Banknifty Price ActionBuy Banknifty If Any Weekly Close Above 46370
SL - 44700 ( Weekly Closing Basis )
Target - 47500/49000
Bankniftytrading
26 Jul ’23 Post Mortem on BankNifty | Options premiums are LOWBanknifty on the other hand gave a trend reversal signal in just a day. For nifty we had atleast 3 days in succession. I took some short positions yesterday intraday and was all geared up to further attack by shorting more CALLS today.
The opening minutes looked encouraging, so did the period from 10.35 to 11.15 but 2 things went against it.
The options data showed lack of interest in creating CE credit spreads i.e shorting near ATM call option and buying a far away OTM option.
Banknifty started to rally and take the place of NiftyIT which reversed from its intraday high.
It was like 2 brothers who came prepared from evening to support their sister, when one brother got tired, the other one jumped in. In our case the BankNifty brother did more than just support - it rallied an impressive 252pts ~ 0.55% up till 14.30.
The short trade negation came in banknifty only after the 46000 got taken out. Let us see how the expiry day is getting played out tomorrow because as it stands the options premium in banknifty looks pretty low. The India VIX staying in the 10 range is also a discouragement for the bears that are still left.
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Please comment with your thoughts, opinion or bias, I will respond with mine!
Banknifty levels update 26/7/2023As per the chart, you can see new trendline, support, and resistance which will help you to find market direction, and in my view market will be stuck in the range of 45500 to 46250 for this week.
Banknifty Analysis 25.07.23Bank Nifty Swing support at 45860
Bank Nifty Swing Resistance at 46250
expecting reversal trade from Swing Support
Banknifty trade plan for 25-07-2023No proper price action , no clear trend, no clear levels to play out,
stay cautious.
Nifty is bearish and BN has no sign of bearishness, jut retracement.
So big move is not possible as both index are not in line, BN may hit the target first then reverse and get in line with nifty.
24 Jul ’23 Post Mortem on BankNifty -Bulls lost control? Not YETI had a long call on banknifty and a short call on nifty50. All of us know very well that the probability of that happening is quite rare. Well we go as per what the chart says, banknifty showed strength on the last working day even when nifty was falling.
Today also banknifty was staying strong until the 286pt fall from 11.30 to 11.55 - just after this price move weak links started appearing among the component stocks. The main culprit for today’s fall was Kotak bank that fell 3.7%. I would really say this could be a start!
When HDFCBK came with results, we discussed the possibility of NPAs rising. In fact a rising NPA in an interest rate rising regime poses the same danger as an avalanche. When cracks start appearing - the breaks are going to be profound. Currently most of the banks will have good quarterly results mainly because they would have pushed the rate hike to their credit accounts (loans). The real test comes in when these loans go bad (default).
I am not inclined to go short on banknifty yet, would like to see the price action for 2 more days before deciding. 45830 levels also might offer a small support - if this breaks then it might be interesting to look out for bearish opportunities. During the closing hour there was a small hint that CALL writers are getting interested - this might help tip the balance to the bearish side!
Banknifty daily analysis for 25/07/23.Banknifty has been trading in a parallel channel and today in the second half of the session has consolidated forming a red candle.
On the hourly charts, it traded around the 20 ema and closed near to the levels. The market has been consolidating and forming a falling wedge pattern. Break out can good trade points in coming days.
Market traded below the previous day low but didn't travelled to test the lows and took support from the trend line.
On 15 minutes charts, market has closed below the 20 ema and has taken constant rejection from the levels.
Support :- 45850, 45650
Resistance :- 46080, 46260
Wait for the price action near the levels before entering the market.
Banknifty trad eplan for 24-07-2023While BN is yet to achieve its short term target.
Combining with nifty, while nifty fill then gap BN can make its short term target and then reverse with nifty.
Stay cautious, and do not trade random.
21 Jul ’23 Post Mortem on BankNifty, still in a bullish trendBanknifty on the other hand was staying strong today, although it opened gap down, it closed down the distance in the opening 5mts itself. After hitting a new ATH of 46369.5, it started falling gradually.
