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...
Bank Nifty witnessed slow recovery towards 50500 level after sustaining above prev week Highs
More details we will share in Post Market Analysis
*For Educational Purpose
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BankNifty closed at the psychological level of 50,000 after testing the near-demand zone mentioned in the previous post. The weekly trend (50 SMA) is positive, while the daily trend is sideways.
Support Levels:
Near Support/Demand Zone (15m): 49,693 - 49,778
Far Small Support/Demand Zone (15m): 49,225 - 49,451
Far Support Zone (15m): 48,801 - 49,055 (tested...
As 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...
Reason for shorting:
As per Elliott Wave theory, Bank Nifty has completed the 1, 2, 3, 4, 5 moves, and wave 5 went up in a contracting triangle ED (Ending Diagonal).
It has completed a degree, and now we are expecting a correction. Based on Fibonacci retracement levels, our minimum targets are 0.618 and 0.786.
Time Frame: Weekly
Stop Loss: Above ATH...
As 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...
BankNifty Stance Bullish ⬆️
The stance of banknifty is still bullish, but the pattern is not like Nifty50. Banks are a bit weaker than Nifty. If you notice today, Nifty50 hits its intraday low around 11.20 whereas BN hit it around 15.00. Till 11.20 both N50 and BN were moving alike after which BN did not recover but kept melting down slowly.
Still, we ended the...
We have a good shorting opportunity in Bank Nifty for a short-term bearish trade.
Disclosure: I am not SEBI registered. The information provided here is for educational purposes only.
BankNifty broke the intraday supply zone (15m) yesterday, reaching a high of 50,233. However, due to selling pressure from the major resistance zone (Daily) mentioned in earlier posts, it could not sustain and close above the 50,000 mark. BankNifty closed near the 15m demand/support zone created yesterday. If this support holds, we might see fresh buying in...
Good morning, friends! 🌺🍬 Here are the directions for June 11th:
There are no significant changes in the global market. It is still maintaining a moderately bullish sentiment based on the Dow Jones, while our local market also maintains a bullish trend. Today, the market may open with a neutral start, as indicated by GiftNifty, which shows an increase of 30...
Who will be the next finance minister would be something that Banks and Financial services sector would be keenly watching. For a stronger banking sector, we might need a tougher PM - someone who can make rational decisions.
Will people who did not contest Lok Sabha elections be given a financial ministry berth? I hope not, personally I think FM is more important...
As 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...
BankNifty Analysis
BankNifty opened gap up and quite above the 48947 resistance line. The beauty of the price action today was that, we never fell below this support level - this could be taken as evidence of bullishness.
And like old times, the pattern appears to be a W, double bottom. Each of the levels appears perfectly landing on either the support or the...
Banks 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...
Banknifty 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...
As 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...
BankNifty 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...
Last 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,...
