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Bankniftyoptions

20 Jun 2024 Govt. planning to raise taxes, help retail traders??BankNifty Stance Bullish ⬆️ Unlike Nifty, banknifty had more stability today but yesterday's outlier performance had its implications today. The premiums of CALL options were too pricey, which then normalized as the day progressed. Do not really know how the banks have so much of a firepower to keep going up, we are at the top and the banks are hungry for more. From a macro perspective, we have two news speculations/rumors going around Govt. of India is planning to increase taxation to prevent HFTs and Algo firms from exploiting the retail traders. Govt. of India is planning to increase taxes on FnO, and make it a speculative model (similar to lottery and crypto) to discourage retail traders from losing. I see the Govt. being opportunistic and raising the taxes by sugar coating the narratives. Too much of taxes will spoil this industry and the main thing that got the current government re-elected was the perception of the Indian economy through the lens of stock markets. The stance on BN continues to be bullish, we are all actively watching the space to know when we run out of steam - till then the dance should not stop.
NSE:BANKNIFTYLong
by viswaram
Bank Nifty 21-06-2024 AnalysisHello Traders, Welcome to SriTrader5121 ______________________________________ Overall view for the day Buy - with the support of Important_level Sell - with the rejection of Important_level Major Support - Around 5050## Major Resistance - Around 5210## See the price action at our zones, take the trade according to your Risk - Reward. Happy Learning and Trading – SriTrader5121 _______________________________________ Rules to follow... 1) Wait for confirmation. 2) See the price action at our zones. 3) Trade with Strict Stop Loss. 4) Trade with Small Quantity. 5) Take entries based on Support & Resistance Zones. _____________________________________________________ Please take the trade according to the zones marked, with Risk-Reward. This is not a Buy or Sell recommendation to anyone. Take entries based on your own analysis and risk. This is for education purposes and a helping hand to learn trading in the live market. NOTE: Trade with Strict Stop Loss. It may or may not hit all levels / Zones. So one can book profit / loss based on your risk-reward or considering price action at the respective zone and how it works near that zone. I hope you all like my analysis. Follow me to get regular updates. Please do share your thoughts in the comment section. Please Hit a LIKE, it motivates me to do analysis and share with your trading friends.
NSE:BANKNIFTY
by SriTrader5121
BANKNIFTY live prediction for today 20 Jun 24As we discussed, BANKNIFTY was in the upside channel today, breaking the resistance to the upside and giving a really good bullish momentum. If we look at the chart now: The market had a really good bull run with huge volatility, as it had huge momentum yesterday. The market is going to have the same volatility again today. The market had a really good bullish run, breaking all the levels to the upside. We get higher levels using Fib extension. Support levels: 51163, 50485, and 49700 or 200 EMA resistance levels: 51836 and 52450 If we look at the OI data: PCR = 1.09, which has decreased from 1.34, shows a bearish sign in the market. 50450 is working as max-pain. There has been a huge CE Writing at 51400 and 51500. I am expecting the market: Case 1 : Sideways in range 51163-51836. Case 2 : Bearish if breaks to downside. Reason: RSI > 50 is showing divergence, which might lead to some corrections. Price > EMA(13, 50, 200), which indicates the bull market. PCR = 1.09, which has decreased from 1.34, shows a bearish market. Price> VWAP shows a bull market structure. Verdict: Sideways or Bearish Case 1 : Sideways in range 51163-51836. Case 2 : Bearish if it breaks the 51163 to the downside. Plan of action: Case 1 : Sideways-> Sell 51500 CE and 51500 PE (Hedge it with 20/- premium CE) Case 2 : Bearish: Keep Sell 51500 CE (Hedge it with 20/- premium CE)
NSE:BANKNIFTY
by finnova_
Bank Nifty 20-06-2024 AnalysisHello Traders, Welcome to SriTrader5121 ______________________________________ Overall view for the day Buy - with the support of Important_level Sell - with the rejection of Important_level Major Support - Around 507## Major Resistance - Around 520## See the price action at our zones, take the trade according to your Risk - Reward. Happy Learning and Trading – SriTrader5121 _______________________________________ Rules to follow... 1) Wait for confirmation. 2) See the price action at our zones. 3) Trade with Strict Stop Loss. 4) Trade with Small Quantity. 5) Take entries based on Support & Resistance Zones. _____________________________________________________ Please take the trade according to the zones marked, with Risk-Reward. This is not a Buy or Sell recommendation to anyone. Take entries based on your own analysis and risk. This is for education purposes and a helping hand to learn trading in the live market. NOTE: Trade with Strict Stop Loss. It may or may not hit all levels / Zones. So one can book profit / loss based on your risk-reward or considering price action at the respective zone and how it works near that zone. I hope you all like my analysis. Follow me to get regular updates. Please do share your thoughts in the comment section. Please Hit a LIKE, it motivates me to do analysis and share with your trading friends.
