Bankniftytrading
#Banknifty directions and levels for March 1st.Banknifty closed +150 points with a range-bound structure in the last session. Giftnifty indicates a gap-up start. If the gap-up breaks or sustains around 46448, then we can expect further rally continuation. However, if the market rejects there (46448) or if the initial market declines sharply, then structurally the range market will continue. we could wait for the 38% Fib level breakout for confirmation. If it breaks the 38%, then we can expect a 61 to 78% correction."
Bank Nifty (Neowave Update)NSE:BANKNIFTY
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Degree full forms-
L1 stand for Long term wave 1 and so on
M1 stand for Medium term wave 1 and so on
S1 stand for short term wave 1 and so on
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Key Points-
Stoploss- 44780
This needs to break for the confirmation of downside.
Support level- 45661
Use this as a stoploss for buying position
Target1 - 47200, Target-2 48800
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Probablities-
# we are in up cycles now, which is in sync with SC series.
So we will see bulllish ((i)) , ((ii)) and so on count.
#There is always comes a word "but" which says follow risk managment.
But Scenerios
Incase 1 support level is hit, Than stoploss also hit mean cycles is change.
Incase 2 if support level is hit and stoploss is not, than SC4 is still going
changes of case 1 is more in case of breaking of support level.
Thank You
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Medium Term Forecast
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Banknifty prediction for tomorrow 1 March 24As we discussed yesterday, bank nifty took support at 45600 and then moved back to the bullish side with huge volatility.
If we look at the chart data:
The market is trading below the 200 EMA-(30-min TF). which may provide a good resistance at this point. 45700 has proven to be a good support zone. RSI still needs more strength to get a good bullish momentum.
If we look at the OI data:
PCR = 0.82, which shows the market's bullish sentiments. 46000 is going to be MAXPAIN. There is good resistance to CE shorting at each upper level. However, there is not much OI build-up on the lower side.
I am expecting the market to take a bearish momentum till 45700, and then it will take support and pull back stronger.
Reasons:
200 EMA > Price > EMA(13), which shows the market has bullish sentiment but not enough strength to make a good bullish move. (sideways)
200 EMA is going to provide good resistance at this level for now. (sideways)
RSI is in the range of 40-60, which is mostly sideways. (sideways)
The last two candles show a heavy fight between bulls and bearish. (sideways)
Price >= VWAP, which shows that price is balanced with volume. (Bullish)
PCR = 0.82, which shows the market's bullish sentiments
Verdict:
Sideways
Plan of action:
Make a bull position once the market takes support at 45700.
FASP levels for Bank Nifty 29/02/2024The FASP for BankNifty is listed for 29-02-2024. 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.
Banknifty prediction for tomorrow 29 Feb 24Let's discuss the BANKNIFTY prediction for tomorrow, as today was expiry, and it gave a nice fall.
If we look at the chart data:
The market is making a flag and pole pattern. Right now, it's in the Flag process, taking support at the lower trendline. 45600 seems to be the next good support point.
If we look at the OI data:
PCR = 0.60 shows the bearish market structure. Where 46000 is MAXPAIN. There are multiple resistances to the upside. But there is very little support on the lower side except 45500.
All important levels have been marked at chart.
If we look at the FII & DII data, it directly indicates a bearish market structure where pros have heavily shorted options.
Now, there are two cases at this point.
Case 1: The market can take support at this support line. And move to the bull side.
Case 2: If the market is broken to the downside, the next support point is at 45573.
Reasons:
Price < EMAs, which shows bearish market structure.
RSI < 40 shows weak bulls strength.
OI data PCR = 0.60 shows heavy bearish.
Making flag and pole pattern, which might lead to bullish momentum from the point at the trendline.
Verdict:
Bearish
Plan of Action:
Case 1: If the market takes support at the trendline. --> SELL 46000 PE (Hedge it with 20 rs PE)
Case 2: If the market breaks the downside --> Wait for it to make price action at 45573.
If there is any doubt pls comment I will be happy to clearify.
Bank Nifty analysis for 28th feb 2024if bank nifty breaks out the level marked in the chart, it may go upside.
Disclaimer: All information provided here is for educational purposes and not a recommendation. Analysis Posted here is just our view/personal study method on the stock. Do your own analysis or consult your financial advisor before making any investment decision.
FASP levels for Bank Nifty 28/02/2024The FASP for BankNifty is listed for 28-02-2024. 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.
