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BankNifty Intraday Support & Resistance Levels for 25.06.2024BankNifty opened gap-down on Monday, reacted from the 125m demand zone mentioned previously, and closed near the day's high. The weekly trend (50 SMA) is positive, while the daily trend remains sideways. Support Levels: Near support/demand zone (125m) for weekly trades: 50,879 - 51,213 Near support/demand zone (30m) for intraday: 51,161 - 51,357 Far small support/demand zone (15m): 50,597 - 50,765 As the daily trend is still sideways, taking confirmation entries for long trades in the 125m demand/support zone is advised. There are no supply/resistance zones seen on the chart as of today.
NSE:BANKNIFTY
by PriteshPalan
BankNifty Intraday Support & Resistance Levels for 24.06.2024BankNifty had a very volatile session on Friday and closed down 122 points. The weekly trend (50 SMA) remains positive, while the daily trend is still sideways. Support Levels: Near Support/Demand Zone (125m): 50,879 - 51,213 Far Support/Demand Zone (15m): 50,597 - 50,765 Given that the daily trend is still sideways, taking confirmation entries for long trades in the 125m demand/support zone is advisable. There is no visible supply/resistance zone on the chart, but selling pressure from higher levels is expected.
NSE:BANKNIFTY
by PriteshPalan
BANKNIFTY analysis for today 21 JUNAs we discussed, BANKNIFTY was in the sideways channel today, If we look at the chart now: The market had a bearish momentum from resistance initially, but after that, it took support and went high till the given level. Support levels: 51163, 50485, and 49700 or 200 EMA resistance levels: 51836 and 52450 If we look at the OI data: PCR = 1.09, which has decreased from 1.34, shows a bearish sign in the market. 50450 is working as max-pain. There has been a huge CE Writing at 51400 and 51500. I am expecting the market: Case 1 : Sideways in range 51163-51836. Case 2 : Bearish if breaks to downside. Reason: RSI > 50 is showing divergence, which might lead to some corrections. Price > EMA(13, 50, 200), which indicates the bull market. PCR = 1.09, which has decreased from 1.34, shows a bearish market. Price> VWAP shows a bull market structure. Verdict: Sideways or Bearish Case 1 : Sideways in range 51163-51836. Case 2 : Bearish if it breaks the 51163 to the downside. Plan of action: Case 1 : Sideways-> Sell 51500 CE and 51500 PE (Hedge it with 20/- premium CE) Case 2 : Bearish: Keep Sell 51500 CE (Hedge it with 20/- premium CE)
NSE:BANKNIFTY
by finnova_
1
BankNifty Intraday Support & Resistance Levels for 21.06.2024BankNifty reacted exactly from the 5m supply zone mentioned in yesterday's post. The weekly trend (50 SMA) is positive, but the daily trend is still sideways. Support Levels: Near Support/Demand Zone (125m): 50,879 - 51,213 (remains the same) Far Small Support/Demand Zone (15m): 50,597 - 50,765 (remains the same) As the daily trend is still sideways, taking confirmation entries for long trades in the 125m demand/support zone is advised. Resistance Levels: Currently, there are no supply/resistance zones seen on the chart.
NSE:BANKNIFTY
by PriteshPalan
20 Jun 2024 Govt. planning to raise taxes, help retail traders??BankNifty Stance Bullish ⬆️ Unlike Nifty, banknifty had more stability today but yesterday's outlier performance had its implications today. The premiums of CALL options were too pricey, which then normalized as the day progressed. Do not really know how the banks have so much of a firepower to keep going up, we are at the top and the banks are hungry for more. From a macro perspective, we have two news speculations/rumors going around Govt. of India is planning to increase taxation to prevent HFTs and Algo firms from exploiting the retail traders. Govt. of India is planning to increase taxes on FnO, and make it a speculative model (similar to lottery and crypto) to discourage retail traders from losing. I see the Govt. being opportunistic and raising the taxes by sugar coating the narratives. Too much of taxes will spoil this industry and the main thing that got the current government re-elected was the perception of the Indian economy through the lens of stock markets. The stance on BN continues to be bullish, we are all actively watching the space to know when we run out of steam - till then the dance should not stop.