NSE:BANKNIFTY
by SriTrader5121
Bank Nifty 19-06-2024 AnalysisHello Traders, Welcome to SriTrader5121 ______________________________________ Overall view for the day Buy - with the support of Impotyent_level Sell - with the rejection of Impotyent_level Major Support - Around 502## Major Resistance - Around 505## See the price action at our zones, take the trade according to your Risk - Reward. Happy Learning and Trading – SriTrader5121 _______________________________________ Rules to follow... 1) Wait for confirmation. 2) See the price action at our zones. 3) Trade with Strict Stop Loss. 4) Trade with Small Quantity. 5) Take entries based on Support & Resistance Zones. _____________________________________________________ Please take the trade according to the zones marked, with Risk-Reward. This is not a Buy or Sell recommendation to anyone. Take entries based on your own analysis and risk. This is for education purposes and a helping hand to learn trading in the live market. NOTE: Trade with Strict Stop Loss. It may or may not hit all levels / Zones. So one can book profit / loss based on your risk-reward or considering price action at the respective zone and how it works near that zone. I hope you all like my analysis. Follow me to get regular updates. Please do share your thoughts in the comment section. Please Hit a LIKE, it motivates me to do analysis and share with your trading friends.
NSE:BANKNIFTY
by SriTrader5121
BANKNIFTY prediction for tomorrow 19 Jun 24 As we discussed, BANKNIFTY could not break the zone to the downside; instead, after a heavy bearish candle, it ended strong bullish with huge volatility. If we look at the chart now: The market took support at 50 EMA and gave a great bullish momentum. The market seems bullish right now. The market is moving in an uptrending channel right now. One can make a bullish entry after retracement. The market is going to be bullish in the upside channel and bearish in the downside channel. Support levels: 50206, 49704, and 49040 resistance levels: 50909 and 50126 If we look at the OI data: PCR = 1.34, which has increased from 0.94, shows a Bullish sign in the market. 50500 is working as max-pain. There has been a huge CE unwinding at lower levels today. Fresh CE writing is significantly higher on lower levels. I am expecting the market: Case 1 : Bullish in upside trending channel. Case 2 : Bearish in the lower side of the channel. Reason: RSI 72 shows a Bullish Structure. Price > EMA(13, 50, 200), which indicates the bull market for tomorrow session. PCR = 1.34, which has increased from 0.94, shows a Strong bullish sign in the market. Price> VWAP shows a bull market structure. Verdict: Bullish Case 1 : Bullish in upside trending channel. Case 2 : Bearish in the lower side of the channel. Plan of action: Case 1 : Bullish: Sell 50500 CE (Hedge it with 20/- premium CE) Case 2 : Bearish: Sell 50500 PE (Hedge it with 20/- premium PE)
NSE:BANKNIFTYLong
by finnova_
Bank Nifty 18-06-2024 AnalysisHello Traders, Welcome to SriTrader5121 ______________________________________ Overall view for the day Buy - with the support of s1 Sell - with the rejection of s1 Major Support - Around 497## Major Resistance - Around 502## See the price action at our zones, take the trade according to your Risk - Reward. Happy Learning and Trading – SriTrader5121 _______________________________________ Rules to follow... 1) Wait for confirmation. 2) See the price action at our zones. 3) Trade with Strict Stop Loss. 4) Trade with Small Quantity. 5) Take entries based on Support & Resistance Zones. _____________________________________________________ Please take the trade according to the zones marked, with Risk-Reward. This is not a Buy or Sell recommendation to anyone. Take entries based on your own analysis and risk. This is for education purposes and a helping hand to learn trading in the live market. NOTE: Trade with Strict Stop Loss. It may or may not hit all levels / Zones. So one can book profit / loss based on your risk-reward or considering price action at the respective zone and how it works near that zone. I hope you all like my analysis. Follow me to get regular updates. Please do share your thoughts in the comment section. Please Hit a LIKE, it motivates me to do analysis and share with your trading friends.
