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BankNifty Intraday Support & Resistance Levels for 13.08.2024On Monday, BankNifty opened with a minor gap down but rebounded over 650 points from the day's low, reaching a high of 50830.70 before closing at 50577.95, up by 93 points. During the session, BankNifty breached the resistance level of 50750 but could not sustain above it for long. The weekly trend (50 SMA) remains positive, while the daily trend (50 SMA) is negative. Support Levels: Near Demand/Support Zone (30m): 50149 - 50305 Major Demand/Support Zone (Weekly): 49530 - 50253 Far Support Level: 48858 (61.8% Fibonacci Retracement Level) Resistance Levels: Near Resistance Level: 51750 Far Supply/Resistance Zone (15m): 51325 - 51400 (inside the 125m Supply Zone) Far Supply/Resistance Zone (125m) for Weekly Trade: 51309 - 51609
NSE:BANKNIFTY
by PriteshPalan
#Banknifty directions and levels for August 12th. In the previous session, Bank Nifty closed with consolidation after a significant gap-up. If the market breaks the previous high, then we can expect a minor rally, but not a big one. A big rally is expected only if the breakout occurs with a solid green candle and some consolidation around the immediate resistance level. However, if this doesn't happen, the market may reject at that level and continue in its current range, which is our first scenario. Alternatively, if the market initially declines, the 38% Fibonacci level will act as a key support. If the market finds support there, the range-bound movement may continue. On the other hand, if it breaks below the 38% level, we can expect the correction to continue.
NSE:BANKNIFTY
by Manickamtraders
Advanced RSI Trading #Options The relative strength index (RSI) is a momentum indicator used in technical analysis. RSI measures the speed and magnitude of a security's recent price changes to evaluate overvalued or undervalued conditions in the price of that security. The RSI is displayed as an oscillator (a line graph) on a scale of zero to 100. The indicator was developed by J. Welles Wilder Jr. and introduced in his seminal 1978 book, New Concepts in Technical Trading Systems. The RSI can do more than point to overbought and oversold securities. It can also indicate securities that may be primed for a trend reversal or corrective pullback in price. It can signal when to buy and sell. Traditionally, an RSI reading of 70 or above indicates an overbought situation. A reading of 30 or below indicates an oversold condition.
NSE:BANKNIFTYEducation
by Optionclub
BANKNIFTY Intraday Trade Setup For 12 Aug 2024BANKNIFTY Intraday Trade Setup For 12 Aug 2024 Bullish- Above 50750 Invalid- Below 50640 T- 51400 Bearish-Below 50370 Invalid-Above 50480 T- 49650 BANKNIFTY has closed with 1.69% cut last week. However it has formed a Pinbar candle in weekly TF. After a global sell off weekly candle shows some kind of reversal structure , above it's high 50750 will get more confirmation. It is still sell on rise and I will personally follow the same outlook. 49600 is a crucial market structure level below which we are going to crash once again. Breakout of the plotted trendline will initiate a gap filling/ retracement move. 50750 and 50370 are Intraday levels for tomorrow. Coming to Monday's trade setup, if index opens flat and a 15 MIN candle closes above 50750 then we will long for the target of 51400. For selling we need a 15 MIN candle close below 50370. T- 49650. 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
#Banknifty directions and levels for the 3rd week of August. As per the chart Bank Nifty has a range-bound structure. However, the market closed at the top of this range by the end of the week. So, if the market starts with a bullish bias, it may reach the swing high once again. This is because, as we mentioned in the previous post, if the market breaks the 50% level in the minor swing, it will lose the strength of the current trend. If this happens, it may reach the Fibonacci levels of 61% to 78% on the upside. However, there are two variations for the bullish sentiment. 1. First Variation: If the initial day's candle closes with a solid bar, then the market may continue the pullback with minor consolidation around the Fibonacci level of 61% in the upcoming sessions. 2. Second Variation: If the market faces rejection around the minor supply zone or if the week starts with a negative candle, then the range-bound market may continue further. The Bearish Variation: The bearish variation suggests that if the market potentially breaks the channel, then it may continue the correction. There are some minor levels to watch, which is typical. If the market breaks the 38% level in the minor swing, we can expect the next target to be 78%.
NSE:BANKNIFTY
by Manickamtraders
BankNifty Intraday Support & Resistance Levels for 12.08.2024On Friday, as expected, BankNifty opened with a gap-up and maintained its strength throughout the day, closing at 50484.50. BankNifty closed above the Weekly Demand Zone for the first time in five days, indicating the potential for a bull rally up to 51100. The weekly trend (50 SMA) remains positive, while the daily trend (50 SMA) is negative. Support Levels: Major Demand/Support Zone (Weekly): 49530 - 50253 Far Support: 48858 (61.8% FIBO Retracement level) Resistance Levels: Near Resistance Level: 51750 (High of 5th August) Far Supply/Resistance Zone (15m): 51325 - 51400 (inside the 125m Supply Zone) Far Supply/Resistance Zone (125m) for Weekly Trade: 51309 - 51609
NSE:BANKNIFTY
by PriteshPalan
#Banknifty directions and levels for August 9th.Bank Nifty: Bank Nifty is also maintaining its consolidation. If the gap-up sustains and breaks the level of 50,468, then we can expect the next targets to be 50,688 and 50,823. > Here, we have the same sentiment as in Nifty: after the pullback, if it sharply rejects around the level of 50,823, the market may enter a correction phase. Targets are expected to range between 38% to 78% of the minor swing. > On the other hand, if it consolidates or breaks solidly above the level of 50,823 on the upside, then the rally will likely continue. The alternative scenario is if the gap-up doesn't sustain or if the market initially declines, then the range-bound market will likely continue.
