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#Banknifty directions and levels for September 17th.Current view: There haven't been any significant changes in the previous sentiment, so I'll explain it simply. Bank Nifty is showing a moderately bullish structure, which means consolidation. If the market rejects around the immediate resistance, it may continue this sentiment. A solid rally is expected only if the immediate resistance is broken convincingly. Alternate view: the situation is similar to Nifty. Even if the market declines initially, it could maintain a bullish bias until it breaks the previous minor swing low(Blue color box). If this level is broken solidly, we can expect a correction of 38% to 50% from the minor swing.
NSE:BANKNIFTY
by Manickamtraders
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#Banknifty directions and levels for September 16th.Bank Nifty: Current View: In the previous session, Bank Nifty formed a diagonal pattern, which often signals the final wave of the trend when it forms at the top. However, lower time frames can sometimes break these rules. so If the market breaks the supply zone solidly or with some consolidation, we can expect the rally to continue, with targets ranging from 52,250 to 52,320. Alternate View: Alternatively, if the market faces rejection around the supply zone or declines initially, a correction of around 23% to 38% is possible. Afterward, if the market finds support near the 38% Fibonacci level, it will likely consolidate between this level and the previous high. If the market falls below the 38% level, the next target would be at the 50% Fibonacci level. However, the correction will deepen only if the 50% Fibonacci level is broken convincingly.
NSE:BANKNIFTY
by Manickamtraders
13 Sep 2024 - 51400 levels very important for BankNifty tradersBankNifty Stance Bullish ️⬆️ Everything was looking very bearish last week, but the price action on the 9th came as a surprise. By the 10th of September, the bears had given up its hold and the next target was to take out the 51400 so that the bulls could show their dominance. The breakout from the 51400 level happened on the 12th wherein BN rallied an impressive 692pts ~ 1.35%. If you remember our 23 Aug technical analysis report, you may be able to understand why the 51400 level was so important. The breakout just cemented the position of the bulls. Our stance for the next week has been changed to bullish. Again 51400 levels become the new support level below which we will go neutral.
NSE:BANKNIFTYLong
by viswaram
#Banknifty Directions and Levels for the 3rd Week of September.Bank Nifty: Current View: Bank Nifty is following a similar trend. If the week starts on a positive note, the market may face resistance around the 52126 or 52249 levels. If this happens, we can expect a 23% to 38% correction in the minor swing. After that, if support is found around the 38% level, the rally is likely to continue, with potential targets of 52527 and the supply zone. This is our first scenario. Alternate View: In the alternate scenario, if the market starts negatively or faces rejection around the immediate resistance, we can expect a 38% correction. (It’s important to note that the retracement points differ from the current view.) after that If the market breaks this level decisively, we can expect the correction to extend to at least 78% to the swing low. However, if it doesn't break the 38% level, the bullish bias could be maintained.
