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FASP levels for Bank Nifty 09/06/2023The FASP for BankNifty is listed for 09-06-2023. 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.
NSE:BANKNIFTY
by SathishChandrasekaran
PostMortem on BankNifty Today & Analysis of 08 JUN 2023A good day to take out the support zone of 44068 - was it an over-reaction to the RBI rate decision today? Lets analyze. RBI MPC decided to keep the repo rates unchanged at 6.5% and continue its withdrawal of accommodative stance. Logically no major changes w.r.t last policy day. Handful of participants including me were expecting RBI to hike the rates so that the nail on the inflation coffin can be hit. The reluctance to hike rates and just a 10bps cut on the next fiscal inflation has lot of meaning. for FY23–24 inflation target has been revised to 5.1% from 5.2% - what this really means is the inflation is not going to come down even in the next year. And not hiking the rates will add oil to the fire. Had there been a rate hike, we could have assumed a steeper inflation fall trajectory & then a rate decrease to boost demand. As it stands RBI will have its hands tied next fiscal also not to cut the rates as inflation is only expected to come down 0.1%. And also election is around the corner, unless the Govt. slash the fuel rates - the perceived goods price hike will only keep going up. The central bank has decided to have a bleak looking tomorrow for the comfort of today. More worries will add up when the Rs2000 currency notes comes back to the banking system. Monetary assets will again appreciate in value with no real perceived changes. --- Banknifty weekly analysis Over the last week 01 Jun to 08 Jun, banknifty has fallen on 0.32% ~ 140pts. Its not really too much, imagine we fell 530pts from the HOD to LOD today. So on a weekly basis banknifty is still continuing to exhibit stability. --- Today's analysis We had an inline start and then a rally of 249pts till 10.55. RBI Governor speech was from 10.00 AM - so the initial market reaction was positive - but there was no outperformance. Nifty50's chart showed more meaning today, because the reversal came right at the resistance level for it. Since banknifty has no more resistances - it was tougher to trade today. In fact it was Nifty50 which started falling first and then the banknifty caught up to it. NiftyIT was weak early in the day itself. In total banknifty fell 533pts from the HOD to LOD breaking the support of 44068 on its way. There was a recovery from 13.40 to 13.55 which lured me to close the PUT position (that went jackpot). --- 15mts TF - things were looking flavorless until the support break came today. The chart is still emotionless - there is no threat of bearishness if 43600 is not taken out tomorrow. --- 1hr TF has brought back the importance to the 44068 SR zone. There has been multiple touch-and-go instances in the recent past. Still we need a close below 43253 till we have a change in bias to view all 6 charts of today, visit viswaram. com
NSE:BANKNIFTY
by viswaram
Banknifty ahead of RBI policy !!Important intraday levels are marked in the chart. Banknifty has spent so much time in the short range ahead of RBI policy, It is expected that after RBI policy update markets may take a meaningful direction. Banknifty may give major breakout on upside if it sustains above 44320... provided policy updates are inline with the expectations. for downside movement Banknifty has to cross 44200 decisively. Targets for both long and short are marked in the dotted line. Play strictly with the levels..
NSE:BANKNIFTY
by InvestyourAsset
FASP levels for Bank Nifty 08/06/2023The FASP for BankNifty is listed for 08-06-2023. 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.
NSE:BANKNIFTY
by SathishChandrasekaran
Banknifty daily analysis for 08/06/23.Banknifty has given a dragon fly doji candle and closed above the resistance zone of 44250. After gap up opening, market gave a fall and recovered in the second half of the market. On the hourly time frame, the market took support around 20 ema and consolidated in the mid trading hours. There was a "W" pattern, on 15 minutes charts. Support :- 44250, 44150 Resistance :- 44350(today's high), 44500 The market have supports close by and is ready to travel in bullish momentum. Wait for the price action near the levels before entering the market.
NSE:BANKNIFTY
by Mambotrade
Banknifty daily analysis for 07/06/23.Banknifty remained above 44k whole day and during the last hour gained some points giving close above 44150. Market consolidated for 4 hours and gave a nice break out. DJI seems to be flat till now and there can a chance of a bullish break out as the market has closed. Watch the global markets in market to get a clear view and trend of the market. On the hourly charts, the market closed above both the moving averages and is near a resistance zone of 44250. Support :- 44050, 43850 Resistance :- 44260, 44450 Currently, the market is trading in a range and break out can give nice target. Wait for the price action near the levels before entering the market.
