Banking stocks strongWith nifty creating new highs every week, banking stocks might see good upmoves in the coming few weeks.
In this video , I discuss few banking stocks setups which look to resume their uptrend .
Cheers!
Bankniftytrend
#Banknifty directions and levels for March 7th.Banknifty has the same sentiment; there is a completed motive structure. So, if the initial market declines sharply, then we can expect a minimum of 23% to 38% Fibonacci correction. If it breaks the 38% Fibonacci level, that's a sign of a trend reversal (bearish trend). On the other hand, if it finds support there (23%), it might consolidate a little bit.
Alternatively, if the gap-up sustains and breaks the supply zone, here also the same extension might happen. So, if the market breaks the supply zone, we can expect a rally continuation in the upcoming sessions."
06 Mar ’24 — Nobody believed us when we said Banks are bullish..BankNifty Analysis - Stance Bullish ⬆️
The major move in Banknifty in the opening hour itself. See the encircled region and see how the 47465 support came into play. Support and resistance have the highest weightage in my technical indicators arsenal. If you have been reading my reports - you may agree to it without doubt. The only thing is, you need to draw the horizontal lines carefully.
4mts chart
Two things happened when BN rallied 713pts ~ 1.5% in the opening hours. Firstly it gave so much of positive momentum to Nifty50 that even a laggard like NiftyIT had to reverse course and align with the GREENs. Secondly, it threw our algo positions under the bus. The swift movement ensured whatever MTM loss the positions went into, we were sure that the end was never going to be in green.
Not quite sure if we will take out the ATH tomorrow, but seems like we are going to have another green day tomorrow. As long as the support of 47465 is respected, the bulls are going to have a nice time.
63mts chart
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Algo Trading
Our algo trades ended today with a loss of 19656. The opening hour casting its spell, the MTM loss was almost 65710 at a point, so we are quite thankful for the wonderful recovery we had post that trauma.
BANKNIFTY Chart & Levels for tomorrow The BN levels here providing are only for educational purposes. Observe these levels
Banknifty prediction for tomorrow 07 Mar 24As we discussed, the Banknifty breakout gave quite a nice target today. As it was expiry today, the market turned sideways in the afternoon.
If we look at the chart now:
The market is trading at the resistance zone right now. Today, it has been sideways at resistance. After that, some selling came with good volume, which may be because of expiry today. The RSI trendline has also broken down to the downside.
If we look at the OI data:
PCR = 0.9 shows bullish market sentiments. But as it is just the start of the week, this does not contribute much for now.
There can be 2 cases, as marked on the chart.
Case 1: if it takes support at 47850, then it can move till 48600(ATH).
Case 2: Might consolidate in the range 47500-48000.
Reasons:
BN is trading at the resistance Zone.
4H-TF resistance trendline.
All-time high resistance Zone
The RSI trendline has broken down to the downside. There might be some correction or consolidation.
PCR = 0.9 shows bullish sentiments. 48000 is maxPain while 47500 is a good resistance according to the OI data. The above side is not much CE writing that shows the market is going to be HIGHER HIGH in upcoming sessions.
VWAP = Price shows price is balanced.
Verdict:
Sideways or Bullish
Plan of action:
Case1: Sell 47800 PE (Hedge it with 20 rs PE)
Case 2: Iron condor in range 47500-48000.
BankNifty Bullish Move Toward All Time High If you observe the chart above, it clearly indicates that it's forming higher highs and higher lows. A few days ago, on January 17th, 2024, there was a significant gap down below the resistance level of 47520. Many times it attempted to break this resistance level, but today it finally broke through with a strong bullish candle. Therefore, we can confidently say that it's likely to reach all-time highs.
Note: I will maintain charts in a simple way. Only those with basic knowledge of technical analysis will be able to understand what I am posting.
#Banknifty directions and levels for March 6th.The Banknifty structure is a little different; as per the wave structure, there is a pullback wave bending (minor sub-wave 5th). So, if the market breaks yesterday's high, then we can expect a range between 47821 to 47957. Since this is the 5th wave, once it rejects there, we can anticipate a correctional wave that may take a 23 to 38% Fibonacci correction to the minor swing. however, if it sustains there(47957) then we can expect further extension.
Alternatively, if it declines initially, the 47427 level will act as a crucial support. If it finds support there, then we can initially expect a range market for rally continuation. However, if it breaks, it might turn into an overall correction phase."
