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Bankniftytrading

03 Jul '23 Post Mortem on BankNiftyBN had a different style of price action today comparing with N50. The open was gap-up & the rush to hit the HOD at 09.55 was similar. But what followed from there had minor changes. 1. The fall of 0.69% ~ 312pts from the top did have an impact on the momentum 2. Unlike N50, BN did not persist at the HOD levels after the first retracement. N50 had 3 more attempts at the top, it even ended at the top. One of the reason would be surge in stocks like ITC & RELIANCE which are not part of BN. From the options flow I could not detect any aggressive shorts getting written for BN unlike N50 - so I am not calling a top for BN today! Tomorrow's Finnifty expiry might really set the tone for banknifty as well. And the HDFC-HDFCBK merger, delisting & relisting has to be contained. If HDFCBK assumes 44 to 46% in banknifty & Finnifty - it wont look good from an index management perspective. Quite sure the officials will do something on it soon. 1hr TF Today's island formation really stands out, unlike N50 the other 3 days are not perfect islands as BN has closed the gaps quite cleanly. The nearest support is at 44068 ie 1100pts below. These are uncharted territory & the price behavior could get even more volatile. Always remember to wear your options trading seat-belts for BN :)
NSE:BANKNIFTY
by viswaram
Banknifty Trade Setup for 03-07-2023Banknifty Important intraday levels are as follows, #Support: 44700 Short if 15 minute candle closes below 44700. Scalpers may use 5 minute candle closing. #resistance: 44790 Long if 15 minute candle closes above 44790. Scalpers may use 5 minute candle closing. #Targets on downside after break of support: Target 1= 44600 Target 2= 44450 #Targets on upside after break of resistance: Target 1= 44880 Target 2 = 45000 Follow us for more such information. Give us a like if you appreciate the idea. Queries will be answered in comment section.
NSE:BANKNIFTY
by InvestyourAsset
Banknifty daily analysis for 03/07/23.A bullish candle on the weekly time frame, show some positivity in the indian markets and the indices are forming new ATH. Banknifty has given a nice movement and closed n around 44750 levels. It has been giving gap up and momentum after even the gap up. On daily charts, market has crossed the 20 ema and given nice momentum of 1100+ points in previous week. The market will follow the up move and can give another 1500-2000 points moves in coming days. India VIX is still trading around 10 points. If the volatility increases then there are chance of a retest. Watch the VIX and let market create a new ATH as a benchmark. Support :- 44650, 44500 Resistance :- 44800, 45000 (fib levels). Extended fibonacci is taken for finding the resistance levels. Watch for the market to take a dip. Buy on dip is the current scenario of the market. Wait for the price action near the levels before entering the market.
NSE:BANKNIFTY
by TheMamboMomentum
Banknifty Trade setup for 30-06-2023Banknifty Important intraday levels are as follows, #Support: 44260 Short if 15 min candle closes below 44260. #resistance: 44500 Long if 15 min candle closes above 44500 #Targets on downside after break of support: Target 1= 44090,44000 Target 2= 44000 Target 3= 43850 #Targets on upside after break of resistance: Target 1= 44650-44670 Target 2 = 44790-44810 Target 3 = 44900-44920 Follow us for more such information and give us a like if you like the idea.
NSE:BANKNIFTY
by InvestyourAsset
30 Jun '23 Post Mortem on BankNiftyComparing with N50, banknifty did close the gap-up opening. Looking at the opening minutes I felt BN had more inclination to fall into the trading range of the previous day, but the way in which NiftyIT was surging - BN would have changed the mind to play along. BN also hit a new all time high of 44787.1 today, but the thrust to go up was not as convincing as N50. HDFC-HDFCBK may be the primary reason that these indices has got a new-found passion to outperform. Well we had 2 news flow in IndusInd and Federal Bank which helped it jump more than 3%. The one aspect in today's price action was the helplessness of the bears, they tried to bring down BN on 2 occasions but did not get enough crowd support.  The good news that came in was "Indian banks' gross bad loans fall to a 10-year low of 3.9%: RBI's Financial Stability Report". One news which looked scary was "Bank of America nurses $100bn paper loss after big bet in bond market". I am not sure if the SPX & SPF has priced this in. Something is not adding up, either the US FED rates are too high or the Indian RBI rates are not high enough. We have dichotomy in the financial sector - India vs US. 1hr TF BN has 2 islands vs 3 for N50. The new support level is now 44443 below which we can expect some range-bound trade. As it stands situation is very favorable for the bulls to continue the dream run.
NSE:BANKNIFTY
by viswaram
Banknifty trade plan for 30/06/2023Nifty is at ATH but BN yet to close above ATH. It still shows the attempt buy bulls, but struggle here is for real. there is a possibility to open gap up go lower on intraday and then reverse from resistance turning to support and close above ATH. combining it with nifty a pull back for retest is due, so that makes sense. Let bears digest the fact they failed, and then play safely directional. Now buy on dip is confirmed, so if any gap down also it will be a buy.
