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Bankniftytrend

#Banknifty directions and levels for May 9th.BankNifty is structurally a little different from Nifty. If the market takes a pullback initially, we can expect a minimum of 38% on the upside. After that, if it rejects there (around 38%), it may undergo consolidation between the previous low to 38% for correction. on the other hand, if the pullback breaks the Fibonacci level 38% (upside), then it may continue further. The alternate variation is a little different. If the market opens with a gap-down and breaks the previous bottom, then the level of 47,786 will act as a minor support level. If the market finds support there, then the range between 47,786 to 38% (upside) will continue. However, if the gap-down breaks it solidly, then the correction will likely continue, and it may reach a minimum of 47,669 to 47,564
NSE:BANKNIFTY
by Manickamtraders
BankNifty Support & Resistance Levels for 09.05.2024BankNifty had a tough time as it broke below the important support at 48088, signalling trouble for bullish traders. Now, the focus shifts to the next support at 47737.20, which was the low point from April 25th. If it breaks too, attention will be on the support range between 47204 and 47345. On the flip side, immediate resistance is expected around 48465, with further resistance seen between 48784 and 49024. Traders are keeping a close eye on these levels as BankNifty manoeuvres through a challenging market environment.
NSE:BANKNIFTY
by PriteshPal
08 May 2024 - Banks and IT were in RED, but Nifty closed flatBankNifty Analysis - Stance Bearish⬇️ BN was unable to defend the 48115 support resistance today and it was an advantage Bears. The overall price action was neutral and that might be related to the expiry trades. There were a couple of instances where BN moved 100+ pts in minutes - this really had an impact on the algo trades, but happy that major damage was not done. Both BN and NiftyIT closed the day in the RED, whereas Nifty50 ended the day flat. If IT is also going the banks' way, we might have further downsides.  For tomorrow, I wish to hold on to the Bearish view and then go neutral if we spend considerable time above 48101. The algos did pretty well today and ended up generating a whopping profit of 54085 INR.
NSE:BANKNIFTYShort
by viswaram
Nifty & Bank Nifty Analysis For 09 May 2024In this video, we'll discuss about Today's Market Movement and Tomorrow's Analysis in Nifty, Banknifty and other segments too. Whether you're a seasoned trader or just starting in the stock market, this analysis will help you in Learning about Market. Let's get right into it! ✅I hope you liked the analysis. Be sure to hit that LIKE. 👍Like | 💬Comment | 👥Share Disclaimer : All views and charts shared in this video are purely for knowledge and information purposes only. Trading is Very Risky Business and it should only be done with proper Knowledge. It is very important to do your own analysis before making any investment based on your own personal circumstances. #TheStockMantra #MarketAnalysis #LearnStockMarket
NSE:NIFTY
by TheStockMantra
BankNifty Support & Resistance for 08.05.2024BankNifty is hanging around a critical support area from 48088 to 48359, within a 75-minute timeframe. The big question is whether it will bounce back from this support or break down. On the flip side, the nearest resistance area is between 48784 and 49024. Yesterday, BankNifty closed at 48285.35, signalling a shift towards a neutral to bearish trend since it ended below the previous five-day low. Traders are keeping a close eye on these levels for potential market moves today.
NSE:BANKNIFTY
by PriteshPal
#Banknifty directions and levels for May 8th.Banknifty also has a similar sentiment. If the initial market decline occurs, then we can expect a correction to a minimum of 48128 or 47992 levels. After that, if it finds support there, then we can expect a pullback that may retrace a minimum of 38 to 50%. However, if it doesn't find support or consolidates there, then the correction will likely continue, and we can fix our next target Fibonacci level 38% (47856). The alternate variation is similar to Nifty: if the market takes a pullback initially, then the Fibonacci level 38% (upside) may act as a strong resistance. If it rejects there, then we can expect a range market. After that, if it breaks the range either upside or downside, we can follow the direction.
NSE:BANKNIFTY
by Manickamtraders
07 May 2024 - BankNifty stance changed to Bearish, more cuts ???BankNifty Analysis - Stance Bearish⬇️ BankNifty also fell in a single legged manner right from the open till 11.35. The fall totally unchecked by the Bulls and in a way came as a surprise as the BTFD people usually do not let the markets fall in this fast and furious manner. BN showed more weakness than N50, partly because NiftyIT was in great GREEN shape today. At a specific point, BN was down 1% and NiftyIT was up 0.9% - a stark contrast. BN ended up breaking the 48661 levels we discussed yesterday and hence we changed the stance from neutral to bearish. The next level to watch out for is 48115 and then the critical support comes at 47465. Since global markets are staying green, the FII selling in our markets could be related to political uncertainty due to the ongoing elections. BN algos ended the day with gains of 12741 INR. The bulk of the gains started coming in only after 11.39.