05 Mar ’24 — BankNifty Algos gave 50% profit in opening hour!BankNifty Analysis - Stance Bullish ⬆️
BankNifty gets a status change today to bullish. Look at the 12.47 candle that took out the resistance of 47465. Even the next candle formed was strongly bullish. We are now at a stage where BankNifty is strongly bullish and Nifty is showing some weakness due to the tech sector. If Nifty starts falling, there is no way BankNifty can remain in green, although it has happened many times in the past. Over the last many months, the IT sector has gained more weightage on Nifty50, I started noticing this after the inclusion of LTIM in the index.
4mts chart
On the higher timeframe, BankNifty managed to get 2 63mts candles above the resistance line. Our stance change came right after the 12.24 candle as the signs were pretty clear. On a normal day, a resistance break usually signifies a much more powerful breakout rally. We are quite not sure whether we will get that tomorrow as US markets are trading in deep RED.
If BN falls below 47465 or opens gap-down below this support level we will revert to a neutral stance. And since it is the weekly expiry tomorrow - we expect the premiums to pick up if that happens. As it stands the premiums of the OTM are not good enough for some serious speculation.
63mts chart
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Algo Trading
Our algo trades ended today with a gain of 17997 rupees. Again pulled the plug early today i.e. at 10.24. As per my backtests the max possible gain intraday is Rs36000 and since we hit 50% of that in the opening hour - decided to exit prematurely.
Banknifty live Bears fails to break the levelBanknifty Live trading failed to break the double top pattern.
Breakout in UNIONBANKClear Inverted HnS breakout in UnionBank is visible. The stock is also bouncing off the 50 SMa so that gives more confidence in the trade.
#Banknifty directions and levels for March 5thBanknifty is following a 5th ending diagonal pattern. So if the market breaks yesterday's high, it will reach the fib level 78% with minor consolidation. After that, if it rejects there, we can expect a minimum of a 23 to 38% correctional wave. However, if it sustains there (consolidates), then it might turn into an extension variation. On the other hand, if the initial market declines, then we can consider that as an expanding flat variation, meaning the 4th wave continuation. If it finds support around the demand zone, then we can expect consolidation for the 5th impulse wave. However, if it breaks the demand zone, then the correction will continue.
FASP levels for Bank Nifty 05/03/2024The FASP for BankNifty is listed for 05-03-2024. 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.
BANKNIFTY prediction for tomorrow 5th MAR 24As we discussed BANKNIFTY yesterday, Banknifty resulted sideways. Bulls guarded the support level tightly.
If we look at the chart data now:
The market has been taking support at the 47300 level. We were expecting some consolidation in the market today, which happened today. Now we have to wait for it to break the range (47200-47500) to the upside.
If we look at the OI data:
Pcr = 1.22 (Bullish), which has fallen from 1.44 because of the market's sideways momentum.
47500 is MAXPAIN. Once it's broken to the upside, we can say the market is good to go till 48000. there is not much CE writing on higher levels.
I am expecting the market to consolidate for 1 or 2 days and then a good bullish move till the 48600 levels ass target.
Reasons:
Price > EMAs(13,50,200) shows markets is having bullish sentiment. (Bullish)
RSI > 60 having bearish divergence. The market needs some more consolidation to correct the value of RSI.
PCR = 1.22 shows good strength of bulls; there is not much CE writing at higher levels.
RSI is reaching 77, which was working as resistance previously. (sideways)
Verdict:
Bullish
Plan of action:
Case 1: Sell 47500 PE (Hedge it with 20 rs PE)
Case 2: wait for the market to take support to get bullish.
BANKNIFTY prediction for tomorrow 4th Mar 24As we have discussed, Banknifty's bullish behavior in our last session gave a really nice momentum with 2.4%.
If we look at the chart:
The Banknifty has broken above the trendline, which indicates that the market is currently showing extremely excellent bullish momentum. After this breakout, the market can continue to the level of 48600. The market has been in the consolidation phase for the past 3 months. As it has given a breakout now, I am expecting at least of48600(ATH) to touch again.
If we look at the OI data:
PCR = 1.44 shows huge bullishness in the market. 47000 & 46500 is having huge PE writing at lower levels. Higher levels have CE writing at 47500 & 48000, which is significantly less compared to bulls.
If we look at the FII & DII data, FII is medium bearish because of the resistance zone at 47250, whereas clients are Strongly bullish because of the breakout.
I am expecting the market to go Higher High(HH) till the level of 48500.
Reasons:
Price > EMAs(13,50,200) shows markets is having bullish sentiment. (Bullish)
RSI > 60 shows the market is in control of bulls right now. (Bullish)
PCR = 1.44 shows good strength of bulls at lower levels.
