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Bankniftytradesetup

Banknifty prediction for tomorrow 07 Mar 24As we discussed, the Banknifty breakout gave quite a nice target today. As it was expiry today, the market turned sideways in the afternoon. If we look at the chart now: The market is trading at the resistance zone right now. Today, it has been sideways at resistance. After that, some selling came with good volume, which may be because of expiry today. The RSI trendline has also broken down to the downside. If we look at the OI data: PCR = 0.9 shows bullish market sentiments. But as it is just the start of the week, this does not contribute much for now. There can be 2 cases, as marked on the chart. Case 1: if it takes support at 47850, then it can move till 48600(ATH). Case 2: Might consolidate in the range 47500-48000. Reasons: BN is trading at the resistance Zone. 4H-TF resistance trendline. All-time high resistance Zone The RSI trendline has broken down to the downside. There might be some correction or consolidation. PCR = 0.9 shows bullish sentiments. 48000 is maxPain while 47500 is a good resistance according to the OI data. The above side is not much CE writing that shows the market is going to be HIGHER HIGH in upcoming sessions. VWAP = Price shows price is balanced. Verdict: Sideways or Bullish Plan of action: Case1: Sell 47800 PE (Hedge it with 20 rs PE) Case 2: Iron condor in range 47500-48000.
NSE:BANKNIFTY
by finnova_
#Banknifty directions and levels for March 6th.The Banknifty structure is a little different; as per the wave structure, there is a pullback wave bending (minor sub-wave 5th). So, if the market breaks yesterday's high, then we can expect a range between 47821 to 47957. Since this is the 5th wave, once it rejects there, we can anticipate a correctional wave that may take a 23 to 38% Fibonacci correction to the minor swing. however, if it sustains there(47957) then we can expect further extension. Alternatively, if it declines initially, the 47427 level will act as a crucial support. If it finds support there, then we can initially expect a range market for rally continuation. However, if it breaks, it might turn into an overall correction phase."
NSE:BANKNIFTY
by Manickamtraders
05 Mar ’24 — BankNifty Algos gave 50% profit in opening hour!BankNifty Analysis - Stance Bullish ⬆️ BankNifty gets a status change today to bullish. Look at the 12.47 candle that took out the resistance of 47465. Even the next candle formed was strongly bullish. We are now at a stage where BankNifty is strongly bullish and Nifty is showing some weakness due to the tech sector. If Nifty starts falling, there is no way BankNifty can remain in green, although it has happened many times in the past. Over the last many months, the IT sector has gained more weightage on Nifty50, I started noticing this after the inclusion of LTIM in the index. 4mts chart On the higher timeframe, BankNifty managed to get 2 63mts candles above the resistance line. Our stance change came right after the 12.24 candle as the signs were pretty clear. On a normal day, a resistance break usually signifies a much more powerful breakout rally. We are quite not sure whether we will get that tomorrow as US markets are trading in deep RED. If BN falls below 47465 or opens gap-down below this support level we will revert to a neutral stance. And since it is the weekly expiry tomorrow - we expect the premiums to pick up if that happens. As it stands the premiums of the OTM are not good enough for some serious speculation. 63mts chart – Algo Trading Our algo trades ended today with a gain of 17997 rupees. Again pulled the plug early today i.e. at 10.24. As per my backtests the max possible gain intraday is Rs36000 and since we hit 50% of that in the opening hour - decided to exit prematurely.
NSE:BANKNIFTYLong
by viswaram
Levels and zones for Banknifty remains same NSE:BANKNIFTY 1) Don't Jump in to trade at the beginning of the market. Let it get settle for 15-20min first and judge the price action. 2) Everything is mentioned on the chart. I hope it is easy to understand. 3) All the levels will work as support, resistance, entry and exit w.r.t price action near that level. 4) Avoid gap up or gap down chase. Wait and trade between zones. Please refer below chart for levels. Hope I made it easy to understand it. Do comment your doubt or suggestion. Note: Trade with Strict SL. It may or may not hit all the levels. So one can book profit / loss at respective level considering how price action works near that level.
