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Bankniftyoptions

Banknifty daily analysis for 08/12/22Banknifty for last 3-4 days has consolidated in a narrow range. Today also the market formed a doji and can give a nice trending market tomorrow. The market, on hourly time frame, there was a nice selling as there was a going Monetary policy. Market came below the 20 ema and took resistance from the level. On 15 minute time frame, the market came below 200 ema and regained above and sustained whole day above the moving average. Support :- 43000, 42890 Resistance :- 43155, 43280 There can be a nice trending market as tomorrow is weekly expiry and gujrat election result will be declared. Wait for the price action near the price level before entering the market.
NSE:BANKNIFTY
by TheMamboMomentum
PostMortem on BankNifty Today & Analysis of 06 DEC 2022Strange looking opening candle by bank nifty today. Mega gap down opening at 43093 and in the first 5mts a rally to close the gap. 193pts ~ 0.45% recovery in the opening 5mts and then a build up till 09.55. From there we had a breakdown till 11.05. Kotak's Nest trader had price tick issue but their orders were getting punched. I was lucky to place orders today when the volatility started picking up. The fall continued till 14.50 with no particular recovery in sight. But it was not a deep cut, though we might have some in the days to come. Another strange thing is that the open's low was not broken today, at 14.01 and 14.44 we had 2 tests - but nothing gave way. And the 5mts candle at 15.00 gave some pull back momentum. All these are quite hard to believe - after a 1.79% fall in SPX US markets - our markets are not even falling 0.5% Nifty50. Eventhough the Nifty IT index had intraday cuts around 1.8 to 2% - it closed at -1.45%. Now the RBI's MPC meeting minutes will be disclosed at 10.00 AM on 7th Dec 2022 which will create few wild swings. According to me, today's move did not show any positional clue regarding the event tomorrow. Maybe we will have a Gap opening tomorrow to price in the interest rate decision. As always a higher interest rate is good for the lenders and not so good for the borrowers. If the interest rates are too high then we may push the economy into recession as the borrower would rather shut the business temporarily than borrow. --- Of the bank nifty components, in the 10mts TF HDFC bk almost had a replay of the price action from 12.00 to close 5th Dec. Final closing at the same level - pattern is bullish ICICI had a gap down and continued falling even though not at a high intensity. pattern is mildly bearish SBI's fall creates an interim top like formation or creating another leg of price action. We need further price action to determine what it is. Axis behaved quite strangely in the last 40mts. The bulk of the reason banknifty recovered some ground is due to axis. The forenoon session it was trading underwater, but the rally form 12.05 was strong and final close was also strong with momentum. Kotak did not go anywhere today, had a gap down made the day's high at 10.45 and then gradually fell to the flat line. Chart pattern is confusing. IndusInd had a bearish pattern after a gap up opening. So now the prices are back to the Dec 02 closing levels. --- 15mts TF does not show a direction - the prices are between the support and resistance levels and without breaking anyone of them - it cannot create a trend 1hr chart does not show bearishness, but if the support levels are not broken then the bullishness will resume.
NSE:BANKNIFTY
by viswaram
Banknifty daily analysis for 07/12/22Market trend is still not predictable as banknifty has formed a gravestone doji after a dragon fly doji on day to day closing. Banknifty created confusion in the initial hour and consolidated whole day in a narrow range. On hourly time frame, the market traded whole day below the 20 ema. The market has constantly faced rejection from 43200 levels and closed 194 points low. Support :- 43090, 43000 Resistance :- 43180, 43280 The market are not giving a nice 400-500 moves in a day and this kind of markets should be avoided. Wait for the price action near the levels before entering the market.
NSE:BANKNIFTY
by TheMamboMomentum
PostMortem on BankNifty Today & Analysis of 05 DEC 2022 Bank nifty opened gap up right at the resistance level and then made a quick drop to close the gap. Remember i was bearish on 3rd Dec Friday - and i expected the market to go further lower. It did go lower till 09.55 - but the series of price moves after that really surprised me. Bank nifty kept on building strength and really had a trending up day. It made a top at 12.50 - then a quick pull back and then the 2nd leg of rally to ensure the closing was above the resistance line. The price action (see yellow drawing below) is in perfect harmony with the last day's closing trade - so my bearish call was in accurate. Bank nifty knows something that we do not - because the global macro news are not positive, but BN finds the strength to rally. Kotak securities goofed up today & since i trade using their NEST Trader | Neo app - i wasnt able to exit any trades today. It seems their NEST adapter was down which created a system wide downtime for almost all the users today. The issue was that there was volatility in the day - and i was lucky enough to get into the trade. But i was not able to square off. Anyway i have opened up a SCORES complaint with SEBIE/KL22/54859/D/1 - and my proposed solution is that the trading member has to take up the claims if he/she is unable to provide a platform wherein the customer cannot punch orders. --- Of the bank nifty components - 5mts TF HDFC bank almost had a good negative start, and then a rally from 10.45 much similar to the bank nifty move ICICI had a gap up and then fell to flat line. From there it traded flattish but with ups & downs may be indicating volatility. SBI was very bullish and the slope of the upmove also very steep AXIS bank a down day with the chart showing a mild bearishness Kotak had a vertical fall first 5mts and then had a rally and a sharp drop followed by another rally and then another sharp drop - final close was flattish IndusInd had a good bullish chart pattern. --- 15mts is showing confusing signals at present. We would need some more action to take on a direction 1hr TF is still bullish - what would have happened today appears to be a leg of uptrend. But still we need more clarity to finalize.