NSE:BANKNIFTY
by SriTrader5121
Banknifty Prediction for tomorrow (Monday) 17 JunAs we discussed in the morning, BANKNIFTY ended up sideways. If we look at the chart now: The market is indecisive, as neither bulls nor bears are able to move the market in a direction. The market is taking support at 50 EMA(15 min TF). If it breaks to the downside, we might get a good bearish fall til 200 EMA. Support levels: 49929, 49704, and 200-EMA resistance levels: 50086 and 50213 If we look at the OI data: PCR = 0.94, which has increased from 0.74, shows a Bullish sign in the market. 50000 is working as max-pain. On the Lower side, there is significantly more PE writing than CE writing at higher levels, as can be seen in the attached image. I am expecting the market: Case 1: Sideways in range 49229 - 50086. Case 2: Bearish if it breaks 49229 to the downside. Reason: RSI 46-60 shows a sideways structure. Price < EMA(13) but greater than EMA(200), which indicates the market can correct itself till 200 EMA. PCR = 0.94, which has increased from 0.74, shows a mild bullish sign in the market. Price ~= VWAP shows an indecisive market structure. Verdict: Indecisive Case 1: Sideways in range 49929 - 50086. Case 2: Bearish if it breaks 49929 to the downside. Plan of action: Case 1 : Sideways: Sell 49900 PE & 50100 CE (Hedge it with 20/- premium options) Case 2 : Exit 49900 PE if it breaks to the downside.
NSE:BANKNIFTY
by finnova_
3
Banknifty prediction for today 14 JunAs we discussed yesterday, BankNifty spent on an up-trending channel and ended sideways. If we look at the chart now: The market is in the channel right now. If it breaks down to the downside, it will give a nice bearish momentum. Support levels: 49778, 49255, and 49052 resistance levels: 50102 and 50202 If we look at the OI data: PCR = 0.74, which has decreased from 0.87, shows a mild bearish sign in the market. There is no such max-pain, which means the market can easily achieve 49500. On the higher side, 50000 has very good CE writing, which is also at the psychological level. The market only has PE on 49000. The option chain seems fully bearish. VIX has also decreased significantly, which indicates volatility is being controlled. I am expecting the market: Case 1: Sideways in channel. Case 2: Bearish if it breaks the channel to the downside. Reason: RSI 46-60 shows a sideways structure. Price < EMA(13) but greater than EMA(200), which indicates the market can correct itself till 200 EMA. EMA Bearish crossover of EMA(13, 50). PCR = 0.74, which has decreased from 0.87, shows a mild bearish sign in the market. Price ~= VWAP shows an indecisive market structure. Verdict: Sideways in channel. Bearish if it breaks the channel to the downside. Plan of action: Case 1 : Sideways: Sell 49800 PE & 49900 CE (Hedge it with 20/- premium options) Case 2 : Exit 49900 PE if it breaks to the downside.