#Banknifty directions and levels for FEB 28Banknifty is still a little different from Nifty. If the gap-up sustains and breaks the immediate resistance (50%), then we can expect further continuation. However, if it rejects around the immediate resistance (50%) or if the initial market takes sharp declines, then we can expect a range market. The correction will occur only if it breaks the previous swing low.
27 Feb ’24 — Banks are still neutral, but in the Bearish ChannelBankNifty Analysis - Stance Neutral ➡️
BankNifty is still managing to stay below the bearish trend top line and that means we are in the bearish channel as of now. You might wonder if we are in the bearish channel - why is our stance still neutral? The answer is that, even though we have entered the bearish channel, BN has not shown any signs of breakdown. We are still knocking the resistance level and trying to keep up with Nift50’s direction.
4mts chart
Over the last 2 months, most of my directional bets have gone awkwardly wrong. On investigation, I came to know that it is because of NiftyIT. The level of uncertainty and the swing range of IT stocks are really taking a toll on the stability of Nifty50. Either we need to have FnO enabled on NiftyIT so that we can hedge and tide over the problems it is causing or the Banks have to take charge and cast them out.
63mts chart
On the higher timeframe, BN is still following the double-top pattern with the trades being conducted in the bearish channel. To go bullish, BN has to reclaim the 47465 resistance whereas to go bearish all it has to do is just fall another 650 to 700 points. We wish to look out of neutral trades till the directional clues emerge.
Algo Trading
Our algo trades ended today with a gain of 17460. We closed the trades prematurely as 85% of the day’s target was hit within 11.29 and did not want to risk the lead.
Bank Nifty analysis for 27th feb 2024If bank nifty breaks the downward channel, it may go near 47000 level.
Disclaimer: All information provided here is for educational purposes and not a recommendation. Analysis Posted here is just our view/personal study method on the stock. Do your own analysis or consult your financial advisor before making any investment decision.
#Banknifty directions and levels for FEB 27thBanknifty has undergone consolidation in the last session. If today's gap-up sustains, then we can expect 47089, which is a triangle resistance level (78%). If it rejects there, then the range market will continue for another one or two days. Alternatively, if it breaks, then we can expect a rally continuation in the upcoming trading session.
Alternatively, if the gap-up doesn't sustain and breaks the previous day's low, then we can expect a correction that will reach a minimum of the demand zone at 46320. After that, if it finds support there, then we can expect a minor pullback. However, if it breaks that level, then the correction will likely continue.
26 Feb ’24 — Banks showing some weakness, below the bearish lineBankNifty Analysis - Stance Neutral ➡️
BankNifty on the other hand was looking weaker. Technically BN only lost 0.5% vs Nifty 0.41% - but the price action & visual impact showed the Banks ceding their bullish control. If you look at the sloping bearish trend line, we opened below that went up for a brief time and then fell back below water. We rejected the resistance twice today showing some signs of the steam cooling off.
4mts chart
On the higher timeframe, we have not yet broken away from the bearish resistance line. But the double top formation also leaves a visual clue. If the bulls had more control of the situation, they should have knocked out the 47465 resistance by now. It all depends on how BN will trade tomorrow and Wednesday. This time around, the torch bearer for Nifty50’s directional trend was all NiftyIT. BankNifty was the laggard and with 37% of weightage, it is quite impossible to rule out the strength of the banks. The first thing we would like to do tomorrow is to find some non-directional trades if BN stays in the bearish channel. To go bullish, BN will have to take out the peak of the double top formation i.e. 47250+ levels.
63mts chart
Algo Trading
Our algo trades ended today with a gain of Rs19367 today, we manually squared off the trades by 14.45 to protect the profits.
Bank Nifty - 27/02/2024 - LevelsHello Traders, Welcome to SriTrader5121
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Bank Nifty - 27/02/2024 - Levels
IMPORTENT ZONE FOR THE DAY: 46610 – 46650
Important Support and Resistance for the Day...
Support - Resistance -
Support-1: 46510 Resistance-1: 46650
Support-2: 46400 Resistance-2: 46800
Support-3: 46330 Resistance-3: 46950
Support-4: 46100 Resistance-4: 47000
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Happy Learning and Trading – TST5121
Rules to fallow...
1) Trade with Strict Stop Loss.
2) Trade with Small Quantity.
3) Take entries based on Support & Resistance Levels.
Please take the trade according to the levels marked, with Risk-Reward.
This is not a Buy or Sell recommendation to anyone.
