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Bankniftytrading

#Banknifty directions and levels for September 9th.Bank Nifty: Bank Nifty shares a similar sentiment with Nifty. The structure shows a 5th sub-wave within the 3rd wave (minor swing). Structurally, further long correction is less likely, so once the market faces rejection around the immediate support level, we could see a bounce back of 23% to 38% in the minor swing, potentially marking the 4th wave. This is our first scenario. Alternate View: If the correction doesn't result in a pullback or if the market breaks the immediate support level decisively, the 3rd wave could extend further by up to 78%. >In this case, we should concentrate on the structure, as the 5th wave is a distribution wave. If the market breaks the support level with a solid candle or consolidates around it, the correction will likely continue. On the other hand, if the market approaches the support level gradually, it may not fall much further.
NSE:BANKNIFTY
by Manickamtraders
06 Sep 2024 BankNifty has fallen only 694pts, calling the bearsBankNifty Stance Neutral ➡️ BankNifty has lost only 694pts ~ 1.35% over the last week and interestingly 896pts drop came on Friday, 6th Sep. Our stance has been neutral for quite some time now and prefer to stay neutral until 49728 is not getting taken out. The daily candle of BN is quite different than Nifty. BN did not even retrace the top that it made on 4th July, whereas Nifty had gone past that level. Honestly, there is something that is bothering the banks. The news that the deposit growth is slowing could be one reason. My opinion is that our deposit rates are much higher and were raised much lower proportionately than in the US. At 6.5%, the repo rate is no longer attractive and is seducing the depositors to withdraw and park in riskier asset classes like Mutual funds. Then there is the news from what is happening in SEBI. The employees are protesting demanding better working conditions and obviously, the highlight is the corruption allegations of the SEBI Chief. The problem is that such allegations even if not true will impact the credibility of the Indian equity ecosystem, especially from a foreign investor point of view. If the allegations are true, then many companies will face the heat and among that, the biggest losers will be banks. Any company that has pledged its shares with the banks and if it is taken down, will drag the banks along with it. With dropping prices, the companies may face margin calls and banks will bear the heat. The main reason banks are reluctant to go up could be due to this reason. The first main support comes at 48947 and I hope we do not go there this week itself.
NSE:BANKNIFTY
by viswaram
Banknifty weekly expiry analysis for 04/09/2024.Banknifty has been lagging behind and is still 1500-1700 points lower from its all time high. The market in the final hour has given a nice upside rally and closed above the round number levels and the resistance zone. An engulfing candle is formed on the daily charts and tomorrow is weekly expiry in the index. If there is a gap up opening there are chances of it giving a nice upside rally. In case of a flat to slight gap down opening, a slaggishness can be seen as the makret is behaving now a days. Major support levels :- 51550, 51310 Resistance zone :- 51880, 52000, 52150 Banknifty has taken a good support from the Hourly 20 ema and given good upside move. If the move continues a trade can be initiated above the resistance zones. Wait for the price action near the levels before entering the market.
NSE:BANKNIFTY
by Mambotrade
NIFTY... ELLIOT WAVE COUNTING... BULL TREND STILL INTACT!The 5th primary Elliott Wave, which began after the decline following the election results, is continuing its upward movement towards the 26,000 mark. The secondary waves 1 to 4 (within the primary wave 5) have already been completed, and wave 5 is expected to resume its upward trend soon. This progression can be clearly seen in the chart. I am optimistic about seeing the Nifty reach 26,000 this year. Remember, the market is supreme, so trade cautiously.
NSE:NIFTYLong
by Stock-Holmes
Bank Nifty Analysis: Head and Shoulders Pattern in the Making?NSE:BANKNIFTY closed relatively flat today amidst some market volatility. However, the pattern forming on the chart does not look good. We are potentially witnessing the development of a Head and Shoulders pattern, which, if completed, could signal a downward move. If this pattern plays out, we may see the index decline towards the 49,640 level. On the other hand, if Bank Nifty fails to form the pattern and continues its upward trajectory, we can see a significant resistance around the 51,900 level. Important Levels: Support - 49640 Resistance - 51900 Traders, if you liked this analysis or have your own insights, please share your thoughts in the comments. I would be glad to hear from you! 👩‍💻 Disclaimer: This analysis is for informational purposes only and does not constitute financial advice. Please conduct your own research or consult a financial advisor before making any trading decisions.