NSE:BANKNIFTYShort
by finnova_
3
Bank Nifty 14-06-2024 AnalysisHello Traders, Welcome to SriTrader5121 ______________________________________ Overall view for the day Buy - with the support of PDL Sell - with the rejection of PDL Major Support - Around 495## Major Resistance - Around 525## See the price action at our zones, take the trade according to your Risk - Reward. Happy Learning and Trading – SriTrader5121 _______________________________________ Rules to follow... 1) Wait for confirmation. 2) See the price action at our zones. 3) Trade with Strict Stop Loss. 4) Trade with Small Quantity. 5) Take entries based on Support & Resistance Zones. _____________________________________________________ Please take the trade according to the zones marked, with Risk-Reward. This is not a Buy or Sell recommendation to anyone. Take entries based on your own analysis and risk. This is for education purposes and a helping hand to learn trading in the live market. NOTE: Trade with Strict Stop Loss. It may or may not hit all levels / Zones. So one can book profit / loss based on your risk-reward or considering price action at the respective zone and how it works near that zone. I hope you all like my analysis. Follow me to get regular updates. Please do share your thoughts in the comment section. Please Hit a LIKE, it motivates me to do analysis and do share with your trading friends.
NSE:BANKNIFTY
by SriTrader5121
Bank Nifty 13-06-2024 AnalysisHello Traders, Welcome to SriTrader5121 ______________________________________ Overall view for the day Buy - with support of R/1 Sell - with rejection of PDL Major Support - Around 489## Major Resistance - Around 502## See the price action at our zones, take the trade according to your Risk - Reward. Happy Learning and Trading – SriTrader5121 _______________________________________ Rules to follow... 1) Wait for confirmation. 2) See the price action at our zones. 3) Trade with Strict Stop Loss. 4) Trade with Small Quantity. 5) Take entries based on Support & Resistance Zones. _____________________________________________________ Please take the trade according to the zones marked, with Risk-Reward. This is not a Buy or Sell recommendation to anyone. Take entries based on your own analysis and risk. This is for education purposes and a helping hand to learn trading in the live market. NOTE: Trade with Strict Stop Loss. It may or may not hit all levels / Zones. So one can book profit / loss based on your risk-reward or considering price action at the respective zone and how it works near that zone. I hope you all like my analysis. Follow me to get regular updates. Please do share your thoughts in the comment section. Please Hit a LIKE, it motivates me to do analysis and do share with your trading friends.
NSE:BANKNIFTY
by SriTrader5121
BANKNIFTY Intraday Trade Setup For 12 Jun 2024BANKNIFTY Intraday Trade Setup For 12 Jun 2024 Bullish-Above 50000 Invalid-Below 49890 T- 50750 Bearish-Below 49500 Invalid-Above 49610 T- 48700 BANKNIFTY has closed with a slight cut of 0.15% cut today. Nothing was triggered as per trade setup, traded between 400 points range. Index is consolidating and premiums are getting to its normal value after event. It has formed a spinning top candle in daily TF which indicates indecision in market, direction missing market. If index breaks the plotted trendline and sustains above 50k then a short covering move is possible. Coming to Wednesday's trade setup, if index opens flat and a 15 Min candle closes above 50k then we will long for the target of 50750. For selling we need a 15 Min candle close below 49500. T- 48700. In case of a big gap up/down, wait till 10 o'clock and mark the high and low of the trading range (5MIN). Trade on this range breakout. ========== I am Not SEBI Registered This is my personal analysis for my personal trading. Kindly consult your financial advisor before taking any actions based on this.