Take entries after your own analysis.
This is for education purpose and a helping hand to learn trading in market.
NOTE: Trade with Strict Stop Loss. It may or may not hit all levels. So one can book profit / loss at respective level considering how price action works near that level.
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SHORT FORM &FULL FORM
20 -> 20 EMA in Day
Red Zones... -> Resistance-Zones
Green Zones... -> Support-Zones
IMP -> Important
PDH -> Previous Day High
PDL -> Previous Day Low
PDC -> Previous Day Close
PDO -> Previous Day Open
PWH -> Previous Week High
PWO -> Previous Week Open
PWC -> Previous Week Close
PWL -> Previous Week Low
D_S -> Day Support
D_R -> Day Resistance
W_S -> Week Support
W_R -> Week Resistance
W_O -> Week Open
W_C -> Week Close
LW_O -> Last Week Open
LW_C -> Last Week Close
MS -> Major Support
SH -> Swing-High
SL -> Swing-Low
DT -> Double Top
DB -> Double Bottom
TT -> Triple Top
TB -> Triple Bottom
TF -> Time Frame
BO -> Break-Out
RR -> Risk-Reward
SL -> Stop-Loss
GAP -> The area b/w Previous Day Close and Today Open
(S@*, R@*) -> Act as Major Support or Resistance-Zones (Be Alert, Chances to Market take Reversals)
BANKNIFTY text book double bottom BANKNIFTY looks to resume the rally to the highs of 48,500 once again after creating a textbook double bottom pattern which broke out from the neckline and consolidated at those levels.
Expect higher prices in the coming days .
Cheers
23 Feb ’24 — BankNifty rejects the bearish trend line.BankNifty Analysis - Stance Bullish ⬆️
BankNifty fell 108pts today and still, it looks bullish for us. The reason is, the bearish trend line was rejected and as long as we stay on top - we are immune to bear attack. A few candles were quite abnormal today, with the price action from 10.19 to 10.38 and then the 13.19 candle that single-handedly took out 193 points. Even after all that, the bears were not able to get a close below the support line.
4mts chart
On the higher time frame, BN has made a double top at 47200 levels. We will be considering that with a pinch of salt as we do not know what technical pattern gets a higher priority - the double top or the support rejection. We might have to go with the trend here and assume the direction is upward. We will only get to know this when BN attempts the next resistance of 47465. A resistance rejection would tip the scale in the Bear’s favor.
63mts chart
#banknifty directions and levels for FEB 23Banknifty also has the same sentiment, but there is no solid pullback. However, if the gap-up sustains and breaks the Fibonacci level of 78% (47160), then we can expect further continuation.
The alternate view is the same as with Nifty. If it rejects sharply around the 78% or if the gap-up doesn't sustain, then initially, we can expect a 23 to 38% Fibonacci correction. After that, if it finds support there, it may form a range for pullback continuation. However, if it breaks the Fibonacci level of 38%, then the correction may continue, and we can expect the Fibonacci level of 78% to the swing low."
22 Feb ’24 — BankNifty is bullish even though we had a RED DayBankNifty Analysis - Stance Bullish ⬆️
BankNifty did not have as much of a wild swing as Nifty50 had today, interestingly the SR trendline (blue sloping line in the below chart) was in action. We fell below this support at 09.59 and stood there till 14.59. Only in the last 30mts we managed to go above this level. If you notice in detail it is when BN crossed this resistance that N50 surged past its 22051 SR. Let us not steal the credit as it was all NiftyIT that helped N50 do its magic. BankNifty even though ended with a loss of 0.21% - we are still bullish on it.
4mts chart
In fact, we had one 63mts candle below the blue trend line today and ideally, we should have changed the status from bullish to neutral. Had BN stayed lower and not reclaimed its lost ground, we would have 100% gone with a neutral stance for tomorrow. As it stands the next resistance is at 47465 and it is a tough level. If the euphoria from the US markets is spilling to ours tomorrow (SPX +1.96%, NDQ +2.87% as of writing) - then we might even have an outlier GREEN session tomorrow.
63mts chart
Banknifty analysis for tomorrow 23 FebAs we have been discussing, Banknifty has had a double-bottom structure for the past week. It has been consolidating at the neckline.
Now, if we look at the chart data:
The market is trading at the resistance area. Where the 4h-TF trendline is providing resistance. Also, 47323 is our price action resistance. 46426 is our recent price action support, which is also confirmed support by 200 EMA.
