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Bankniftytrading

Banknifty Trade Setup for 23-06-2023Currently, Banknifty faced a strong rejection from 44050-44000 levels and Banknifty has taken support at around 43680-43720 levels. If banknifty breaks the resistance shown in the chart, upward momentum can be seen towards the targets marked. If banknifty breaks the support zone shown in the chart, it is expected that banknifty may test 43350 level on the downside. Trade with caution !! Disclaimer: This is just a view only for educational purpose. Follow your trade setup before initiating any trade.
NSE:BANKNIFTY
by InvestyourAsset
PostMortem on BankNifty Today & Analysis of 22 JUN 2023Weekly Analysis of BankNifty Banknifty is up 259pts between 15th to 22nd June i.e. current expiry week. Interestingly, BN was looking at steeper cuts on 15th - the price action was pretty negative. Luckily that level is still sacrosanct and has formed an interim support as we had one more retest @ 20th June. Today's Analysis The major anomaly that stands out in today's trade is the inverted V shaped pattern. 8 consecutive green candles to rise 324pts ~ 0.74% and then 5 consecutive red candles to fall 377pts ~ 0.86%. We opened inline and the close was in red, down -0.31%, but this unique rise2fall stands out. Nifty50 also had a similar pattern which we will discuss shortly. Its quite normal to expect some choppiness due to expiry, but the magnitude of 300+ move getting negated immediately - looks like a strong hand at play. Pattern similar to low Mcap pump and dump penny stocks. BN has still not managed to cross the 44068 resistance & poses a big question mark on why its not supporting N50 to take out its ATH. Nifty50 on the other hand came prepared to take out the ATH today, unfortunately NiftyIT was not supporting it. BN gave initial push 18886.6 we are just 1pt short of the last ATH hit on 01 Dec 2022. The Narendra Modi factor would be at play here, his current US visit may bring in more job, investment, partnership opportunities & the quick to gain from all these would be the Nifty50 companies. The fall of 108pts ~ 0.57% between 10.25 to 13.05 and then a fall of 102.1pts ~ 0.54% from 13.45 to 15.15 looked quite serious. The support of 18762.9 was held and we closed just above that. The pump-and-dump like pattern even though visible is not creating anomaly in N50 because today's price action in whole looks like a 2 legged downside fall. 1hr TF for N50 has formed a double top like pattern. Further trades below the support of 18762 will give it downside momentum.
NSE:BANKNIFTY
by viswaram
PostMortem on BankNifty Today & Analysis of 16 JUN 2023Nifty was looking fully loaded to hit a new all time high today, it ended 23 pts short!  Probably Nifty50 requires more postmortem than banknifty today, so let us start there! N50 started the day gap-up thanks to the +ve handout from SPX yesterday. Once it reached the resistance zone of 18762, it lost steam and was trading sideways. All of a sudden at 13.55, N50 got some turbo boost and went over the resistance through ease. Not just that, it was poised to take out the ATH. All the candles from 13.55 to 14.55 were green and a rally of 107pts ~ 0.57%. The reversal came exactly when banknifty hit the resistance - which we will discuss below. Banknifty came back very strong from yesterday's brutal selling. It added 494 pts today thanks to the outperformance by all the major banks. None of the bank stocks closed in red today. The rally from 13.55 to 14.55 helped banknifty climb 396pts ~ 0.91% vs 0.57% for N50. But look at the encircled region near the 44068 resistance zone. As soon as this was hit, banknifty came tumbling down - pulling down N50 too. NiftyIT was weak today, otherwise we would have definitely hit a new ATH! Seems like the next week we will have some real action! --- 15mts TF shows BN made an attempt to get back to the familiar trading range, as the resistance zone came in the way - that move got spoiled. Will the positiveness of N50 pull up banknifty to new ATHs next week - we will watch next week. --- 1hr TF plotted with the Fibonacci retracement shows BN is right at the 61.8% levels from the fall yesterday. It also shows there was some friction at the 50% level where it spent 3hrs today. The chart is not bearish yet, but the inability to cross the resistance throws some questions on us. --- We had 2 contradicting moves this week. On 13th June Finnifty expiry we had the markets make a fake upmove as proven by the rejection on 14th down move. On 15th we had a fake down move as proven by the rejection today with a strong upmove. There is a small subset of traders who understand how the markets are getting manipulated & play along. Unless BSE brings the BANKEX expiry to Wednesday - we are going to witness these unusual speculations.  On a broader note the investors are unaffected - the markets are not going anywhere, literally.
NSE:BANKNIFTY
by viswaram
PostMortem on BankNifty Today & Analysis of 15 JUN 2023 ExpiryThe beast in banknifty got unleashed today, after a long gap banknifty options really started surging today! You wont believe the OTM prices went above the traded range of Wednesday, that too today being an expiry day! --- BankNifty Weekly Analysis During the current expiry week 9th to 15th June, banknifty shed 556 pts ~ 1.27%. You may not believe that 544pts i.e 97% of that came just in today's trade. --- Today's Analysis We opened gapup right at the resistance level and then started falling. The first 5mts itself shaved off 200+ points. From there we had a steady falling day with no pull back. The selling really aggravated at 13.50 when all of a sudden lot of traders unwound short positions in PE. BN was near 43700 then, the volumes in PE did suggest that few traders were running for cover fearing their position may go deep ITM. This really fueled the next move. We fell another 300pts in 90mts.  Nifty50 was in green till then, see the blue highlighted area - the selling intensified in N50 too. Nifty50 at 10.00 was roaring past the resistance level of 18762 and was looking unstoppable. For the first time since Dec 2022, N50 tried to shoot for ATHs. Banknifty had other plans, may be attributed to the FOMC meeting yesterday - which we will discuss shortly. --- 15mts has now confirmed a break from the trading range, the last time it broke on the downside was on 24 May, which it recovered by 26th. The pick-up in momentum after the range break also signifies unfinished business ahead. --- 1hr TF also shows the range breakout, but the chart is not bearish yet. There are supports at 43253 & 43012 ahead. If banknifty is not stopping there - then it will be an interesting case for the July series. Remember we will have expiries on Fridays from 7th of July. The split of N50 and BN to separate days will definitely improve speculation. --- The curious case of FOMC rate pause Yesterday US FED decided to keep the interest rates at 5.25%. Our RBI has kept the interest rate at 6.50%. Lets just analyze what this interest means for a foreign institutional investor. Assumption: FII is investing in India's debt instruments & not equity Investor has earmarked 100000 USD for investments. In US over a 1 year period his investment will grow to 105250 USD. Whereas if he invests in India it will grow to 106500 USD. Now investment in India has to be done in INR, so there is a currency conversion risk. Lets just calculate how much was the USDINR appreciation for the financial year it was ~ 8.23% So now Mr. Investor has 97735 USD left with him i.e. a opportunity cost of -7.51% if he chose India over his home country. The best way RBI can tackle this issue is either get the USDINR to depreciate or hike the repo rate to have a higher divergence than FED rate. to view all 6 charts visit viswaram. com
NSE:BANKNIFTY
by viswaram