NSE:BANKNIFTY
by Omahto
Bank Nifty 12-06-2024 AnalysisHello Traders, Welcome to SriTrader5121 _______________________________________ Overall view for the day. Buy - with support of PDL Sell - with rejection of PDL Major Support - Around 489## Major Resistance - Around 502## See the price action at our zones, take the trade according to your Risk - Reward. Happy Learning and Trading – SriTrader5121 _______________________________________ Rules to follow... 1) Wait for confirmation. 2) See the price action at our zones. 3) Trade with Strict Stop Loss. 4) Trade with Small Quantity. 5) Take entries based on Support & Resistance Zones. _____________________________________________________ Please take the trade according to the zones marked, with Risk-Reward. This is not a Buy or Sell recommendation to anyone. Take entries based on your own analysis and risk. This is for education purposes and a helping hand to learn trading in the live market. NOTE: Trade with Strict Stop Loss. It may or may not hit all levels / Zones. So one can book profit / loss based on your risk-reward or considering price action at the respective zone and how it works near that zone. I hope you all like my analysis. Follow me to get regular updates. Please do share your thoughts in the comment section. Please Hit a LIKE, it motivates me to do analysis and do share with your trading friends.
NSE:BANKNIFTY
by SriTrader5121
Bank Nifty 11-06-2024 AnalysisHello Traders, Welcome to SriTrader5121 _______________________________________ Overall view for the day. Buy - with support of PDL Sell - with rejection of PDL Major Support - Around 489## Major Resistance - Around 502## See the price action at our zones, take the trade according to your Risk - Reward. Happy Learning and Trading – SriTrader5121 _______________________________________ Rules to follow... 1) Wait for confirmation. 2) See the price action at our zones. 3) Trade with Strict Stop Loss. 4) Trade with Small Quantity. 5) Take entries based on Support & Resistance Zones. _____________________________________________________ Please take the trade according to the zones marked, with Risk-Reward. This is not a Buy or Sell recommendation to anyone. Take entries based on your own analysis and risk. This is for education purposes and a helping hand to learn trading in the live market. NOTE: Trade with Strict Stop Loss. It may or may not hit all levels / Zones. So one can book profit / loss based on your risk-reward or considering price action at the respective zone and how it works near that zone. I hope you all like my analysis. Follow me to get regular updates. Please do share your thoughts in the comment section. Please Hit a LIKE, it motivates me to do analysis and do share with your trading friends.
NSE:BANKNIFTY
by SriTrader5121
Bank Nifty 10-06-2024 AnalysisHello Traders, Welcome to SriTrader5121 _______________________________________ Overall view for the day. Buy - with support of s/1 and s/2 Sell - with rejection of R/1 and R/2 Major Support - Around 493## Major Resistance - Around 505## See the price action at our zones, take the trade according to your Risk - Reward. Happy Learning and Trading – SriTrader5121 _______________________________________ Rules to fallow... 1) Wait for conformation. 2) See the price action at our zones. 3) Trade with Strict Stop Loss. 4) Trade with Small Quantity. 5) Take entries based on Support & Resistance Zones. _____________________________________________________ Please take the trade according to the zones marked, with Risk-Reward. This is not a Buy or Sell recommendation to anyone. Take entries based on your own analysis and risk. This is for education purpose and a helping hand to learn trading in live market. NOTE: Trade with Strict Stop Loss. It may or may not hit all levels / Zones. So one can book profit / loss based on your risk-reward or considering price action at respective zone how it works near that zone. I hope you all like my analysis. Follow me to get regular updates. Please do share your thoughts in comment section. Please Hit a LIKE, it motivates me to do analysis and do share with your trading friends.