NSE:BANKNIFTY
by Manickamtraders
Bank Nifty Analysis - BNF is currently trading at 51,938 - BNF has a huge inefficiency on the upside - I have drawn 2 path possibilities where once the path shows we will balance the inefficiency and fall back down again - The bullish path shows that 52,000-52,442 will be filled and we will retract and chop a little before moving up again - Fundamentally we have a big week ahead where we can easily see prices moving up and down like a Roller Coaster and all eyes are on FOMC rate cut meeting - 25-50bps rate cuts both have 50-50% chances well I am rooting for a 50bps rate cut
NSE:BANKNIFTYLong
by VKtradesimbalance
BANKNIFTY // Levels // 4 hour "Welcome to SkyTradingZone " Hello Everyone 👋 Here are the current support and resistance levels for the Bank Nifty Index (BANKNIFTY) on a 4-hour timeframe: **Support Levels** 1. **Previous Low**: 32,500.00 2. **Fibonacci 38.2% Retracement**: 32,540.00 3. **200 SMA (Simple Moving Average)**: 32,570.00 4. **Fibonacci 23.6% Retracement**: 32,600.00 5. **Short-term Support**: 32,630.00 **Resistance Levels** 1. **Fibonacci 61.8% Retracement**: 32,660.00 2. **Previous High**: 32,690.00 3. **Fibonacci 78.6% Retracement**: 32,720.00 4. **Medium-term Resistance**: 32,750.00 5. **Long-term Resistance**: 32,780.00 **Notes** * These levels are subject to change as market conditions evolve. * These levels are based on historical data and may not be a guarantee of future price action. * These levels are not the only levels that can be used; traders can use other indicators, such as moving averages or trend lines, to identify potential support and resistance levels. **Current Market Conditions** * The Bank Nifty Index is currently trading in a bullish trend, with a series of higher highs and higher lows. * The index is approaching the short-term resistance level of 32,630.00. * If the index breaks above this level, it could potentially move towards the medium-term resistance level of 32,750.00. **Trading Strategies** * Buy at support: If the index breaks below the short-term support level of 32,630.00, it could be a good opportunity to buy. * Sell at resistance: If the index breaks above the short-term resistance level of 32,660.00, it could be a good opportunity to sell. * Trend following: Follow the trend by buying or selling based on whether the index is moving upwards or downwards. * Mean reversion: Look for opportunities to buy when the index is oversold and sell when it is overbought. Some key levels to watch in the Bank Nifty Index: * **Earnings**: The Bank Nifty Index has seen strong earnings growth in recent quarters, with many companies beating expectations. * **Valuations**: The Bank Nifty Index has seen its valuations rise in recent months, with some metrics reaching all-time highs. * **Interest Rates**: The Reserve Bank of India has been keeping interest rates low, which has helped to boost stock prices and fuel the rally. Remember to always use stop-losses and position sizing to manage risk when trading.
NSE:BANKNIFTYLong
by SkyTradingZone
#Banknifty directions and levels for September 13th.Current View: If the market opens with a gap-up, it may face rejection around the previous high. If this happens, it may enter some consolidation between the previous high and the 38% Fibonacci level to the downside. This is our first variation. Alternate View: The alternate view suggests that if the gap-up doesn’t sustain, it may find support around the 38% Fibonacci level. If this occurs, it typically consolidates between the 38% and the previous high. In this case, if it breaks below the 38%, we can expect the next target at the 50% level; however, the correction will continue only if it breaks the 50% Fibonacci level solidly.
NSE:BANKNIFTY
by Manickamtraders
#Banknifty directions and levels for September 12th.Bank Nifty: Bank Nifty also has a similar sentiment to Nifty. If the market opens with a gap-up, then the 51319 level will act as minor resistance. Once the market breaks this level with a solid candle or some consolidation, it will reach a minimum of 51492 to 51593. > In this case, the supply zone will act as resistance only if approached gradually. Conversely, if the market reaches that level with a solid structure, it may require some consolidation there before continuing the rally. Alternate view: The alternate view is that if the gap-up doesn’t sustain or if the market rejects around the 51319 level, then it will continue the range further between the previous day’s range.
NSE:BANKNIFTY
by Manickamtraders
#Banknifty directions and levels for September 11th.Bank Nifty: Bank Nifty has a similar structure to Nifty. However, if you ask where it differs, I would point to the movement. Let me explain it simply: > On the downside, if the market declines, the demand zone may act as strong support. If it holds, the market may once again reach the previous day's close. However, Nifty’s structure is not as clear. > On the upside, if the market breaks the 78% level solidly, it may not respect the supply zone, and a long pullback could be possible. In this case, the breakout structure becomes important. Alternates for Both Scenarios: >If the market doesn’t hold the demand zone or consolidates there, the correction will likely continue. >On the upside, if the market breaks the 78% level gradually, it may not go far.