NSE:BANKNIFTY
by viswaram
Banknifty daily analysis for 06/12/22Banknifty on the daily time frame has given a dragon fly doji and has given a close above 18300 level. The index has formed a higher high lower high pattern and is taking near a resistance zone. After a initial sell off the market has regained some points and gained 200 points. The market on 15 minute time frame, has crossed 20 ema and took resistance from the 43370-43400 zone. Support :- 43280, 43160, 43000 Resistance :- 43370-400, 43520 Banknifty has been trading in a zone and has finally given a close above 43300 levels. The index on the smaller time frame has shown some nice bullish trend formation. Wait for the price action near the levels before entering the markets.
NSE:BANKNIFTY
by TheMamboMomentum
Banknifty daily analysis for 05/12/22Banknifty on week to week basis has closed only 120 points higher and is taking upper wick rejection. The market has been trading in a narrow range and trending market is expected once the market start closing above 43300 or below 42800 levels. Consolidation is there on the higher levels and both the indices have formed new ATH's. On the daily time frame, the market opened gap down and consolidated in a 200 points range whole day. Banknifty has closed below 20 ema on hourly time frame and took resistance from the level. on 15 minute time frame, the market has taken support from 200 ema and recover till the opening price. Index closed only 150 points lower. Support :- 42960, 42890, 42770 Resistance :- 43120, 43270 The market is trading in narrow range and forming small range of support and resistances. Markets still look in bullish trend and this is a retest. Wait for the price action near the levels before entering the markets.
NSE:BANKNIFTY
by TheMamboMomentum
Banknifty Rising Wedge Pattern 9 Bars to Go for HH3 5th Dec 2022Banknifty Rising Wedge Pattern 9 Bars to Go for HH3 5th Dec 2022 This is a scale triangle, 1st triangle 21 bars >> 2nd triangle 17 bars >> 3rd triangle 13 bars >> so after measure at this point only 9 bars to go to make its Higher High 3 and the hight may be green or yellow colour as per (1st or 2nd) Triangle Hight Another key point its closing with Green candle. As per Rising Wedge Pattern rules its makes at least 3 Higher High and 3 Higher Low . It is predicted that only at 10-11 am on 5th dec 2022 it should/may be make its Higher High 3 and break all two High. Already I told you that bank nifty must play at Higher Low 3 zone and Its played today. Further Anything can be happened in the stock market, it will depend uopn the Global markets position and other news which directly and indirectly impact on our Indian economy. Please be aware before taking a swing trade/option trade. Don't faith blindly on others Take your own decision and make proper plan before taken a trade. SL is just like a helmet which protect our capital from big loss. Thanking You
NSE:BANKNIFTYLong
by dasarijit245
PostMortem on BankNifty Today & Analysis of 02 DEC 2022Relatively a quieter day with no major swings. The opening was a deep gap down at 42976 and we had a green first candle. Approx 142pts recovered in the opening 5mts. Ideally bank nifty has to be compared with Nifty50 to get some relativity. Bank nifty was more stable than Nifty today - Nifty kept on dropping till 12.35 before it got support and had a minor pull back. Bank nifty on the other hand had a neutral kind of day - the final close was above the day's open. BN did have a similar selling pattern as nifty50 - but the slope of selling was not that impactful - The pull that followed after 12.35 was much stronger and helped BN close above 43100.  If we summarize the day the entire range of the day was well within the opening candle. Now thats quite interesting because we may have change in macros coming up by next week & the usual profit bookings by the FIIs as its December. Will they hold onto gains or take some profit and move to cash ? The put option prices did not show any anomaly today - the jumps in premiums were quite normal indicating that put writers had expected the markets not to fall that much today. Also the implied volatility did not spike much - even the India VIX did not spike even when nifty50 fell 1.3% from HOD to LOD. As it stands i am not feeling inclined to add onto any equity positions at present. Not just that they are at all time highs - they are just at insanely high valuations without a change in fundamentals. --- Banknity components chart now changed to 10mts TF to show a glimpse of the previous day's price action too HDFC bank was continuing the selling momentum from yesterday - but today's price moves flat with no positive bias ICICI Bank also continued from yesterday's trend, had a similar chart like HDFC but the cuts were quite deeper SBI on the other hand did recover to the flat line and almost showing an positive bias. AXIS was the on bank to dip after the gap down, support came in at 10.15 and the pattern from there was bullish. 14.55 price move ensured it went through the flat line with momentum. Kotak had a gap down and then slowly built its way back to the flat line.  IndusInd is again jumping up and down - are the investors pricing in some news or event? Final close as in positive territory. --- We have a contradictory chart in 15mts Vs 1hr TF - because 15mts is looking bearish now whereas there is no signal in the 1hr chart. 1D vs 1W TFs are too early to catch any trend reversal without appearing on the 1hr first. So we need to wait for 2 to 3 days before it can show up. Frankly unbelievable rally by bank nifty, secondly sending my wishes to all the bulls who had the conviction to allow it to rally so much. I am no bull nor bear here. Would prefer to stay out of equity other than with a trading interest.
