankNifty + Weekly Expiry AnalysisBankNifty Weekly Analysis The bears have managed to take out 674pts ~ 1.52% between the last expiry and today. A sign of momentum getting built. We have taken out 1 important support level of 44068 in this week - something to cheer for the bears. Overall sentiment is looking bearish as the EMAs are diverging. BankNifty Today Analysis We had a flat today, but there was some important action today. Banknifty rallied 231pts ~ 0.53% between 09.35 to 11.05 in a show of character. Guess what point we had the reversal then? 44068 which is the marked SR zone. The fall from 11.05 lasted till 12.55 with over 321pts ~ 0.73% shed. The good thing for the bulls was that the selling stopped there. We did not retest the swing low of 43600 nor the next support of 43404. I would say banknifty had so much potential firepower today - visible from the more than usual premiums for OTM. But it did not materialise into actionable swings. Possibly the movements may come tomorrow - let us see how deep the bears can gap us down. The steepness of the bearish trend line may be at the same angle as that of Nifty, but the action looks more intense for BankNifty. Since the support level of 44068 was not defended and the resistance got rejected - the floor is now open for the BEAR DANCE. The next support comes 400pts lower and if we manage to take that out with pace - the further drill downs will be easy. On the contrary if we fall slowly, it will open up a congestion zone and the bears may cede control. I wish to maintain the bearish stance for tomorrow as well. If you have any queries - please drop comments below, I will reply.
NSE:BANKNIFTYShort
by viswaram
Banknifty expiry tradesetup for 17-08-2023Banknifty important levels to watch are as follows #Support: 43860 Sell below: 43860 only on 15 minute candle closure below the level. Target 1: 43730 Target 2: 43600 Target 3: 43455 #Resistance: 43970 Buy Above: 43970 only on 15 minute candle closure Above the level. Target 1: 44180 Target 2: 44410 #Demand Zone: 43700-44800 may act as a immediate buying zone, and price may bounce from the region marked in green on the chart. #Supply Zone: 44160-44180 may act as an immediate selling zone, and price may reject from the region marked in red on the chart. #Remember each level will act as a support and resistance individually so there is a probability of reversal on either side. Please do your own research before initiating any trade. Always keep stoploss in order to protect your capital. Follow us for more such information and educational ideas. Give it a like if you appreciate the idea. Queries will be answered in comment section.
NSE:BANKNIFTY
by InvestyourAsset
16 Aug ’23 Post Mortem on BankNifty, Bearish stance hanging on🧵From the moment we started today, Banknifty looked and stayed bearish for the entire day today. In the opening minutes we dropped 1.06% ~ 465pts and then there was a decent recovery of 403pts ~ 0.93 by 15.05 Last session we discussed the support/resistance zone of 44068. We have broken that today and the close ensured we have conclusively breached it. HDFCBK made a decent recovery today which was the primary reason banknifty cut its losses to just 0.3% ~ 144pts today. HDCBK was carrying on the bad news that its NII will be impacted after the merger. Banknifty does not require a stance change and we continue to remain bearish. The first support level is 43404 and the first resistance is 44068 (marked on the chart yellow horizontal lines). From an options premium perspective, even after the strong moves today - the OTM premiums were not surging - suggesting no more wild swings for the day. I was really hoping to see some action today, but ended the day on a disappointing note.
NSE:BANKNIFTYShort
by viswaram
BankNifty completes rising wedge pattern next week ?Hi All, Hope all are doing great. Here’s my 1D timeframe analysis. As we can see in the chart from 14-Dec-2022 to 6-Apr-2023 around 113 days there was a good falling channel pattern. It broke and achieved twice the target. The next 113 days from the previous breakout is forming beautiful rising wedge pattern. As per the pattern nature it might break below to the given support level 43659. Always trade carefully with proper SL because it’s your hard earned money. Please note this is just my observation and purely for educational purposes only. Consult with your financial advisor before taking any trade.
NSE:BANKNIFTYShort
by tmvinoth3
14 Aug ’23 Post Mortem on BankNifty - Tests SR @ 44068 🐻🐻🐻Banknifty also made a decent recovery after the 482pts ~ 1.09% fall in the opening 20mts. It retraced 433pts by 15.00. And then fell a little to close out with only 0.2% losses @ 44090. Even though the recovery was good, it was not as dramatic as Nifty50. And we are back at an important support/resistance level of 44068. So bank nifty has retested its old SR level before Nifty which still means the downtrend could continue a bit more. Earlier on I did mention in the last report that BankNifty is the leading indicator for trend in India vs NASDAQ in US. Today’s close on the 1hr TF will give some proof for that. The final close is quite far away(below) the trend line and my 50 & 200 EMA is widening. The stance continues to be bearish with 44068 as the first SR and 43404 as the next SR.
NSE:BANKNIFTYShort
by viswaram
11 Aug ’23 Post Mortem on BankNifty | Top bear in overdriveBanks were just continuing the trend from yesterday. The first candle saw a swing of 247pts ~ 0.56%. From there they were holding it steady till 12.40. Something interesting happened at the 13.00 candle which was a strong green of 128pts. HDFCBK, ICICI, SBIN, AXIS all were shooting up. What happened right after that was a super spike in RELIANCE (up 1.38% between 13.00 to 14.35). I assume the operators had to sell the banks to offset the points getting added by reliance. We fell another 341pts between the 13.05 to 15.05 period further cementing the bearish trend. I have fixed the trend line as per the ORANGE line shared yesterday as I felt it resonates better with the current situation. We have 2 sets of double tops & 1 set each of head-shoulder & inverse head-shoulder now. I wish to maintain full bearish stance until proven wrong.