Banks were not at all looking weak today. Infosys fell due to poor guidance & Reliance fell after the demerger activity. Financial sector along with pharma and auto was providing support to nifty today.
Between 09.25 to 12.25, banknifty shed 442pts ~ 0.95%, this was the period when nifty hit the initial low of the day. The real divergence came between 12.30 to 13.45 where banknifty retraced 318pts but nifty was unable to recover. A deeper look at the options flow would be useful to find the root cause why banknifty had no plans to fall today.
CALL credit spreads were not getting written, this usually drives the options premium and gives a clue if banknifty is about to fall.
The near money PUT premiums were not rising nor the implied volatility.
Banks cannot stay high in isolation, usually when nifty makes large directional movement - the components & sub indices also align their direction in tandem. This is true even if they are in a counter trend independently.
Banknifty is not looking bearish nor any short opportunity is directly visible, we will assess the situation on monday on how Nifty reacts to RELIANCE, SBI, ICICI numbers.
#bankniftyGood morning, friends. Sorry for the late post; I couldn't predict the opening market, so there was a delay. The BankNifty is moving a little bit neutrally, and it will likely experience some minor consolidation between today's high and the Fib level of 38%. After that, if it breaks today's high, we can expect a rally continuation. On the other hand, if it breaks the 38% level immediately, it might turn into a correction.
KotakBank BO of 18 month consolidationHi guys, A bullish breakout of more than 18 month long consolidation has been oberved in NSE:KOTAKBANK . If it managed to close above the trendline today then we can create a fresh position in the scrip at todays closing. sl and targets will be shared later.
Exit the position if the stop loss is triggered on WCB.
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BANKNIFTY--Inside candle + Up = Fall ??After Showing strong Bullish Pressure towards new ATH, price showing strong bearish pressure.
price also forms a inside candle, and yesterday shows a strong bullish momentum again.
if this bullish momentum sustains...or falls again.
Considering that inside candle as consolidation at Previous ATH levels,
and shows us a bullish momentum, so if we consider this as
Bearish Pressure + Consolidation + Upside = Great fall.
if we observe after breaking the trendline no retest is observed in higher timeframes,
a strong bullish move is observed from 44700-44750 levels.
if price failed to take the help of previous HH, and bottom side Demand fails,
we can expect a strong fall.
Will see what happens in live market...
Thanks for your support.
[INTRADAY] #BANKNIFTY PE & CE Levels(21/07/2023) Today will be gap Down opening in BANKNIFTY . After opening if banknifty Start Trading Below 45950 level then possible downside rally of 400-500 points upto 45550 Level. Any Major upside only expected in case banknifty starts trading Above 46050 level. Also Possible Reversal Upside 45550 Level.
Banknifty trade plan for 21-07-2023Nifty had very steep rally, so nothing much to analyse, where BN structure is still trade-able as support zone is nearby.
Buy on dip suitable, more then intraday, positional trades are more beneficial.
watch for first hr to confirm the clear direction small scalp trades would be good, big move is less probability.
20 Jul ’23 Post Mortem on BankNifty | Bull run is not stopping!Banknifty also outperformed this week, between the last expiry & today it is up 1443pts ~ 3.23%.
Unlike Nifty50 my positional call on Banknifty did not go wrong, that was mainly because we negated a bearish trend line this week. Usually when the trendlines are broken the breakout momentum is so strong that it could take the index to an overbought level too.
Daily Analysis
Banknifty’s 5mts pattern has some story to tell, notice the period till 10.00 where nifty was falling, banknifty held its ground. In fact the real rally did not take off till 11.45. From there it went up 497pts ~ 1.09% by 14.30. This rally from a point of strength gave a steady grip for Nifty to play its natural game!
We made a new ATH of 46256 today, the weird thing is we had a retracement of 231pts ~ 0.5% between 14.30 to 14.50, the pullback to that was more weird - we gained back all those points in the next 20pts.