NSE:BANKNIFTY
by SriTrader5121
Banknifty prediction for today 7 Jun 24As we discussed yesterday, Banknifty traded in a sideways-bullish zone. If we look at the chart now: The market has taken support from 200 EMA. The market is trading above EMA, which shows that the market is really bullish right now. There is also a bullish EMA(13, 50) crossover, which indicates that the market is in a bullish phase now. also, we got a golden crossover, which shows the market's strong bullish structure. Support levels: 48937, 48639, and 47547 resistance levels: 49600, 50503, and 50919 If we look at the OI data: PCR = 0.62, which has decreased from 0.82, shows a mild bearish sign in the market. There is no such max-pain that means the market can easily achieve 49500, which shows a significant CE writing on higher levels. Next, good CE writing is at 50000, which is also at the psychological level. On the other hand, the lower side, at 48500 and 49000, has good PE writing. VIX has also decreased significantly, which indicates volatility is being controlled. I am expecting the market: Case 1: Sideways in range of 48937 - 49600. Case 2: Bullish if it breaks 49600 to the upside. Reason: RSI > 60 shows a bullish structure. Price > EMA(13, 50, 200), which indicates a Bullishmarket structure. EMA Golden crossover of EMA(50, 200). PCR = 0.62 has decreased from 0.82, which is a sign of worry that might lead to a sideways if 200 EMA holds good support. Price > VWAP shows a Bullish market structure. Verdict: Sideways in range of 48937 - 49600. bullish if it breaks 49600 to the upside. Plan of action: Case 1 : Sideways: Sell 48900 PE & 49500 CE (Hedge it with 20/- premium options) Case 2 : Exit 49500 CE if it breaks to the upside.
NSE:BANKNIFTY
by finnova_
Bank Nifty 07-06-2024 AnalysisHello Traders, Welcome to SriTrader5121 _______________________________________ Overall view for the day. Buy - with support of PDH Sell - with rejection of PDL Major Support - Around 480## Major Resistance - Around 505## See the price action at our zones, take the trade according to your Risk - Reward. Happy Learning and Trading – SriTrader5121 _______________________________________ Rules to fallow... 1) Wait for conformation. 2) See the price action at our zones. 3) Trade with Strict Stop Loss. 4) Trade with Small Quantity. 5) Take entries based on Support & Resistance Zones. _____________________________________________________ Please take the trade according to the zones marked, with Risk-Reward. This is not a Buy or Sell recommendation to anyone. Take entries based on your own analysis and risk. This is for education purpose and a helping hand to learn trading in live market. NOTE: Trade with Strict Stop Loss. It may or may not hit all levels / Zones. So one can book profit / loss based on your risk-reward or considering price action at respective zone how it works near that zone. I hope you all like my analysis. Follow me to get regular updates. Please do share your thoughts in comment section. Please Hit a LIKE, it motivates me to do analysis and do share with your trading friends.
NSE:BANKNIFTY
by SriTrader5121
05 Jun 24 Fibonacci levels correlates to SR levels of BankNiftyBanks had a higher aggression today, but just like the comments I posted in Nifty's post mortem report - I do not wish to go long yet. Take a look at the Fibonacci levels drawn for BankNifty's price action last 3 days. 100% level is at 51119 0% at 46267 - quite near my SR level of 46284 23.6% level is @ 47412, quite near 47477 SR 38.2% level is @ 48120, my support/resistance @ 48115 50% level is @ 48693, my marked SR is 48661 61.8% level is @ 49265, my closest SR is 48947. In the final 30 minutes, we closed below the 61.8% level. The best I could think of is to change the stance to neutral now and then go long if 50080 levels are getting taken out, but I do not have a marked level around the 50000 levels yet - mostly because the price action was quite shallow there. From a macro perspective, it is too early to judge if what we had was the continuation of the stubborn bull rally or just a minor pull back to yesterday's near 10% drop. Would like to watch this space pretty closely before taking major directional decisions.
NSE:BANKNIFTY
by viswaram
Bankknifty prediction for tomorrow 6 Jun 24Banknifty gave a really big bullish moment today. It's still an effect, and the market boomed 2000 points. If we look at the chart now: The market gave really big momentum to the upside. The market is trading above EMA, which shows that the market is really bullish right now. There is also a bullish EMA(13, 50) crossover, which indicates that the market is in a bullish phase now. Support levels: 48639, 47475, and 46504 resistance levels: 49528, 50161, 50938 If we look at the OI data: PCR = 0.86, which has increased from 0.47, shows a huge bullish sign in the market. 49000 is the max-pain. Lower levels have better PE writing than higher levels. The market is making a completely bullish structure. VIX has also decreased significantly, which indicates volatility is being controlled. I am expecting the market: Case 1: Sideways in range of 48639-49528. Case 2: On either side, it breaks to either side's trade accordingly. Reason: RSI > 60 shows a bullish structure. Price > EMA(13, 50, 200), which indicates a Bullishmarket structure. PCR = 0.86 has risen from 0.47 and shows great signs of bullishness. Price > VWAP shows a Bullish market structure. Verdict: Sideways in range of 48639-49528. and Volatile on either side, it breaks. Plan of action: Case 1 : Sideways: Sell 48650 PE & 49500 CE (Hedge it with 20/- premium options) Case 2 : Exit the opposite position on either side. It breaks.
