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Bankniftyoptions

Banknifty daily analysis for 12/05/23Bank nifty on the daily time frame has given a grave stone doji after a dragon fly doji. Market after Gap up opening has given a selling. Initially market came for selling and consolidated in the second half of the session. After the first hour market has formed a bearish flag pole pattern. Support:- 43430, 43200 Resistance:- 43640, 43700 Bank nifty is still stronger than nifty. Watch for the banking sector and enter only on the break out/down. Wait for the price action near the levels before entering the market.
NSE:BANKNIFTY
by TheMamboMomentum
PostMortem on BankNifty Today & Analysis of 10 MAY 2023 Few things went as planned (till 10AM) and after that I was like the deer stuck in the headlights. No way I could believe the rally of 560pts ~ 1.31% from 10.05 to 15.20. I was having the short-sell bias ever since the bad news broke about MSCI on HDFC- NSE:HDFCBANK . So I was kind of happy we had the fall of 553pts in 45mts. I started drawing leg1 of the down rally till 10.55. And seriously hoped we will have a 2nd leg also that will take out the 42576 support today. Surprisingly the reverse happened, we gained back all the points lost and the momentum showed bullish intent from 14.55. Even the steadiness showed by NSE:BANKNIFTY in climbing back the 560pts was commendable. The bulls in India are real tough it seems. We took out 2 resistances 43012 & 43253 from the intraday low. US released its CPI inflation data which is inline with the expectation set. Whether FED pauses further rate hikes is a question in itself.  --- On the 15mts TF banknifty is trading with a minor positive bias now, the slope of the moving average is a good indicator for this. It seems like the bulls have ignored the blip of 5th May. --- 1hr has formed a W shaped pattern (but its not an perfect double bottom). In fact today's 6 green candles gave the change in sentiment. Otherwise we would have seen an M pattern (double top). Today's closing in US markets will have a deep impact on our expiry tomorrow. As it stands SPX is trading with gains of 0.15%. If we have a 1% or more fall today, it could even reverse the sentiment on banknifty tomorrow.
NSE:BANKNIFTY
by viswaram
PostMortem on BankNifty Today & Analysis of 08 MAY 2023I am still keeping my hopes pinned on the Fibonacci levels marked as in the chart below. 43739 recent swing high, 42581 last session swing low and 43296 the 61.8% retracement level. It really looked like a short-selling setup as the bull momentum faded out after 11.15 - we went up 1.46% ~ 622pts today but it really felt like the thrust to go up further was missing. I am still not denying that the medium term trend is still bullish - but the overhang of the selling of Friday is still in the hunt. 5hr 50mts i.e barring 4 5mts candles, the rest of the trade was in a narrow range 43171 to 43390. I got the feeling that the bulls & bears has not really negotiated who is winning, thats when I checked the FIB levels. NSE:BANKNIFTY made 670pts jump in the opening 45mts of which 537pts ~ 80% of the move came inside 20mts - looks like a short covering rally. The squaring off of short CE positions were evident in the opening minutes and whoever had taken those positions overnight would have been rewarded quite well. But most of them would not have expected the range bound trade to follow after the initial spike. Since its Finnifty expiry tomorrow, there was no sign of new positions getting created to play. Guess the participants were happy to leave NSE:BANKNIFTY alone today. --- 15mts TF may have dented the hopes of few weak bears today as 2 resistances were taken out i.e. 43012 & 43253 - which leaves banknifty at a similar level as on 03 May. And most of you would remember what happened on the next day - the mighty rally of 372pts to close the ATH gap. --- 1hr even though bullish has to answer this question, will the next few sessions take NSE:BANKNIFTY below 42576 to create a lower low & make today's level as a lower high? Or will it zoom past 43750 to nullify the blip that just got created. On 5th we discussed the possibility that the news/event driven trade spoiling the technical analysis. So now we need to wait till sanity returns (mostly we will get it right on 9th May during Finnifty expiry) --- NSE:NIFTY is not looking bearish at all, its more positive than banknifty and is showing more willingness to go to 18419 levels soon. Now we all know only 1 outcome is possible - and banknifty has more than enough strength to cancel out nifty50's plans too.
NSE:BANKNIFTY
by viswaram
Banknifty weekly analysis for 08/05/23.Indian markets has been trading in green since last 2 months. The financial sector has outperformed as the Nifty finance is trading above 19k and Banknifty around 43k levels. Market has outstretched, finally some profit booking is coming. Banknifty has given a bearish candle on the weekly time frame as well as on the daily charts. Banknifty can retest the 42300-450 zone and the 20 Ema (daily). A swing bearish entry was initiated on the MA strategy. The market has given a nice profit in the last hour of the market session. The shorts should be held for another 100-200 points target with a logical trailing Stop Loss. The major support zone for the markets is 41700-800 as there is a confluence of 38.2% fibonacci levels. Levels for next week Support :- 42400, 41700-800 Resistance :- 43000, 43400 Bullish swing trades can only be initiated once the market start trading above 43600. Wait for the price action near the levels before entering the market. Cut your losers, hold your winners.
NSE:BANKNIFTY
by TheMamboMomentum
#BANKNIFTY - 04/05/23 MARKET VIEWIn the past two days, Banknifty has demonstrated a notable weakness in its performance, signaling a potential downturn in the coming days. Today's key reversal is expected to take place within the range of 43450-43550, indicating a potential shift in market sentiment. Given this forecast, traders may want to consider taking a short position on Banknifty Futures or buying month-end Banknifty 44000PE at the aforementioned levels. However, to mitigate risks, traders must set a strict stoploss at 43600, ensuring that any potential losses are contained. With a target range of 43200, 42900, and 42500, traders can leverage this opportunity to potentially reap significant profits, while also accounting for market volatility and uncertainty. By keeping a watchful eye on market trends and maintaining a calculated approach, traders can maximize their chances of success in this dynamic and competitive industry.
NSE:BANKNIFTYShort
by DamisInvestments