NSE:BANKNIFTYLong
by KarniKripaa
#BANKNIFTY - POSITIONAL VIEWBankNifty, the banking index in the Indian stock market, currently shows a promising setup for short selling. Based on technical analysis, it is recommended to consider initiating short positions within the range of 44508-44722. This range is believed to offer favorable selling opportunities in the market. The primary profit targets for this short-selling strategy are identified at 43950 and 43605. These levels are derived from careful analysis of historical price patterns, support and resistance levels, and other relevant market indicators. Achieving these targets would result in potential gains for traders who choose to capitalize on this opportunity. To manage the associated risk, it is crucial to implement a stop loss at 45067. A stop loss serves as a predetermined price level at which the short position is automatically exited to limit potential losses. By adhering to a disciplined risk management approach, traders can protect their capital in case the market moves against their anticipated direction. Furthermore, it is important to note that traders have multiple avenues to take advantage of this opportunity. They can either short BANKNIFTY JULY FUTURES, which involves selling futures contracts tied to BankNifty, or alternatively, they can opt to buy BANKNIFTY JUL 45000PE options. The latter refers to purchasing put options with a strike price of 45000, expiring in the last month, to benefit from potential downside movements in BankNifty. Engaging in short-selling or buying put options can provide traders with an alternative approach to capitalize on the anticipated decline in BankNifty. It is worth considering these strategies for potential gains while keeping risk management in mind. Please note that investing or trading in the financial markets carries inherent risks, and it is essential to conduct thorough research and seek advice from qualified financial professionals before making any investment decisions.
NSE:BANKNIFTYShort
by DamisInvestments
Banknifty daily analysis for 30/06/23.Banknifty on the daily charts has formed a doji near the high and finally crossed but couldn't sustain above 44500 levels. Market after a gap up opening came for a gap filling and consolidated whole day being expiry in the second half. There was both side movement as there was expiry and option premiums too where volatile whether it was call or put. During the last hour, market touched the new ATH and came for selling touching 44250 levels from 44500. Though, there was a bullish moving average crossover but market couldn't sustain above the resistance levels. On 15 minutes charts, market took support around the 20 EMA and closed above both the moving averages. Support :- 44200, 43950 Resistance :- 44425, 44500 Market is sustaining near the higher levels. Watch for the market testing and forming new highs. Wait for the price action near the levels before entering the market.
NSE:BANKNIFTY
by TheMamboMomentum
PostMortem on BankNifty Today & Analysis of 28 JUN 2023Quarterly Analysis of BankNifty — 31 Mar 2023 to 28 Jun 2023 Banknify gained an impressive 4412pts ~ 11.05% in Q1 FY2023–24. During this process it took out 11 crucial resistance points to finish at the ATH. The upmove was quite strong till 15th May after which BN started trading sideways. Status quo changed on 27th when it broke through the final resistance point of 44068 paving way for an ATH record break today. --- Monthly Expiry Analysis Banknifty — 26 May 2023 to 28 Jun 2023 BN gained 1.64% ~ 716pts in the current month. Basically on 29th May it hit the ATH level and from there we had 2 resistance rejections & 2 support rejections. -- Weekly Expiry Analysis Banknifty — 23 Jun 2023 to 28 Jun 2023 BN rallied 1.54% ~ 671pts in the current expiry week. Of this 100% of the gains came between yesterday and today. Prior to that BN was looking weak and was heading to the support area. The sentiment change lifted BN to break through. -- Daily Analysis BankNifty Most of the hard-work was done by the Gap-up opening. Out of the total 0.47% gains, 0.4% gain came via the gapup. BN was just maintaining its cool today and did not try to do anything foolish. N50 was rallying very strongly, BN just utilized that momentum to finish with a new ATH. The chart indicates a steady rising pattern, unlike the usual BN where we have lots of wild swings. Notice the 3 green candles between 14.15 to 14.25 — thats when the ATH was taken out. After that we did see some profit booking plus monthly rebalancing outflow/inflow adjustments by Mutual Fund houses.
NSE:BANKNIFTY
by viswaram
Banknifty trade plan for 23/06/2023Chart show trapping for sellers It is creating confusion to hunt stop losses. If you just watch closely, you will notice a sharp move will hunt the SL's above the trend line if price has to fall it will not fall easily, it will trap sellers too. direction is still dicey, small scalp trade set up would be a wise thing to do Do not sell near Trendline, it most likely to get breakout, sell only near resistance area so its okay to miss the trade, but do not risk hard earned money for ok ok set up Trade only best of best set up.
NSE:BANKNIFTY
by KarniKripaa
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