NSE:BANKNIFTY
by Stable_Logic
Bank Nifty Analysis: A Critical Juncture for Potential Gains The Bank Nifty is currently at a decisive crossroads, presenting a compelling opportunity for traders. The index has formed a double bottom pattern and appears to be breaking out of its channel, which typically signals a bullish reversal and the potential for significant upward movement. This setup suggests the possibility of substantial gains if the breakout proves strong and sustained. However, caution is warranted. Although the breakout looks promising, it lacks strong confirmation at this stage. There is a risk that the index could fall back into the channel, potentially continuing its previous downtrend. This scenario could offer an opportunity for traders to short the market or adjust their positions accordingly. All critical support and resistance levels have been marked on the chart, providing valuable insights for trading decisions. For those interested in leveraging this volatile period, I will be sharing the important supply and demand levels for tomorrow at market open in the morning. Monitoring these levels closely will be essential for navigating the Bank Nifty’s movements and optimizing trading strategies. Disclaimer: This analysis is provided for informational purposes only and does not constitute financial advice. Trading in financial markets involves risk and may not be suitable for all investors. Please conduct your own research or consult with a financial advisor before making any trading decisions.
NSE:BANKNIFTY
by Stable_Logic
16 Aug 2024 - BankNifty stance is neutral, magical recovery.BankNifty Stance Neutral ➡️ BankNifty gets an upgrade, but not to bullish but to neutral from bearish. We have managed to go up by 27pts ~ 0.05% in the current week, but this after a dramatic fall and then a recovery. 82% of this recovery coming on Friday the 16th, i.e. 698pts out of 851. BankNifty went down to 49654 a level that we last saw on 6th Aug, and then magically rebounded. I know the frustration of the bears to drive down the prices because I am one of them.  I am a bear not because I do not negate the belief in India's growth story, but because of 2 important facts. The primary reason for the huge influx of money to stock markets was that the average business owners felt the capital markets were giving better returns than their own enterprises. People look at the order book and hope that there is someone else ready to buy the stock at a higher price and hence they are saved. LIC To Invest Around Rs 1.3 Lakh Crore In Stock Market In Fiscal 2025 The news that LIC is ready to invest 130,000,000,000 in stock markets will definitely give courage to the average retail investor. All of them believe if they buy the shares of a company XYZ for Rs2000, the influx of more money will be forced to buy XYZ for a higher price and hence they are safe. For me that is froth. The only reason the markets are going up even when the FIIs are not on a buying spree is due to the accidental courage the retail investors have got as they think the domestic institution is there to catch them.
NSE:BANKNIFTY
by viswaram
BankNifty Intraday Support & Resistance Levels for 14.08.2024On Monday, BankNifty opened with a gap down, breached the 30m Demand zone, and closed at 49831.85, losing 746 points. After yesterday's decline, the weekly trend (50 SMA) remains positive, but the daily trend (50 SMA) has turned negative. Support Levels: Major Demand/Support Zone (Weekly): 49530 - 50253 (currently inside the zone) Far Support: 48858 level (61.8% FIBO Retracement level) Resistance Levels: Near Supply/Resistance Zone (15m): 50222 - 50268 Far Supply/Resistance Zone (15m): 51325 - 51400 (inside the 125m Supply Zone) Far Resistance Level: 51750 Far Supply/Resistance Zone (125m) for Weekly Trade: 51309 - 51609
NSE:BANKNIFTY
by PriteshPal
Banknifty prediction for tomorrow 14 AugAs Banknifty is showing a huge sell-off today, the market is in bearish sentiments, followed by the Heisenberg report on the SEBI chairperson. If we look at the chart now: The market is trading at the 4H-TF support trendline zone(Marked in Green) and 200 EMA (4H-TF). price is trading below the ema(13, 50, 200) shows market is in bearish phase. The market might take support here, or if it breaks down to the downside, it's going to take support at 49000 next, as can also be confirmed with OI data. Support levels : 49683, 200 EMA (4H-TF) Resistance levels : 50 EMA, 200 EMA If we look at the OI data: PCR = 0.55 shows bearish market behavior. There has been a huge PE sell-off today, which shows bulls are not trusting the market anymore and come out. There is too much CE writing at higher levels than PE writing at lower levels, which shows a high chance of a bearish market in the upcoming session. I am expecting the market to follow 3 cases which are marked on the chart. Case 1 : if it opens the gap down, it might touch the trendline and take support 49000. Case 2 : if the market opens a gap-up, it will take resistance at 50 EMA, and then it might continue the bearish momentum. Case 3: If it opens sideways, wait for the price action at the green trendline zone. Reason: RSI < 40, showing the market is going to be in a bearish structure. Price trading at 200 EMA (4H-TF), which might provide good support. PCR = 0.55 shows that the market is huge Bearish. Price < VWAP shows a Bearish market structure. Verdict : Bearish or sideways Plan of action: See the price action at the green trendline zone. There have been marked three cases.
NSE:BANKNIFTYShort
by finnova_
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 PriteshPal