If we look at OI data:
PCR = 0.99, which indicates bullish market sentiments. FII data shows indecisiveness. 47000 is acting as MAXPAIN. On the above side, 47500 will be nice resistance, whereas 46500 will provide a good support zone in upcoming sessions.
I expect the market to be sideways in the range of 46500-47350. above 47350, the market will be bullish.
Reasons:
Price > EMAs, which indicates bullish market sentiments.
RSI ~ 55. If it crosses 60 to the upside, It will be bullish. In a range of 40-60, the market will be sideways.
Volume analysis for today's activity shows a neutral behavior.
Pcr = 0.99 shows the market is bullish.
FII and DII data are mostly indecisive.
Verdict:
Sideways or Bullish
Plan of action:
Case 1: Range selling in the range 46500-47350.
Case 2: go bullish above 47350.
FASP levels for Bank Nifty 23/02/2024The FASP for BankNifty is listed for 23-02-2024. 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.
Banknifty prediction for tomorrow 21 Feb 24As we have been discussing, Banknifty double bottom pattern nature in a couple of days. Today, it has broken successfully to the upside.
Now, if we look at the chart data:
The market has broken the double bottom neckline to the upside. There is a higher chance for the market to go upside down. The market path for now is clear till 47500. There is a resistance trendline at 47500, which might hold the market for a bit.
If we look at OI data:
PCR = 1.55 indicates the market's super bullishness. There is only a little CE writing at higher levels till 47500. The market is now in bulls control. 47000 is MAXPAIN. Once the market momentum starts, it will go directly to 47500.
I expect the market to go bullish till the resistance trendline.
Reasons:
Price> EMAs show the market is having bullish sentiments.
RSI > 60 shows the market is in a bullish region.
Price> VWAP shows the market is bullish and has a balanced Price with volume.
OI data PCR = 1.55 shows the market is in full bull's control right now. Also, 47500 will be providing the next resistance in the market, which is also the resistance trendline.
Verdict:
Bullish
Plan of action:
Sell 47100 PE (hedge it with a 30 rs premium)
16 Feb ’24 — BankNifty will have to support N50 next week for ⬆️BankNifty Analysis - Stance Neutral ➡️
The move BankNifty made did not correlate with Nifty50 today. BN’s gap-up was sold into and then we recovered once the gap was closed. Yes, there was no selling pressure which was common to both. The straddles on BN were progressing better than expected when we had a quick surge and an equivalent fall between 13.31 and 14.11. We assume it may be connected with a news/event that broke about Paytm & selection of any of the banks for its payment settlements.
4mts chart
On the higher timeframe, you can notice how BN is making progress to its next resistance level of 47465. Since it is inside a descending (but not parallel) channel, it need not even break the resistance for a stance revision to bullish. All it has to do is take out the 47016 levels soon and break the upper end of the channel. Since Nifty50 has made its intention clear to go long, BankNifty willingly or not would have to support that cause. We wish to maintain a neutral stance till then and go bullish as and when the conditions specified are fulfilled.
63mts chart
Algo Trading
Our BankNifty algo trades ended today with a gain of 3835 points.
Banknifty prediction for tomorrow 19 Feb 24As we have been discussing, Banknifty has a bullish nature for a couple of analyses. Now it's reaching near the resistance zone @46970.
Now, if we look at the chart:
The market has broken to the upside; also, the market is making a double bottom if we look at the 4H frame. 46300 was good resistance, which broke to the upside. Now, I am expecting it to provide good support.
If we look at the OI data:
Pcr = 1.10, which shows the market is bullish. However, the above side 46970 will provide good resistance, which is also confirmed by OI heavy CE writing at the 47000 level. MaxPain, for now, is 46500. Once it's broken to the upside, the path to 46970 will be clear.
I expect the market to be volatile in this zone, as per the historical data. Right now, at a double bottom neckline. I am expecting volatility in 46300-46970.
Reasons:
The last two times, the market fell sharply from this level.
Price > EMA indicates bullishness in the market.
RSI is showing bearish divergence. Some consolidation is required at this point.
OI data Pcr = 1.10 shows bullishness. 46500 is MaxPain, and 47000 shows heavy CE writing.
VWAP ≥ price, which indicates bullishness in upcoming sessions.
Verdict:
Bullish till 46970 level.
Plan of action:
Be aware of opening high; if the market gap-up, there is a high chance of range bound in 46500-46970. Go with an Iron Condor in the range 46500-46970.