NSE:BANKNIFTYLong
by viswaram
#banknifty directions and levels for June20th.Bank Nifty Analysis Bank Nifty had a solid rally, but retraced a bit in the second half. Structurally, the retracement could be sub-wave 4. Here, the market indicates a minor correction, structurally the C leg of the 4th wave. If it finds support around the 50% or 61% Fibonacci levels, then we can expect the 5th wave bounce back. However, it should break the 38% Fibonacci level for us to expect the 50% and 61% levels. An alternative scenario, similar to Nifty, indicates a range-bound market. We can expect a rally only if it breaks the previous high.
NSE:BANKNIFTY
by Manickamtraders
BANKNIFTY live prediction for today 20 Jun 24As we discussed, BANKNIFTY was in the upside channel today, breaking the resistance to the upside and giving a really good bullish momentum. If we look at the chart now: The market had a really good bull run with huge volatility, as it had huge momentum yesterday. The market is going to have the same volatility again today. The market had a really good bullish run, breaking all the levels to the upside. We get higher levels using Fib extension. Support levels: 51163, 50485, and 49700 or 200 EMA resistance levels: 51836 and 52450 If we look at the OI data: PCR = 1.09, which has decreased from 1.34, shows a bearish sign in the market. 50450 is working as max-pain. There has been a huge CE Writing at 51400 and 51500. I am expecting the market: Case 1 : Sideways in range 51163-51836. Case 2 : Bearish if breaks to downside. Reason: RSI > 50 is showing divergence, which might lead to some corrections. Price > EMA(13, 50, 200), which indicates the bull market. PCR = 1.09, which has decreased from 1.34, shows a bearish market. Price> VWAP shows a bull market structure. Verdict: Sideways or Bearish Case 1 : Sideways in range 51163-51836. Case 2 : Bearish if it breaks the 51163 to the downside. Plan of action: Case 1 : Sideways-> Sell 51500 CE and 51500 PE (Hedge it with 20/- premium CE) Case 2 : Bearish: Keep Sell 51500 CE (Hedge it with 20/- premium CE)
NSE:BANKNIFTY
by finnova_
BankNifty Intraday Support & Resistance Levels for 20.06.2024BankNifty broke all resistance on the upside and made a new All-Time High of 51,957, closing above the previous ATH of 51,133. The weekly trend (50 SMA) is positive, and the daily trend is sideways. Support Levels: Near Support/Demand Zone (125m): 50,879 - 51,213 Far Small Support/Demand Zone (15m): 50,597 - 50,765 As the daily trend is still sideways, taking confirmation entries for long trades in the 125m demand/support zone is advised. Resistance Levels: Minor Resistance/Supply Zone (5m): 51,780 - 51,939
NSE:BANKNIFTY
by PriteshPalan
Bank Nifty Weekly Wave Analysis & Positional Trade SetupReason for shorting: As per Elliott Wave theory, Bank Nifty has completed the 1, 2, 3, 4, 5 moves, and wave 5 went up in a contracting triangle ED (Ending Diagonal). It has completed a degree, and now we are expecting a correction. Based on Fibonacci retracement levels, our minimum targets are 0.618 and 0.786. Time Frame: Weekly Stop Loss: Above ATH (51130) Targets: Mentioned in the chart Disclaimer: We are not SEBI registered. The content presented here is based on our personal opinions. Conduct your own research and consult with a qualified financial advisor before making any investment decisions.