NSE:BANKNIFTY
by Trading_hawk
FASP levels for Bank Nifty 06/03/2024The FASP for BankNifty is listed for 06-03-2024. You can add this levels to your trade setup for better results. This should not be the only indicator but an additional tool to increase your winning possibilities. What is Fibolysis Anchor SupRes Points(FASP)? It is a unique level arrived by using Fibonacci Retracement , Fibonacci Extension , Standard Pivot levels under various Timeframes. It is an extensively analyzed level to draw the support and resistance levels for the next day. You can use these levels along with your trade setup to increase your winning odds. Validity of the levels: 1 Day How to use these levels? The three levels on both sides are usually easily achievable. The Targets above are bit difficult to achieve in a single trading session. I use this fact to write intraday positions and to buy options. Color Coding: Green is regular support and buying area, Red is strong exit area Disclaimer: This is shared in the interest of educational purpose and for knowledge enhancement. Kindly refer it in the same light. I am not responsible for any profits or loss incurred based on this information.
NSE:BANKNIFTY
by SathishChandrasekaran
#Banknifty directions and levels for March 5thBanknifty is following a 5th ending diagonal pattern. So if the market breaks yesterday's high, it will reach the fib level 78% with minor consolidation. After that, if it rejects there, we can expect a minimum of a 23 to 38% correctional wave. However, if it sustains there (consolidates), then it might turn into an extension variation. On the other hand, if the initial market declines, then we can consider that as an expanding flat variation, meaning the 4th wave continuation. If it finds support around the demand zone, then we can expect consolidation for the 5th impulse wave. However, if it breaks the demand zone, then the correction will continue.
NSE:BANKNIFTY
by Manickamtraders
FASP levels for Bank Nifty 05/03/2024The FASP for BankNifty is listed for 05-03-2024. You can add this levels to your trade setup for better results. This should not be the only indicator but an additional tool to increase your winning possibilities. What is Fibolysis Anchor SupRes Points(FASP)? It is a unique level arrived by using Fibonacci Retracement , Fibonacci Extension , Standard Pivot levels under various Timeframes. It is an extensively analyzed level to draw the support and resistance levels for the next day. You can use these levels along with your trade setup to increase your winning odds. Validity of the levels: 1 Day How to use these levels? The three levels on both sides are usually easily achievable. The Targets above are bit difficult to achieve in a single trading session. I use this fact to write intraday positions and to buy options. Color Coding: Green is regular support and buying area, Red is strong exit area Disclaimer: This is shared in the interest of educational purpose and for knowledge enhancement. Kindly refer it in the same light. I am not responsible for any profits or loss incurred based on this information.
NSE:BANKNIFTY
by SathishChandrasekaran
BANKNIFTY prediction for tomorrow 5th MAR 24As we discussed BANKNIFTY yesterday, Banknifty resulted sideways. Bulls guarded the support level tightly. If we look at the chart data now: The market has been taking support at the 47300 level. We were expecting some consolidation in the market today, which happened today. Now we have to wait for it to break the range (47200-47500) to the upside. If we look at the OI data: Pcr = 1.22 (Bullish), which has fallen from 1.44 because of the market's sideways momentum. 47500 is MAXPAIN. Once it's broken to the upside, we can say the market is good to go till 48000. there is not much CE writing on higher levels. I am expecting the market to consolidate for 1 or 2 days and then a good bullish move till the 48600 levels ass target. Reasons: Price > EMAs(13,50,200) shows markets is having bullish sentiment. (Bullish) RSI > 60 having bearish divergence. The market needs some more consolidation to correct the value of RSI. PCR = 1.22 shows good strength of bulls; there is not much CE writing at higher levels. RSI is reaching 77, which was working as resistance previously. (sideways) Verdict: Bullish Plan of action: Case 1: Sell 47500 PE (Hedge it with 20 rs PE) Case 2: wait for the market to take support to get bullish.
