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Bankniftytrend

22 Mar ’24 — BankNifty holds ground, when NiftyIT was crashingBankNifty Analysis - Stance Neutral ➡️ BankNifty stays in the neutral zone for yet another day. Even when N50 made its 1.36%, BN went up only by 0.9%. NiftyIT was tanking on one side, but BN was holding its ground from falling. I am seriously confused about whether Nifty or BankNifty has the lower beta. Even the profit booking in the last 40mts did not have a wild impact on BN but it might have taken the profits out of N50 straddlers. 4mts chart We are almost midway between the nearest support & resistance. The slope of the 200 EMA will prove the point that we are neutral, just check its slope - it's almost parallel to the X-axis. This was the major reason why I never went bearish even though we fell 2000+ points from the ATH. We continue to maintain our neutral stance for Tuesday and would like to build fresh positions based on the price action. 63mts chart — Algo Trading Our algo trades ended today with a loss of 7029 rupees, thanks to the swing from Nifty50. So for my current month, the Nifty Algos are in loss whereas BN is in good profits. This takes me back to the earlier question, which one has the lower beta?
NSE:BANKNIFTY
by viswaram
Banknifty prediction for today 22 Mar 24Hello Traders, as we have been discussing the resistance line and bears and bull zone in Banknifty, it has broken the resistance line and entered the bull zone, where I expect the market to be bullish. if we look at the chart now: The market broke to the upside yesterday. It opened at +500 and ended up sideways. That means the market is not consolidating at this level now. The market is going to be sideways in the range of 46630-46950. If we look at the OI data: PCR = 0.91 shows the bullish market indication. There is good support at the 46500 level and Resistance at 47000. Intermediate levels have been written equally by both parties. I am expecting the market to be Bullish for this expiry session. All important levels have been marked on the chart. Support: 46627, 46277, 45907 Resistance: 47437, 46900 Verdict: Bullish Plan of action: Sell 46650 PE (Hedge it with 20/- premium )
NSE:BANKNIFTYLong
by finnova_
21 Mar ’24 — BankNifty was never bearish, today is proof.BankNifty Analysis - Stance Neutral ➡️ BankNifty gaps up 422pts ~ 0.91% but doesn't go anywhere. We are neither bullish nor bullish again. One thing was quite clear today, the downside was quite absent today. In fact, our lows of 46651 were protected pretty well. The gaps were because of the outperformance by SPX, NDQ yesterday. Yesterday, the US FED decided to keep the rates flat and also indicated there could be up to 3 interest rate cuts this year. Even though it could be an election gimmick, the markets reacted positively and this spillover effect ensured we are also outperforming. But what it really did was abort the bearish flow. BankNifty was never bearish, but Nifty was and that flow got interrupted. 4mts chart On the higher time frame, the bearish setup did not really start but the patterns look promising. What we need to see if we are getting followthrough on the bullish side tomorrow or not. Next week the trading is cut short by 2 days due to Holi & Good Friday, so I am guessing the decision might be taken tomorrow itself. We would prefer to start the day tomorrow with the neutral stance and then take it from there. 63mts chart - Algo Trading Our algo trades ended today with a gain of Rs19360 mostly because BN maintained a small range today.
NSE:BANKNIFTY
by viswaram
20 Mar ’24 — BankNifty fallen for 9 Days - yet I am not bearishBankNifty Analysis - Stance Neutral ➡️ Once again BN proved to be resilient to the bearish attack. We briefly broke the bearish channel top line, hit a new intraday low of 45828, and then reversed from there. The reversal was a whopping 828pts ~ 1.81% on what we could call a bear market killer. Whatever green candles we had in that recovery were strong and had good depth. The only reason N50 had that dramatic reversal was due to BankNifty. 4mts chart Most of the analysts are bearish on BN, but I am still not convinced. Yes, we had a drop of 2317 points ~ 4.81% overall but the downside moves are not convincing enough. Primarily because the momentum is still not there, compare it with N50 and you will get the variance. All BN has to do is enter the bearish channel and then we can go short with a higher conviction. Meanwhile, I modified the bearish channel bottom line (purple color line), connected the recent price actions and finally, it is looking parallel to the top line (blue) as well. 63mts chart – Algo Trading Our algo trades ended today with a gain of 14970 points. Sensing the situation getting a bit volatile, I manually squared off the positions at 09.38 itself.