NSE:BANKNIFTYShort
by WaveMoku
16
BankNifty Intraday Support & Resistance Levels for 19.06.2024For the second consecutive day, BankNifty closed above the psychological level of 50,000. The weekly trend (50 SMA) is positive, and the daily trend is sideways. Intraday Support Levels: Near Support/Demand Zone (15m): 50,339 - 50,403 Far Small Support/Demand Zone (15m): 50,186 - 50,266 Far Support/Demand Zone (15m): 49,693 - 49,779 Intraday Resistance Levels: Near Resistance/Supply Zone (125m): 50,619 - 51,133.20 Major Resistance/Supply Zone (Daily): 50,092 - 51,133.20
NSE:BANKNIFTY
by PriteshPalan
BANKNIFTY prediction for tomorrow 19 Jun 24 As we discussed, BANKNIFTY could not break the zone to the downside; instead, after a heavy bearish candle, it ended strong bullish with huge volatility. If we look at the chart now: The market took support at 50 EMA and gave a great bullish momentum. The market seems bullish right now. The market is moving in an uptrending channel right now. One can make a bullish entry after retracement. The market is going to be bullish in the upside channel and bearish in the downside channel. Support levels: 50206, 49704, and 49040 resistance levels: 50909 and 50126 If we look at the OI data: PCR = 1.34, which has increased from 0.94, shows a Bullish sign in the market. 50500 is working as max-pain. There has been a huge CE unwinding at lower levels today. Fresh CE writing is significantly higher on lower levels. I am expecting the market: Case 1 : Bullish in upside trending channel. Case 2 : Bearish in the lower side of the channel. Reason: RSI 72 shows a Bullish Structure. Price > EMA(13, 50, 200), which indicates the bull market for tomorrow session. PCR = 1.34, which has increased from 0.94, shows a Strong bullish sign in the market. Price> VWAP shows a bull market structure. Verdict: Bullish Case 1 : Bullish in upside trending channel. Case 2 : Bearish in the lower side of the channel. Plan of action: Case 1 : Bullish: Sell 50500 CE (Hedge it with 20/- premium CE) Case 2 : Bearish: Sell 50500 PE (Hedge it with 20/- premium PE)
NSE:BANKNIFTYLong
by finnova_
BankNifty Support & Resistance Levels for 18.06.2024BankNifty closed at the psychological level of 50,000 after testing the near-demand zone mentioned in the previous post. The weekly trend (50 SMA) is positive, while the daily trend is sideways. Support Levels: Near Support/Demand Zone (15m): 49,693 - 49,778 Far Small Support/Demand Zone (15m): 49,225 - 49,451 Far Support Zone (15m): 48,801 - 49,055 (tested multiple times) Resistance Levels: Major Resistance/Supply Zone (Daily): 50,092 - 51,133.20
NSE:BANKNIFTY
by PriteshPalan
Banknifty Prediction for tomorrow (Monday) 17 JunAs we discussed in the morning, BANKNIFTY ended up sideways. If we look at the chart now: The market is indecisive, as neither bulls nor bears are able to move the market in a direction. The market is taking support at 50 EMA(15 min TF). If it breaks to the downside, we might get a good bearish fall til 200 EMA. Support levels: 49929, 49704, and 200-EMA resistance levels: 50086 and 50213 If we look at the OI data: PCR = 0.94, which has increased from 0.74, shows a Bullish sign in the market. 50000 is working as max-pain. On the Lower side, there is significantly more PE writing than CE writing at higher levels, as can be seen in the attached image. I am expecting the market: Case 1: Sideways in range 49229 - 50086. Case 2: Bearish if it breaks 49229 to the downside. Reason: RSI 46-60 shows a sideways structure. Price < EMA(13) but greater than EMA(200), which indicates the market can correct itself till 200 EMA. PCR = 0.94, which has increased from 0.74, shows a mild bullish sign in the market. Price ~= VWAP shows an indecisive market structure. Verdict: Indecisive Case 1: Sideways in range 49929 - 50086. Case 2: Bearish if it breaks 49929 to the downside. Plan of action: Case 1 : Sideways: Sell 49900 PE & 50100 CE (Hedge it with 20/- premium options) Case 2 : Exit 49900 PE if it breaks to the downside.
NSE:BANKNIFTY
by finnova_
3
Banknifty prediction for today 14 JunAs we discussed yesterday, BankNifty spent on an up-trending channel and ended sideways. If we look at the chart now: The market is in the channel right now. If it breaks down to the downside, it will give a nice bearish momentum. Support levels: 49778, 49255, and 49052 resistance levels: 50102 and 50202 If we look at the OI data: PCR = 0.74, which has decreased from 0.87, shows a mild bearish sign in the market. There is no such max-pain, which means the market can easily achieve 49500. On the higher side, 50000 has very good CE writing, which is also at the psychological level. The market only has PE on 49000. The option chain seems fully bearish. VIX has also decreased significantly, which indicates volatility is being controlled. I am expecting the market: Case 1: Sideways in channel. Case 2: Bearish if it breaks the channel to the downside. Reason: RSI 46-60 shows a sideways structure. Price < EMA(13) but greater than EMA(200), which indicates the market can correct itself till 200 EMA. EMA Bearish crossover of EMA(13, 50). PCR = 0.74, which has decreased from 0.87, shows a mild bearish sign in the market. Price ~= VWAP shows an indecisive market structure. Verdict: Sideways in channel. Bearish if it breaks the channel to the downside. Plan of action: Case 1 : Sideways: Sell 49800 PE & 49900 CE (Hedge it with 20/- premium options) Case 2 : Exit 49900 PE if it breaks to the downside.
