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Bankniftyoptions

Banknifty weekly analysis for 27/02/22.Banknifty on the weekly time frame has formed a evening star pattern and closed below the 20 ema. Even on the daily time frame the market has closed below the 200 ema and 40k round level. Market has been taking support from 39900 levels. If it starts trading below the levels, bearish trades can be entered and nice targets can be achieved. On the hourly time frame, the market has closed below both the moving averages and formed a consolidation zone in the second session. The market has consolidated in a parallel channed. Let the market start trading outside the channel and decide the intraday trend. Support :- 39800, 39500 Resistance :- 40140, 40600 The 20 ema on 15 minutes is around the 40600 levels, watch for a resistance from it and any negative candle around it will be an opporunity. Wait for the price action near the price levels before entering the markets.
NSE:BANKNIFTY
by TheMamboMomentum
PostMortem on BankNifty Today & Analysis of 24 FEB 2023Bank nifty price action is getting exciting day by day, @TradingView has opened up this feature called as Minds (with the call out icon) - its like a running commentary we can do while the trades are taking place. Let me explain few pointers posted in the TV minds & why it made sense then. NSE:BANKNIFTY opened gap up at 40259, the first 3 candles looked quite promising that NSE:BANKNIFTY will break away as the gap up took out the resistance 40134. Majority of the traders & investors would have sided towards the long side - however the put options volume were not lying. Thats when we posted this - "$BANKNIFTY looking at the PE options volume we feel some bulls got trapped" What happened from 09.25 to 14.25 was that bank nifty lost 1.3% ~ 524pts & all those who went on the long side would have either hit the SL or exited at a huge loss afterwards. When the prevailing trend is bearish, any rise will give the big boys opportunity to short further - thats what was happened. For the people who went long - they were expecting the assist from short covering, but that never came. The 2nd trap came at 14.00 candle, the nicely looking red candle would have forced more people to buy PUT options & take the bearish trade. Thats when we posted this: "$BANKNIFTY 39742 still my laxman rekha for further bearishness" Its because 39742 is still the major support & we will not have momentum until thats taken out. If we go by the higher time frame - you will get it spot on. NSE:BANKNIFTY is literally stuck here, we are bearish but not very-bearish. 39742 has to be taken out via an aggression or via gap down - which we feel will happen in the coming days & this will fuel both the options premium as well as the directional move you were looking for. --- 15 mts TF will show the 66 bars ~ 2 days that we are stuck in this small SR zone. NSE:BANKNIFTY looks like catching breath for the next move. So ideally this is a no trade zone for directional strategies. --- 1hr TF has made a beautiful arch, well the arch is not the important aspect - but the retouch of the support level is. Many days of waiting and an important support level of 39742 to break !
NSE:BANKNIFTY
by viswaram
PostMortem on BankNifty Today & Analysis of 23 FEB 2023 - ExpiryWe had a relatively stable trading day today, NSE:BANKNIFTY was nicely held between the adjacent support & resistance levels. But the opening moves were quite scary. NSE:BANKNIFTY opened inline at 39983 and started falling pretty quickly, we took the 1st support 39839 by 09.35 and the next major support of 39742 by 09.45. We fell almost 0.95% ~ 379pts in the opening 30mts. On the 5mts TF the support level was seen as broken & i almost thought we are going to get deeper cuts today. But the next 3 candles undid the damage & we got above the opening levels. We hit the resistance of 40134 at 10.30 & the same was rejected. The rejection made bank nifty to fall to the first support level of 39839 & it held. So by now the momentum was fading and the remainder of the day NSE:BANKNIFTY traded between these support & resistance zones - providing a huge relief to all those option sellers who would have taken expiry day positions today. 5h 20mts was spent in the range today, much contrary to the opening show we had. These flat traded minutes shows the lack of confidence for a directional move by the either side. Or else there could have been a much more stronger stabilizing non-directional institutional trader controlling the flow. Whatever it may be - it was a blessing to all the straddlers for today & the expiry traders. --- The candle chart is of NSE:NIFTY and the line chart is of NSE:BANKNIFTY for a side by side comparison. From 12.45 to 14.20 NSE:NIFTY was trading sideways whereas NSE:BANKNIFTY was gaining. BN moved up 135pts. I found that quite unusual to have a decoupling for 1.5 hours. --- On the 15mts TF, we are seeing a minor pause between the support resistance mentioned earlier. This could also be the rest period where bank nifty is catching breath for the next leg. We do not change our bearish view till the EMA crosses over or the options volume data provides a contradicting signal. --- On the 1hr TF, we can only go aggressive once the main support level breaks. Hopefully that break could come in this weekly series which could drive up the options premium. Whenever there is panic - the option prices is guaranteed to go up.
NSE:BANKNIFTY
by viswaram
2
PostMortem on BankNifty Today & Analysis of 22 FEB 2023Yesterday we discussed the possibilities that the Finnifty expiry would have interfered with the NSE:BANKNIFTY 's natural price flow. It was almost proved right today ! NSE:BANKNIFTY opened gap down at 40494 well below the resistance zone of 40700. From there it was an unidirectional fall till almost 14.15. A total fall of 1.95% ~ 794pts from the Prev close & a traded fall of 1.47% ~ 594pts from the open today.  The support of 40134 was taken out at 12.30 the first time & then conclusively at 13.25. NSE:BANKNIFTY spent 21 bars ~ 1hr 45 mts at this support zone before breaking down. From 14.20 to 14.50 there was a pull back to the new resistance level of 40134 but that failed and the final closing & the sentiment was near the low of the day. The resistance rejection came very early with just 3 bars ~ 15mts time spent. In a way showing the aggressiveness of traders to take further short positions. The option prices reacted quite violently last 15mts with a heavy skew to the CE side especially the far OTMs. The huge surge in their traded volume shows the intensity of credit spreads taken for CEs. Indicating a further bearish stance. The moving averages were sloping almost in a 45 degree angle downwards today showing a clear downward pricing pressure. I am not sure what has fundamentally changed to have this negative sentiment. But on technical levels we were bearish right from the 13th Feb wherein the option price fluctuations gave a slight clue of the same. Next minor support is coming up at 39839 & a major support at 39742 which coincides with the 2 rejections we had on 30th Jan and 1st Feb. I am strongly looking forward for NSE:BANKNIFTY to break these support levels at least for a short term, mainly because of the momentum its carrying now. To fall further we need changes in fundamentals, bad news or bad events. So if something of that sort comes up - the job is made easy ! --- 15mts TF looks strongly bearish now as the support levels are getting taken out. If NSE:BANKNIFTY pauses or reverses at any of these SR zones, i will be willing to change my bearish decision. --- 1hr TF is not strongly bearish yet, it wont be until the 39742 level is not getting taken out. The momentum is favoring further downside movement - but we strongly act only if the major support is getting broken. --- Tomorrow's expiry will be exciting, especially on the PE side. Any major dips in the opening 15mts will see the PE premiums jumping. This should create a golden opportunity to get some contra positions added - just for 1 day.
NSE:BANKNIFTY
by viswaram