NSE:BANKNIFTY
by finnova_
Banknifty prediction for today 5 Jun 24As we discussed, Banknifty, because of the event(election result) based trading, we are not going to trade. The fog is now clear, and we have which government is going to be there. Now, the market will be stable in 1 day or two. If we look at the chart now: The market had a massive fall yesterday because the election result was not as favorable as expected by the exit poll. Now, the market has reached a temporary support level of 46110 and a minor resistance level of 47837. The market is going to be sideways in the range of 46110-47837. The market might have good momentum on either side if it breaks. Support levels:46110 resistance levels: 200 EMA, 47837, 49534 If we look at the OI data: PCR = 0.47, which shows a bearish structure. 47000 is the max pain. Maximum positions have been added at 46500 and 46000, which is going to provide good support. On the upper side, 47000 and 47500 have good CE writing. I am expecting the market to be: Case 1 : Sideways in range of 46110-47837. Case 2 : On either side, it breaks to either side. The market is going to have high volatility because the VIX is still 26.74(Very High). Reason: RSI is 40-60 shows a sideways structure. Price < EMA(13, 50, 200), which indicates a bearish market structure. PCR = 0.47 shows a market bearish sign. Price < VWAP shows that a bearish market structure. Verdict: Sideways in the range of 46110-47837 and Volatile on either side it breaks. Plan of action: Case 1 : Sideways: Sell 46100 PE & 47800 CE (Hedge it with 20/- premium options) Case 2 : Exit the opposite position on either side. It breaks.
NSE:BANKNIFTY
by finnova_
04 Jun 2024 - If Circuit triggered on BankNifty, further panicBankNifty Analysis The intraday fall on BankNifty was approx 5028pts ~ 9.84%, a few more points would have triggered the lower circuit and we would have had a pause of 30 to 45mts. The Lower circuit hit would have opened the floor to further fall due to panic and somehow magically the reversal came and it really saved the day. If you look at the daily chart, the reversal came right at the 46284 support level, this was after breaking 48947, 48661, 48115, and 47465 (critical) supports. How that played out today was quite panic-creating. Our stance is revised to bearish till proven wrong. Expecting some more volatility going forward, once the situation normalizes - will be more than happy to switch on the Algos with full thrust. A coalition government is really good for the option traders, the uncertainty will spice up the option premiums. I could say with a decent level of confidence that a bit of fear is good for financial markets, after all, we were in a blind one sided rally.
NSE:BANKNIFTYShort
by viswaram
03 Jun 2024 - BankNifty has more steam left even after 4% rallyLast week we wrapped up the discussion saying BankNifty is looking more bullish than Nifty. We also said the torch bearer would be Banks in case of a positive scenario. India's growth story will have to come via Bank's is their base case, this explains the 40% plus dependency of the index on Financial Sectors. BankNifty managed to close higher than the open value, almost 2000pts ~ 4% in what became a mega gap. The new ATH is 51106, notice that we managed to conquer 51000 levels too. Our stance is bullish with the first support at 49937 levels. Once the counting is in progress tomorrow - we could expect real volatility and fake moves too. We would get exact clarity only by Wednesday, Jun 5th, incidentally it's an expiry day too.
NSE:BANKNIFTYLong
by viswaram