NSE:BANKNIFTYShort
by viswaram
BANKNIFTY Intraday Trade Setup For 8 May 2024BANKNIFTY Intraday Trade Setup For 8 May 2024 Sell_1- From 48750 Invalid-Above 48860 T- 48445 Sell_2- Below 48200 Invalid-Above 48310 T- 47630 47200 BANKNIFTY has closed on a bearish note with 1.25% cut today. Sell triggered as per trade setup below 48650 and almost hit 1st target 48200. BANKNIFTY seems to be falling in a parallel channel. Breakout will bring bulls back. Breakout of this channel and then above previous hourly/15 Min high will be confirmation breakout. Tomorrow if index opens flat then bets trade will be in sell side below 48200. There is a chance of gap up so 48750 will be a confluence level. Coming to Wednesday's trade setup, if index opens flat and a 15 Min candle closes below 48200 then we will short for the target of 47630 and 47200. 2nd short can be considered from 48750. To 48445. In case of a big gap up/down, wait till 10 o'clock and mark the high and low of the trading range (5MIN). Trade on this range breakout. ========== I am Not SEBI Registered This is my personal analysis for my personal trading. Kindly consult your financial advisor before taking any actions based on this.
NSE:BANKNIFTY
by Omahto
#Banknifty directions and levels for May 7th.Both Nifty and Bank Nifty have the same consolidation structure. If the market initially takes a pullback, then we can expect a minimum of 61% pullback. After that, if it rejects sharply, then it might correct again, meaning it may return to its morning opening level. However, if it sustains around 61%, then the rally will likely continue with minor consolidation. Alternatively, if the market declines initially or if the market opens with a gap-down, then we can expect a minor correction only because there is going to be a range market, so we can anticipate only a minor correction. However, if it forms a solid correctional formation (solid red candle), you can try a range breakout entry.
NSE:BANKNIFTY
by Manickamtraders
06 May 2024 - BankNifty looking weak, but Bears are yet CHARGEBankNifty Analysis — Stance Neutral ➡️ 48947 is a support/resistance level after this recent run, I have still not drawn the line as the price action was in uncharted waters for some time. If we hang on to these levels, I will get the SR added by tomorrow. BN was quite strange today, Kotak after a good show of quarterly results went up 5%. That was quite expected, but how HDFC, ICICI, and AXIS traded throughout the day was totally surprising. The majority of them gave the impression that we were going up, and then quickly changed direction. At 14.31, HDFC quickly turned the direction again, and went up like 0.56% only to give it back later. I am yet to check the RBI circular on project financing changes on REC and PFC and the spillover effects on other assets. For tomorrow, I wish to maintain the neutral stance. If we stay below 48661 for an extended period, I would even prefer to go short. Algos ended up generating Rs15466 today.
NSE:BANKNIFTY
by viswaram
BANKNIFTY Intraday Trade Setup For 7 May 2024BANKNIFTY Intraday Trade Setup For 7 May 2024 Bullish-Above 49260 Invalid-Below 49150 T- 49735 Bearish-Below 48650 Invalid-Above 48760 T- 48145 47650 BANKNIFTY has closed on a flat note today. In the weekend half bat was plotted near 49200 and it gave a pullback till PRZ via gap up and respected that. It traded between yesterday's range and formed an inside candle. Below 48650 high possibility of a good slide in intraday is high. The plotted trendline will be an alert for us for a bullish trigger on breakout. However 49260 will be plan of action level, confirmation. Coming to Tuesday's trade setup, if index opens flat and a 15 Min candle closes above 49260 then we will long for the target of 49735. For selling we need a 15 Min candle close below 48650. T- 48145 and 47650. In case of a big gap up/down, wait till 10 o'clock and mark the high and low of the trading range (5MIN). Trade on this range breakout. ========== I am Not SEBI Registered This is my personal analysis for my personal trading. Kindly consult your financial advisor before taking any actions based on this.
NSE:BANKNIFTY
by Omahto
Volatility to be the King for coming week !! There bearish indication on charts on weekly and daily charts but on shorter time frame 15-30 mins its creating bullish pattern, pattern still needs a breakout out. looks at these structure it looks we will have volatility seen over the week. Key things to note any close above 22800 level we would see a strong up move in nifty till 23400. any close below 22350 will open doors for 21800 again !! Friday close was exactly at support area. Bank nifty is still not out from short term bearish side, need a close above 49200 for more upside till 49600-50K level, any close below 48600 will open doors for 48200 and below.
NSE:BANKNIFTY
by Nimble_Pesos
03 May 2024 - BankNifty stance also changed to neutral, weaknessBankNifty Analysis — Stance Neutral ➡️ BankNifty had an intraday swing of 952pts ~ 1.92% at par with what Nifty had today. There was a brief period of recovery 11.39 to 12.43, but this did not sustain and we hit an intraday low of 48659 by 13.39. BankNifty is actually weaker than Nifty, because we did not pull back even a bit yesterday and then you combine today’s price action. But if you look at the charts side by side — Nifty shows a higher bearishness than BN — but it is not. For Monday, we wish to start with a neutral stance and then go short if 48350 is getting taken out. I might wait out for the ATH to be taken out to go long. The algo made 3901 INR.
NSE:BANKNIFTY
by viswaram