NSE:BANKNIFTYShort
by finnova_
3
13 June 2024 - BankNifty is not making a new top, bulls tired?BankNifty Stance Bullish ⬆️ The stance of banknifty is still bullish, but the pattern is not like Nifty50. Banks are a bit weaker than Nifty. If you notice today, Nifty50 hits its intraday low around 11.20 whereas BN hit it around 15.00. Till 11.20 both N50 and BN were moving alike after which BN did not recover but kept melting down slowly. Still, we ended the day almost flat, thanks to the gap up open. Last year we had a similar repetitive pattern, open high and then close the day near the previous day's close. Much of the action is happening outside of market hours prompting a gap. BankNifty is yet to reclaim its top of 51133, seems like it may take a bit longer. I am still sticking to the view of 11th June, where we said we would switch the stance to neutral if BN is unable to break free from these levels.
NSE:BANKNIFTYLong
by viswaram
BankNifty Support & Resistance Levels for 13.06.2024BankNifty broke the intraday supply zone (15m) yesterday, reaching a high of 50,233. However, due to selling pressure from the major resistance zone (Daily) mentioned in earlier posts, it could not sustain and close above the 50,000 mark. BankNifty closed near the 15m demand/support zone created yesterday. If this support holds, we might see fresh buying in BankNifty. The weekly trend (50 SMA) is positive, while the daily trend remains sideways. Support/Demand Levels: Near Support/Demand Zone (15m, Tested): 49,728 - 49,860 Far Small Support/Demand Zone (15m): 49,225 - 49,451 Far Support Zone (15m): 48,801 - 49,055 Resistance/Supply Levels: Near Minor Supply/Resistance Zone (15m): 50,129 - 50,227 Major Resistance/Supply Zone (Daily): 50,092 - 51,133.20
NSE:BANKNIFTY
by PriteshPalan
#Banknifty directions and levels for June11th.Good morning, friends! 🌺🍬 Here are the directions for June 11th: There are no significant changes in the global market. It is still maintaining a moderately bullish sentiment based on the Dow Jones, while our local market also maintains a bullish trend. Today, the market may open with a neutral start, as indicated by GiftNifty, which shows an increase of 30 points. Nifty and BankNifty both have the same sentiment; both consolidated in the previous session. So, as usual, structurally it’s a bullish trend, but we should wait for the range breakout. If it breaks, we can expect the rally to continue. If you want precise directions, here is a step-by-step guide: > In the short term, the market is moving within a minor range. If the market opens neutrally, we can initially expect range continuation. That means if the market takes a pullback initially or if it takes support around the immediate support level, the market may bounce back a minimum of 78% in the minor swing. > The rally will continue only if it breaks the previous high. > The correction may be expected only if the market takes a sharp decline initially. If the decline sustains, we can expect the correction to continue with minor consolidations around 49,268 for BankNifty.
NSE:BANKNIFTY
by Manickamtraders
07 June 2024 - BankNifty not as bullish as Nifty, who will be FMWho will be the next finance minister would be something that Banks and Financial services sector would be keenly watching. For a stronger banking sector, we might need a tougher PM - someone who can make rational decisions. Will people who did not contest Lok Sabha elections be given a financial ministry berth? I hope not, personally I think FM is more important to stock markets than PM and Banks are the heartbeat. A stronger bank and a powerful central banking system will propel India to a powerful economy in a shorter time span. On the other hand, a weaker bank and ratifying middle class (of course with the non-considerate tax policies) will slow us down. Technically the stance is still bullish on BankNifty, but we are yet to reclaim the tops.
NSE:BANKNIFTYLong
by viswaram