NSE:BANKNIFTYShort
by viswaram
08 Aug ’23 Post Mortem on BankNifty | Stance is neutral !The major reason Nifty50 stayed strong without falling much is banknifty. It did show an attempt to break free from the bearish trend, the opening rush of 279pts till 10.40 is proof for that. From there was loss of steam and a pull back of 204pts. Once this inverted V shape was completed - there was lack of direction or momentum. Options data also indicated a non-directional trend post 11.30. The change in stance from bearish to neutral worked well for banknifty today. We have marginally closed above the trendline. But for a bullish breakout we need to take back the 45400-45600 levels soon - I am not sure if there is enough momentum for that right now. If the trades taken on Finnifty today were positional in nature due to expiry, we may have an unwinding tomorrow. This could also pull back banknifty back to the bearish zone - so currently the best idea would be to wait for tomorrow’s price action.
NSE:BANKNIFTY
by viswaram
07 Aug ’23 Post Mortem on BankNifty - bearish to neutral nowBanknifty had a perfect flat range bound day today. Normally we dont see it that often, but banknifty seems like a tamed beast as of now. You might be bored to hear this from me again that from “January 2023, I think banknifty is less volatile than Nifty50”. A look at the options data is ample proof - the OTM option values today is more like we usually see on a wednesday. All non-directional traders who deployed straddle, strangles or iron condor/fly would have made some easy money as there was no breakout or breakdown. Just like the stance changed on Nifty from neutral to bullish, I preferred to change the stance on banknifty to neutral from bearish. Here again it is much early as we had no decisive break of the recent H&S nor the trendline. But today’s price action has influenced my decision - the bulls and bears are currently equally powered and it looks like both of them do not want to pick a fight now.
NSE:BANKNIFTY
by viswaram
04 Aug ’23 Post Mortem on BankNifty - no change in stanceBanknifty on the other hand is still in the bearish zone and still continues to provide some hope for the handful of bears that are left. Even though we ended up with 0.82% gains compared to 0.7% of Nifty, banks are still not out of bear hold. The reason is the price action. We had an intraday rally of 601pts ~ 1.35% and then a fall of 525pts ~ 1.17%. Although I changed my stance of Nifty from bearish to neutral, I do not wish to change the stance of banknifty. I prefer to go with bearish bias, but the situations are not conducive for a fall. The crash in India VIX to 10.57% ~ -5.48% is the biggest example. There is absolutely no fear, the options prices are reflective of that. Since the premiums have dropped, an option seller would be quite scary to take naked positions home. A small rise in volatility will unleash the beast in banknifty - an area to look for is the “Loan growth” reported by the banks and not just their quarterly revenue or profits. Loan growth shows the actual demand. Are people coming in flocks to take new loans? That too with high interest rates?
NSE:BANKNIFTYShort
by viswaram
02 Aug ’23 Post Mortem on BankNifty | Bearish trend continues From yesterday we were bearish, so the moves in the forenoon session gave us some validation. But it was nothing like Nifty, the cuts in banknifty were not aggressive even though we lost similar points. The options flow was not indicating that deep a fall till afternoon - the premiums on nifty was far superior than banknifty (which has been unusual lately). Sometimes cannot really differentiate which has a higher beta - nifty or banknifty. Banknifty fell 612pts by 12.00, then 412pts between 12.50 to 14.20 and the final recovery of 361pts in the last hour ensured the final loss was only 1.31% ~ 596pts which is not bad at all. If we stay like this, then banknifty will have to take leadership in the bearish trend. Since it has a 38% weightage - the institutions may target the financial sector to drive down the prices on Nifty too. The 2 horizontal lines is a safe zone for banknifty, a strong break of 44598 will give bears total control and the double top would have given some bulls to take a breather. We will continue to have a bearish bias till proven wrong.
NSE:BANKNIFTYShort
by viswaram
03 Aug ’23 Post Mortem on BankNifty Weekly Expiry Analysis 🐻🐻BankNifty Weekly Analysis Banknifty has fallen an impressive 3.18% compared to just 1.89% of Nifty. The major reason for that is Banknifty always acts as leading indicator in a trend change NiftyIT and Reliance were supporting Nifty in the last week. Once the US market started falling due to the Fitch rating downgrade, NiftyIT started correcting which ensured Nifty’s breakdown. Now why BankNifty chart pattern screamed a bearish opportunity before Nifty - I really dont know. The price action of 27th Jul was very strange and unusual. BankNifty Daily Analysis Today’s price action was in perfect harmony with yesterday’s. The ease with which the chart pattern could be plotted was as simple as going short in today’s expiry. The day started pretty ordinary for OTM options, but after 10.00 the premiums started jumping indicating a market trending opportunity. The real move came only after 11.30 wherein we dropped 591pts ~ 1.32% till 14.10. Overall we fell 754pts from High to low of which ~80% came after 11.30. There was also a decent recovery of 325pts ~ 0.73% in the last 1hr 20mts. The final close of just 1.07% ~ 482pts loss is not a deal breaker at all. Basically the market participants are still euphoric and the fear level is absolutely near zero. The VIX falling today even after a 6% surge intraday is proof. For push down of prices - we would need more intense selling on HDFCBK, ICICIBK, SBIN, AXISBANK which has a decent FII exposure and has seen a one-way rally. The double top pattern from yesterday has now changed into a head and shoulders further reconfirming our short side possibilities. Until proven wrong, we prefer to go short.
NSE:BANKNIFTYShort
by viswaram