NSE:BANKNIFTYLong
by finnova_
1
BANKNIFTY Intraday Trade Setup For 4 Mar 2024BANKNIFTY Intraday Trade Setup For 4 Mar 2024 Bullish-Above 47450 Invalid-Below 47340 T- 47950 48450 Buy_2- From 46645 Invalid-Below 46535 T- 47000 47450 BANKNIFTY has closed on a slight bullish note with 1% gain last week. It has given a strong breakout candle on Friday , it is the 2nd attempt to cross 46600 CB. Index seems ready for a fresh ATH journey again. But as of now it is near a trendline resistance if drawn from ATH. So a pullback scenario looks high as per current positioning before the start of impulse. It can test 46645 zone and this can be a buying zone with a very small sl. Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes above 47450 then we will long for the target of 47950 and 48450. 2nd buying can be done from 46645. T- 47000 and 47450. 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 Trade Setup | 4th MarSaturday was a special trading session and BankNifty opened with a gap-up around 47430 and that was the high of a small trading session. For tomorrow, BankNifty has to sustain above 47520 for further upside which can take BankNifty towards 47650 and upper marked levels. On the other side, if BankNifty breaks 47180 on downside, we expect to see 47050 and below marked levels on the chart. Expectations: Volatile day. Intraday Levels: Buy Above - 47520 Sell Below - 47180 To motivate us, Please like the idea If you agree with the analysis. Happy Trading! InvestPro India Team
NSE:BANKNIFTY
by InvestPro_India
1
BANKNIFTY prediction for tomorrow 4th Mar 24As we have discussed, Banknifty's bullish behavior in our last session gave a really nice momentum with 2.4%. If we look at the chart: The Banknifty has broken above the trendline, which indicates that the market is currently showing extremely excellent bullish momentum. After this breakout, the market can continue to the level of 48600. The market has been in the consolidation phase for the past 3 months. As it has given a breakout now, I am expecting at least of48600(ATH) to touch again. If we look at the OI data: PCR = 1.44 shows huge bullishness in the market. 47000 & 46500 is having huge PE writing at lower levels. Higher levels have CE writing at 47500 & 48000, which is significantly less compared to bulls. If we look at the FII & DII data, FII is medium bearish because of the resistance zone at 47250, whereas clients are Strongly bullish because of the breakout. I am expecting the market to go Higher High(HH) till the level of 48500. Reasons: Price > EMAs(13,50,200) shows markets is having bullish sentiment. (Bullish) RSI > 60 shows the market is in control of bulls right now. (Bullish) PCR = 1.44 shows good strength of bulls at lower levels. Price > VWAP indicates the market has a bullish nature and tends to move higher in the upcoming session. 47500 seems to be maxPain. If it breaks to the upside, it would be easier for bulls to drag the market to 48500 easily. RSI is reaching 77 which is working as resistance previously. (sideways) Verdict: Bullish Plan of action: Case 1: Sell 47500 PE (Hedge it with 20 rs PE) Case 2: wait for the market to take support to get bullish.
NSE:BANKNIFTYLong
by finnova_
6
Market wait to decide trend. Weekly closing around crucial level The weekly chart of the market has closed around an interesting resistance zone. Even RSI indicator is showing some strength but price action needs to confirm. Fibonacci Golden Ratio is also in sink with the resistance zone and on the contrary it took support on the weekly charts from the major trend Golden ratio. There is a confusion as both the indices are showing some gap and they will pull each other. If nifty keeps it rally and banknifty sustain and starts trading above the resistance zone, banknifty will reached new ATH. In case banknifty face rejection from these levels and starts trading below the weekly 20 EMA, it will pull bank nifty. There will be a double bottom probability around the support zone or a M pattern formaiton on the weekly charts. This week need to close above 47300 levls to prove its bullish, else have to wait for another week on the positional trade. If the market moves sideways, some good entries and exits can be taken from these zone. Monthly candle close is still in between. Next week clear monthly view can be seen. High probability of market deciding the trend is there in this week. Positional trades from the next month expiry may be triggered this week as per the price action formation.
NSE:BANKNIFTY
by Mambotrade