NSE:BANKNIFTY
by viswaram
2
18 Mar ’24 — BankNifty tests its feet below the bearish channelBankNifty Analysis - Stance Neutral ➡️ BankNifty had to fall 400pts to enter the bearish channel. Well, it did not happen today but we had an interesting candle at 11.15, for a brief period BN dips into the bearish channel and then pulls out. Much like testing how deep the water is before taking the jump. The shorts were strong then and the recovery would have prompted the short covering that took BN up 488pts ~ 1.06% above the high of the 11.15 candle. 4mts chart BN is still neutral as the momentum is missing on the bearish side. Just take a look at the 10.18 (-248pts) and 11.21 (+405pts) 63mts candle. Something tells me the momentum should favor the bulls if we have some consensus. As the CALL shorters are weak, we would need the big boys to enter to really move the needle. FII selling is not really helping. Agreed that NiftyIT tanked today, but the fear factor is still missing on the large caps. If you watch the Nifty sub-sectors you can see how quickly the market breadth changes from GREEN to RED and then back to GREEN. Markets are really on the edge and all it requires is a small push. 63mts chart – Algo Trading Our algo trades ended today with a loss of Rs3430. The charges and the transaction costs were more than the losses as the Algos did quite a lot of adjustments today.
NSE:BANKNIFTY
by viswaram
bankNifty analysis for 18th March 2024bank nifty is travelling inside a channel. 46300 to 46500 is a strong support level as marked on the chart. if this level is broken, bank nifty may go downside to the next support level marked on the chart. or, if it takes support to this level, it may go up to the next upper level marked on the chart Disclaimer: All information provided here is for educational purposes and not a recommendation, advice, research report, or stock tip of any nature. Analysis Posted here is just our view/personal study method on the stocks, commodities or other instruments and assets.
NSE:BANKNIFTY
by sudeeptalayek
#banknifty directions and levels for March 18th.Banknifty has a diagonal structure. So, if the market breaks the previous low, then the diagonal will continue further, and we can expect a minimum of 46197 to 45948. If it finds support there, then we can expect a minimum of 23 to 38% pullback wave. Alternatively, if the gap-down doesn't sustain and breaks the diagonal pattern, then we can expect a range market initially, and if it breaks 47034, then the pullback will continue further.
NSE:BANKNIFTY
by Manickamtraders
BANKNIFTY Prediction for tomorrow 18 Mar 24As we have discussed in our Video, BANKNIFTY was making HNS, whose target was 46470. that has been achieved. If we look at the chart now: The market is trading at the support trendline(1-H TF). Banknifty is also trading at 0.61 fib level, which might be crucial for banknifty to take support. Price is volume balanced, which indicates the market can make a move soon. If we look at the OI data: PCR = 0.72, which indicates a neutral behavior for the market. Bulls have written 46500 and bear heavily, which will be acting as max pain for now. On the upper side, 47000 is a good resistance that also coincides with 200 EMA. Looking at the FII Data, we can say the market might open a gap-down. I am expecting the market to be sideways for one day at least. After that, once it moves to the Green zone, it will turn bullish. unless it breaks to Bearish zone(RED ZONE) Reasons: The market is trading at the strong support trendline. 46350 - 46680 is a sideways range. If it breaks into the RED ZONE market, it might fall heavily, but the possibility of breaking down is less right now. PCR = 0.72 is neutral. 46500 is acting as MaxPain. 46500 is also working as good support. Whereas 47000 is working as good resistance. RSI ~ 50 shows the market is going to be sideways for the next trading day. VWAP ~ price shows that the price is volume balanced, which means the market will soon be ready to make a move in either direction. Verdict: Sideways Plan of Action: Sell 46500 PE and 46650 CE (hedge with 20/- option). Exit the leg once it breaks to either side.
NSE:BANKNIFTY
by finnova_
2
Bank Nifty analysis for 15th march 2024The banknifty is travelling in a downward channel. also the possible support and resistances are marked in the chart. if it breaks the channel in upside direction, may be a bullish movement is possible. if it breaks the support of 46500 level, a bearish movement may happen. Disclaimer: All information provided here is for educational purposes and not a recommendation, advice, research report, or stock tip of any nature. Analysis Posted here is just our view/personal study method on the stocks, commodities or other instruments and assets.
NSE:BANKNIFTY
by sudeeptalayek
Bank Nifty 15-03-2024 Analysis Hello Traders, Welcome to SriTrader5121 _______________________________________ Overall view for the day. Buy - with support of Important / Support Sell - with rejection of Important / Side-ways-zone See the price action at our zones, take the trade according to your Risk - Reward. Happy Learning and Trading – SriTrader5121 _______________________________________ Rules to fallow... 1) Wait for conformation. 2) See the price action at our zones. 3) Trade with Strict Stop Loss. 4) Trade with Small Quantity. 5) Take entries based on Support & Resistance Zones. _____________________________________________________ Please take the trade according to the zones marked, with Risk-Reward. This is not a Buy or Sell recommendation to anyone. Take entries based on your own analysis and risk. This is for education purpose and a helping hand to learn trading in live market. NOTE: Trade with Strict Stop Loss. It may or may not hit all levels / Zones. So one can book profit / loss based on your risk-reward or considering price action at respective zone how it works near that zone. I hope you all like my analysis. Follow me to get regular updates. Please do share your thoughts in comment section. Please Hit a LIKE, it motivates me to do analysis and do share with your trading friends.
NSE:BANKNIFTY
by SriTrader5121