NSE:BANKNIFTY
by Mambotrade
PostMortem on BankNifty Today & Analysis of 06 JUN 2023 FinniftyIt is happening everyday, even today. Banknifty went up 198pts in 25mts between 14.45 to 15.10, again a closing hour move! The last 1 hour moves in index is not something new now, I am still guessing many traders would have anticipated a directional move today! If we look the chart, the scope for that move was not there. What happened during the earlier part of the day is continuation of price drop from yesterday 14.00 (The blue drawn highlighted line). We made a low of the day, leg1 at 11.20 today and then bounced to an interim high by 13.45. Ideally I was expecting the leg2 to happen to take banknifty further lower than 43960 levels. What really happened was vertical shoot, that even helped banknifty close in green today. Again we had a climb back after a support break of 44068. Were you expecting the last 1 hr move today - do let me know in comments or as email. --- 15mts TF has no special bias as of now, the downside is getting prevented while the upside doesnt seem possible with this faint momentum. --- 1hr TF bias is still bullish, today's 14.15 green candle stays well lit instantly negating all the price action from 11.15 yesterday. --- Nifty50 requires special mention today, that is because NiftyIT was bleeding 2%, in spite of that the last 30mts of momentum helped it close in green. That is some achievement, instead of other stocks falling along with NiftyIT most of them counter balanced the drop and helped Nifty50 keep its shape. That is not something we see usually. --- Finnifty Expiry Finnifty has shed 0.6% ~ 117pts between the last expiry and today. This index is consolidating at its high, a brief fall might even give it momentum for further scaling up, but definitely no major moves are expected until the RBI MPC meeting outcome on 8th June Again an unbelievable price boost from 14.45 on finnifty. All through the day, I was looking for bearish set up once finnifty broke the 19421 SR levels. Waiting for the setup nearly eroded all the PE expiry premiums. Even from a random betting perspective, I did not have any interest in bullish side setups. I might have taken a trade if the CE premiums were attractive, but that too did not help! Also the killer move that came late in the day did not move that many needles as well.  --- With the news breaking out that NSE will be shifting the banknifty expiries to Fridays will come as a blessing to many option traders. People like me have been praying to have Nifty50 and BankNifty expiries on different days. Now that prayer is answered, traders can reuse margin & maximize their earning potential. This news also comes as a shock to BSE who had scheduled their SENSEX and BANKEX expiries on Fridays. Atleast to start with, sensex+bankex will not match the banknifty volumes, open interest or liquidity. As you all know more professional traders prefer banknifty over nifty50, splitting it on separate days will multiply the traded volume as well!
NSE:BANKNIFTY
by viswaram
PostMortem on BankNifty Today & Analysis of 05 JUN 2023A positive day for sure +0.37% close, but the trading action did not show positivity. The gap up opening might have been result of a 1.45% gain on SPX on Friday.  We started building on the gap-up today and it seemed like we will be having an outperformance just like SPX. At least that was what the price action told us till 11.25. When I monitored the options premiums, the PE side was also showing bullish spreads getting written till this 11.25 move. And after that it just went silent, there was no follow-through. For the next 2hr 45 mts i.e till 14.00 there was no real move anywhere. The bulls really did not have enough ampere to take it up further. I am really not sure why, because conditions were quite favorable to them today. After 14.00 we then had a breakdown of 193pts that took banknifty back to its support level of 44068. The last 90mts of price action was not favoring the bulls by any fashion. One of the reason for this underperformance would be attributed to contrasting price moves by HDFCBk vs ICICIBK and KotakBank Vs AxisBank. --- 15mts TF shows an interrupt of the normal price action formed by the island today. The price continuation suggests we need to trade below the support level soon if the 31st May 1st red candle had any meaning. --- 1hr TF may not even change bias until the 43253 2nd support is taken out, such is the strength of the trend at present. A closer look at the EMAs will tell you that. Since we have a interest rate decision by RBI this Thursday, I personally feel the MPC panel will find it difficult to pass this one without any rate hikes. The banks are showing too much green in their books, god knows the last time we had such a great show. This also means the rate hike has not stressed the banking unit even by a small inch! If banks dont stop lending, the inflation will not keep its nose down. With the Rs2000 denomination reaching back at the banks and most of them making way to Fixed deposits, RBI might be forced to slash the rates pretty earlier than they projected. Otherwise banking will have a supply problem and not a demand problem.
NSE:BANKNIFTY
by viswaram