The expiry premiums for the PEs were quite unrealistic, the premiums were jumping so aggressively that it gave out a lot of easy money minting opportunities. Usually the volatility increases like this during market crashes. Probably this would be the first time where the PUT options were in deep green when the markets were going up.
#bankniftyGood morning! As of July 20th, the global market is indicating a positive start with GIFT Nifty showing a +2 points increase, resulting in a moderate bullish market sentiment. There is no significant difference compared to the last session, and there is a possibility of a slight gap-up opening. If the market maintains its structure, we can expect a rally continuation with minor corrections. However, in the event of a sharp decline in the initial market, we can anticipate only a minor correction.
19 Jul ’23 Post Mortem on BankNifty, Upside looks very promisingBanknifty on the other hand had a perfect range bound trade today, the option prices also reflected this & there was absolutely no spike in premiums.
Yesterday we had an action packed price action, whereas it was calm and quiet today. So we have an inside day today meaning the big-boys have taken a day of rest. Most likely we could see a continuation of price action of what we had on 18th July.
But these days Banknify has lost its wild swinging nature, in fact Nifty is showing more tendency to swing. Like mentioned earlier, reasons like this are prompting banknifty traders to switch back to nifty for more bang!
1hr TF should show bullishness, again due to the bearish trend line breakout. The retest of the trend line should happen real quick if bears would like to pass a message, otherwise the field is set for more bull runs.
Again I wish to stay out from trading as we dont have strong support levels.Only if the premiums look enticing, I could go ahead and sell them. Tomorrow’s expiry looks uneventful if the premiums stay like this. Let us hope RELIANCE brings in some drama tomorrow & the banks are called upon to counterbalance the weight on Nifty50.
Banknifty daily analysis for 20/07/23.An Inside candle has been formed on the daily chart and a dragon fly doji has been formed.
Market closed gaining 260 points. There was a gap up and a profit booking took market down.
Supports are nearby and the market is still in the bullish move.
On the hourly chart, a V shape recovery was there. And it is trading above the moving averages.
Today option buyer might have red PnL.
Support :- 45470, 45350
Resistance :- 45690, 45850
Tomorrow is weekly expiry and if market gives a breakout around 12:30, its likely to carry on.
Wait for the price action near the levels before entering the market.
Banknifty Important Intraday Levels !Banknifty important intraday levels to watch are as follows.
#Immediate support: 45560
#Immediate resistance: 45650
#Buy above : 45650 on candle closing basis.
Target 1: 45780-800
Target 2: 45900
#Sell below: 45560 on candle closing basis.
Target 1: 45430
Target 2: 45290
always use strict stoploss.
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Banknifty future chart analysis for 19.07.2023It may face the same faith if it goes below -45281
but if it goes above 45624 then it will be free and will
have an executive order to go past 45839.
Banknifty trade plan for 19-10-2023Banknifty price action is bit dicey.
A little more dip could be give a good RR trade set up, if gap down,
If gap up opening then better to wait for clear direction , minimum retracement can expect is upto today's close to fill the gap and then upside rally can be seen.
18 Jul ’23 Post Mortem on BankNifty | 557pts fall in 1hr ?Banknifty saw some profit booking today & it seems healthy. Thats right after we broke the all time high by 09.25. Interestingly finnifty also hit the day’s high at the same timeline but it could not take out the previous ATH.
There was a fall of 557pts ~ 1.22% between 11.15 to 12.20 but even this did not take banknifty much below the prev. close of 45449.75. It also means the selling momentum was not picking up pace - another bad news for the bears.
Also the impact on Nifty50 was not heavy as NiftyIT started to support and rallied almost 1.6% afternoon.
Hitting a new ATH for banknifty was something special, this has to do with the impressive quarterly results. Seems like the other banks may have similar or better numbers to report than Hdfcbk, saw the IndusInd bank results post market hours - that looked good as well.
On an hourly time-frame banknifty is sill looking bullish - mostly because of its trend line break and the break-out momentum. Today’s fall was also arrested quickly which may be of interest to the bulls.
FASP levels for Bank Nifty 19/07/2023The FASP for BankNifty is listed for 19-07-2023. 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.