NSE:BANKNIFTY
by Manickamtraders
#Banknifty directions and levels for September 10th.Current View: > Bank Nifty is also showing an unclear trend. If the market opens with a gap-up, it might reach the 78% Fibonacci level. If it consolidates or breaks above this level, the rally may continue further. > on the other hand, If the market rejects the 78% level, it could retrace min of 38% Fibonacci level in the minor swing. Alternate View: > Alternatively, if the gap-up doesn’t sustain or if the market rejects around the immediate resistance level, it may retrace to a minimum of 38% in the minor swing. However, the correction will only continue if it breaks the 38% Fibonacci level. If that happens, we can expect the next corrective target to be 50% and 78% in the minor swing.
NSE:BANKNIFTY
by Manickamtraders
Banknifty wedge pattern breakdown and near supportBanknifty after breakdown from wedge pattern given vertical fall towards 50550 Important fib level to watch 61.8% : 50465 Improtant gap area low 49655. Shorters should be cautious near above two levels as vertical falls mostly retraces fast on upside.. I am personally will not short near important levels and will wait for bullish pattern to form near support zone. Discalimer : i am not SEBI registered.. study is only for educational purpose
NSE:BANKNIFTY
by MDstockmagic
#Banknifty directions and levels for September 9th.Bank Nifty: Bank Nifty shares a similar sentiment with Nifty. The structure shows a 5th sub-wave within the 3rd wave (minor swing). Structurally, further long correction is less likely, so once the market faces rejection around the immediate support level, we could see a bounce back of 23% to 38% in the minor swing, potentially marking the 4th wave. This is our first scenario. Alternate View: If the correction doesn't result in a pullback or if the market breaks the immediate support level decisively, the 3rd wave could extend further by up to 78%. >In this case, we should concentrate on the structure, as the 5th wave is a distribution wave. If the market breaks the support level with a solid candle or consolidates around it, the correction will likely continue. On the other hand, if the market approaches the support level gradually, it may not fall much further.
NSE:BANKNIFTY
by Manickamtraders
#BankNifty Directions and levels for the 2nd Week of September#Bank Nifty Current View If the week starts negatively, we can expect a correctional target of at least 49894 to 49697 on the downside. In the meantime, consolidation may occur around the 50262 level (78%). In this case, the levels of 49894 (MDZ) and 49697 will act as key support zones. After the market reaches these levels, we could see a bounce of 23% to 28% in the current swing. This is our first scenario. Alternate Scenario If the correction finds rejection around the immediate support and breaks the 38% Fibonacci level in the minor swing, it could become a range-bound market, targeting between 50% and 78% in the minor swing.
NSE:BANKNIFTY
by Manickamtraders
06 Sep 2024 BankNifty has fallen only 694pts, calling the bearsBankNifty Stance Neutral ➡️ BankNifty has lost only 694pts ~ 1.35% over the last week and interestingly 896pts drop came on Friday, 6th Sep. Our stance has been neutral for quite some time now and prefer to stay neutral until 49728 is not getting taken out. The daily candle of BN is quite different than Nifty. BN did not even retrace the top that it made on 4th July, whereas Nifty had gone past that level. Honestly, there is something that is bothering the banks. The news that the deposit growth is slowing could be one reason. My opinion is that our deposit rates are much higher and were raised much lower proportionately than in the US. At 6.5%, the repo rate is no longer attractive and is seducing the depositors to withdraw and park in riskier asset classes like Mutual funds. Then there is the news from what is happening in SEBI. The employees are protesting demanding better working conditions and obviously, the highlight is the corruption allegations of the SEBI Chief. The problem is that such allegations even if not true will impact the credibility of the Indian equity ecosystem, especially from a foreign investor point of view. If the allegations are true, then many companies will face the heat and among that, the biggest losers will be banks. Any company that has pledged its shares with the banks and if it is taken down, will drag the banks along with it. With dropping prices, the companies may face margin calls and banks will bear the heat. The main reason banks are reluctant to go up could be due to this reason. The first main support comes at 48947 and I hope we do not go there this week itself.
NSE:BANKNIFTY
by viswaram