Price > VWAP indicates the market has a bullish nature and tends to move higher in the upcoming session.
47500 seems to be maxPain. If it breaks to the upside, it would be easier for bulls to drag the market to 48500 easily.
RSI is reaching 77 which is working as resistance previously. (sideways)
Verdict:
Bullish
Plan of action:
Case 1: Sell 47500 PE (Hedge it with 20 rs PE)
Case 2: wait for the market to take support to get bullish.
Will Indexes scale to Higher levels ??Nifty has given a breakout from a 2 month consolidation and moved towards 22450 levels.
Now it seems tht on a shorter time frame it will retrace and take support at 22250-22280 levels to create a base for the next upward journey.
Bank Nifty have given a strong close at 47300 level. A close above 47350 level will open doors for 48000-48200 level above which will open doors for 49200-49600 levels in nifty
Banknifty Chart & Levels for tomorrow This Banknifty chart analysis is only for educational purposes. Just observe these levels
#Banknifty directions and levels for March 1st.Banknifty closed +150 points with a range-bound structure in the last session. Giftnifty indicates a gap-up start. If the gap-up breaks or sustains around 46448, then we can expect further rally continuation. However, if the market rejects there (46448) or if the initial market declines sharply, then structurally the range market will continue. we could wait for the 38% Fib level breakout for confirmation. If it breaks the 38%, then we can expect a 61 to 78% correction."
Banknifty prediction for tomorrow 1 March 24As we discussed yesterday, bank nifty took support at 45600 and then moved back to the bullish side with huge volatility.
If we look at the chart data:
The market is trading below the 200 EMA-(30-min TF). which may provide a good resistance at this point. 45700 has proven to be a good support zone. RSI still needs more strength to get a good bullish momentum.
If we look at the OI data:
PCR = 0.82, which shows the market's bullish sentiments. 46000 is going to be MAXPAIN. There is good resistance to CE shorting at each upper level. However, there is not much OI build-up on the lower side.
I am expecting the market to take a bearish momentum till 45700, and then it will take support and pull back stronger.
Reasons:
200 EMA > Price > EMA(13), which shows the market has bullish sentiment but not enough strength to make a good bullish move. (sideways)
200 EMA is going to provide good resistance at this level for now. (sideways)
RSI is in the range of 40-60, which is mostly sideways. (sideways)
The last two candles show a heavy fight between bulls and bearish. (sideways)
Price >= VWAP, which shows that price is balanced with volume. (Bullish)
PCR = 0.82, which shows the market's bullish sentiments
Verdict:
Sideways
Plan of action:
Make a bull position once the market takes support at 45700.
29 Feb ’24 BankNifty still looks bearish until the resistance...BankNifty Analysis - Stance Bearish ⬇️
BankNifty ended the day in GREEN, up 157pts, but we are still bearish as the resistance line was not taken out (bearish trend line). Also, we are in the bearish channel, the longer we stay in it - the stronger the BEARS grows. 3 candles between 09.59 to 10.07 gave away 498pts ~ 1.08%. And we really thought, it could be the beginning of a longer bear attack. Well, our short call for today did not work out as planned - we were able to cover up some losses as the expiry trades gave outsized premiums due to a spike in IV. The last 30 minutes added 394pts ~ 0.86pts.
4mts chart
A part of the spike in volume could be attributed to the monthly rebalancing. That also means a portion of the price action could be manipulated as well. We will get to know in detail during the opening hours tomorrow. We wish to maintain the bearish stance as long as the sloping blue resistance is not taken out. To go bullish, BN has to rally all the way up above the double-top pattern.
63mts chart
Algo Trading
Due to the monthly expiry, I did not have spare funds to deploy for Algo trades, instead, I put them on the forward test mode. It showed a profit of 19858
I am a registered financial advisor & would be happy to be of assistance to you. DM me for more details.
FASP levels for Bank Nifty 01/03/2024The FASP for BankNifty is listed for 01-03-2024. 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.
#Banknifty directions and levels for FEB 29thBank Nifty also has the same sentiment. Structurally, it could fall a little bit, so if the gap-up doesn't sustain, then we can expect a correction that will reach the Fibonacci level of 61% (45675). After that, if it finds support around there, we can expect a minimum of a 23 to 38% pullback wave. However, if it breaks it, then the correction will likely continue.
Alternatively, if the gap-up sustains, then we could expect a range market initially. After that, if it breaks the supply zone, then the rally might continue. On the other hand, if it breaks the previous low, then the correction will continue further
FASP levels for Bank Nifty 29/02/2024The FASP for BankNifty is listed for 29-02-2024. 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.