NSE:BANKNIFTYShort
by viswaram
Banknifty Rannge 43150-43600 Bull/BearBanknifty Rannge 43150-43600 Bull/Bear banknifty expect a bulish start from 43500 phycological level Key Points of Bulish Sign 1 Rising Wedge Pattern 2 USD-INR in down trend 3 50% FIb Retracement exactly from 43200 4 FII Index Fut sales- (-526.09 ) FII Index Opt Net Purchase - 8,088.83 FIi Activity data looks they like to interest in current situation to not hold the investment so current market definately high 5 Already meet the previous lower level 43100 6 withdrawl from cash market negetive impact on stock and positive impact on index 7 most Oi stand in the Call side at 43500 & 43600 so its provide a sharp Resistance so market will start from here probability to hit thier SL and then down as per rule of Rising Wedge Pattern Other point to be keep in mind 1 How Global market Opening 2 How SGX NIfty Opening all points is positive sign but still there is a chance to get down for taking the favorable support. Hope your Best Trade Thanking You Please follow my channel for beautiful analysis in one chart and live chart analys live chart pattern analysis
NSE:BANKNIFTYLong
by dasarijit245
PostMortem on BankNifty Today & Analysis of 01 DEC 2022 ExpiryThe frustration i had trading yesterday was a blessing for today, its because technically i felt bank nifty is showing bearishness and was looking out for bearish opportunities. The last 30mts rally on 30th Nov changed my opinion. Its not that i became bullish, but that i decided not to have a bias. Bank nifty opened mega gap up at 43512 (new all time high) and made a red hammer candle with a long wick. From there it was a gradual fall till 13.15. What happened between 13.20 to 13.55 was quite a mirror image to what we had between 15.00 to 15.25 yesterday. We had a drop of 302pts today compared with the 312 pts that gained in the same interval. I am inclined to look at this as unwinding of the build up we had yesterday - but the volumes on the bank stocks did not surge equivalently. So it could even be expiry related position unwinding. Looking at monday 28th Nov, the bank nifty options interest suggested we might even have a close below 43000 - read here. But since the macros changed after that (Fed chair Powell's talk about reducing the rate of interest hike sending S&P500 up 3.1%, Nasdaq 4.58% and DowJones almost into a bull market) the options writers would have been worried that final close will not be below 43000. This 20 to 30mts gave a good opportunity for them to exit their position even without booking a loss as the 43000 CE did drop in value between 28th and today. --- Of the bank nifty components :- HDFC bank had a positive day the open and close price almost nearby. The chart pattern was a minor negative slope. ICICI Bank had a deep negative slope and the final close was in red. SBI opened gap up, went underwater and then reversed direction by 11.25. The final chart pattern is positive AXIS had a gap up, the a quick fall and then a gradual positive slope. Final close was flattish. Kotak started the day positive, went underwater by 13.10, almost hit LOD by 13.55 and then a small pull back till 14.35. Final chart pattern was negative IndusInd bank prices was jumping up and down wrt flat line. Final close was positive whereas chart pattern formed as neutralish.  The launch of CBDC (Central bank digital currency) e-Rupee would have created change in fundamentals that are yet to be priced in. CBDC in the long run are bearish for the banks as they lose control to create currency via debt (according to me). But for a big country like India wherein the majority of people still dont have a bank account - the impact may take years to be felt. --- 15mts TF had a negative price action today mainly because of the mega gap up. 1hr TF is looking bullish as the gap up looks inline with the chart slope. --- New Support & Resistance lines added at 43253, 42883 & 42576
NSE:BANKNIFTY
by viswaram
Banknifty daily analysis for 01/12/22.Banknifty on the daily time frame has formed a dragon fly doji and gave a nice movement during the closing hour of the session. The index has been consolidating on the higher levels and can give a good moment either side as tomorrow is a weekly expiry. On the hourly time frame, the market has formed a W-shape pattern and is respecting the 20 ema. Market has given a U-shape recovery on the smaller time frame and closed above 43250 levels. Support :- 43000, 42890, 42770 Resistance :- 43270 The market has formed a triple top pattern. Wait for the price action near the levels before entering the markets.
NSE:BANKNIFTY
by TheMamboMomentum