NSE:BANKNIFTY
by Manickamtraders
BankNifty Intraday Support & Resistance Levels for 09.08.2024On Thursday, BankNifty entered the 15m Supply zone mentioned in the last post and fell 400 points from the top before closing at 50156.70. For the fourth consecutive day, BankNifty closed inside the Weekly Demand Zone (49530 - 50253). Weekly zones are considered strong, and if the low is not broken, we might see a bounce from this Weekly Demand Zone. The weekly trend (50 SMA) has turned sideways from positive, and the daily trend (50 SMA) is negative. Support Levels: Major Demand/Support Zone (Weekly): 49530 - 50253 (currently, the price is inside the zone) Far Support: 48858 level (61.8% FIBO Retracement level) Resistance Levels: Near Supply/Resistance Zone (15m): 50350 - 50441 Far Supply/Resistance Zone (15m): 51438 - 51583 (inside the 125m Supply Zone) Far Supply/Resistance Zone (125m) for Weekly Trade: 51309 - 51609 Note: As of writing this, GIFTNIFTY is trading 275 points positive, indicating we might see a gap-up opening, and the near 15m Supply zone might get violated.
NSE:BANKNIFTY
by PriteshPalan
BANKNIFTY Intraday Trade Setup For 9 Aug 2024BANKNIFTY Intraday Trade Setup For 9 Aug 2024 Bullish-Above 50450 Invalid-Below 50340 T- 51000 Bearish-Below 49650 Invalid-Above 49760 T- 48750 BANKNIFTY has closed on a flat note today. We have formed a hourly range of of 50750 and 49650. Also if we draw trendlines in hourly TF then a triangle formation is in progress. 50700 and 49650 is the mother candle's high as inside candles have been formed in these last 2 sessions. 50450 and 49650 are intraday levels for tomorrow. Coming to Friday's trade setup, if index opens flat and a 15 Min candle closes above 50450 then we will long for the target of 51000 zone. For selling we need a 15 Min candle close below 49650. T- 48750. 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
BankNifty Intraday Support & Resistance Levels for 08.08.2024On Wednesday, BankNifty opened gap up but did not enter the 15m Supply zone mentioned in the last post, so the near Supply zone remains the same. For the third consecutive day, BankNifty closed inside the Weekly Demand Zone (49530 - 50253). Weekly zones are considered strong, and if the low is not broken, we might see a bounce from this Weekly Demand Zone. The weekly trend (50 SMA) has turned sideways from positive, and the daily trend (50 SMA) is negative. Support Levels: Major Demand/Support Zone (Weekly): 49530 - 50253 (currently price is inside the zone) Far Support Level: 48858 (61.8% Fibonacci Retracement level) Resistance Levels: Near Supply/Resistance Zone (15m): 50337 - 50530 Near Supply/Resistance Zone (15m): 51438 - 51583 (inside the 75m Supply Zone) Far Supply/Resistance Zone (125m) for Weekly Trade: 51309 - 51609 Note: As of writing this, GIFTNIFTY is trading 180 points negative, indicating we might see a gap-down opening.
NSE:BANKNIFTY
by PriteshPalan
BankNifty Intraday Support & Resistance Levels for 07.08.2024On Tuesday, BankNifty opened gap up but failed to sustain, falling below the previous day's low before closing at 49748.30. For the second consecutive day, BankNifty closed inside the Weekly Demand Zone (49530 - 50253). Weekly zones are considered strong, and if the low is not broken, we might see a bounce from the Weekly Demand Zone. The weekly trend (50 SMA) turned sideways from positive, and the daily trend (50 SMA) is now negative. Support Levels: Major Demand/Support Zone (Weekly): 49530 - 50253 (currently price is inside the zone) Resistance Levels: Near Supply/Resistance Zone (15m): 50337 - 50530 Near Supply/Resistance Zone (15m): 51438 - 51583 (inside the 125m Supply Zone) Far Supply/Resistance Zone (125m) for Weekly Trade: 51309 - 51609 Note: As of writing this, GIFTNIFTY is trading 250 points positive, indicating we might see a gap-up opening, and the near 15m Supply zone may get violated.
NSE:BANKNIFTY
by PriteshPalan
BANKNIFTY Intraday Trade Setup For 7 Aug 2024BANKNIFTY Intraday Trade Setup For 7 Aug 2024 Bullish-Above 50260 Invalid-Below 50150 T- 50950 Bearish-Below 49650 Invalid-Above 49760 T- 48748 BANKNIFTY has closed on a bearish note once again and sell on rise approach worked well. Sell on rise means if there is a bounce then look for bearish reversal price structure in 5 Min TF to sell. It opened with a gap up directly near buy level.10 o'clock range broke downside below 50335 and fell till 49660. Tomorrow once again we will sell below 49650 on a flat opening. In case 50260 is broken in the upside then possibility of a short covering. Coming to Wednesday's trade setup, if index opens flat and a 15 Min candle closes above 50260 then we will long for the target of 50950. For selling we need a 15 Min candle close below 49650. T- 48748. 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