Banknifty weekly expiry analysis for 07/02/24.Banknifty is consolidating in a range for last two trading session and chances are of a trending market on the expiry.
Vix is trading around 15, if it increases there will be another sideways market, else there can be a trend market if the Vix cools off.
Still, it is taking rejection from the 20 ema on the hourly charts, even the closing is below it.
In case of a gap down opening, bearish trend can be capture upto the support zone.
If there is a gap up opening, there will be confusion in the market and the expiry may remain silent.
Major bearish targets :- 45300, 4500
Enter the bearish move only when the market sustains below 45560 and shows some negative price action.
It has been respecting a trend line and taking rejection from it. Bullish entries should be avoided until markets start trading above 46500 level.
Resistance :- 46040, 46550
Wait for the price action near the levels before entering the market.
Bankniftytrend
07 Feb ’24 — BankNifty needs to go above 46800 for stance changeBankNifty Analysis - Stance Neutral ➡️
Unfortunately, BankNifty has not gotten a stance upgrade yet, we still are in neutral territory. Only if we get past 46800 - the stance can be revised. Our opening minutes were almost there ~ 46062 levels but we quickly lost ground. In total, we gave up 439pts ~ 0.95% from the highs - but this was not scary or unusual - it is just that a single 4mts candle at 11.31 stands out, it took out 109pts ~ 0.24%.
4mts chart
Till then BankNifty was looking quite okay with a gradually falling bias, that candle would have woken up the straddle sellers as their stop losses would have hit. If they kept the other leg open till the last minute, quite sure that would have given a scare too. Finally, we ended the day positively with a net gain of 127pts ~ 0.28%. The intraday day recovery of 317pts really helped BN gain back its lost ground to an extent.
63mts chart
Between the last expiry and today - we have just lost 0.12% ~ 53pts which is not significant at all. But what is more important is that the support of 45399 is defended properly. As we drew the IH&S yesterday - we need a close above 46800 for strong bullish momentum to pick up and most likely that should help us take out the 47465 resistance as well. Will it happen tomorrow? Not sure. Will it happen in the next expiry? We would like to place our bets.
Algo Trading
Our BankNifty algo trades ended today with gains of 8204 rupees. The 11.31 stunt took away some gains, but we gained back the lost ground as further trades were not violent.
Nifty & Bank Nifty Analysis For 08 Feb 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!
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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
#Banknifty directions and levels for FEB 7.Banknifty hasn't formed a proper reversal structure; however, if it breaks the supply zone, we can expect a further rally in the upcoming session. On the other hand, if it rejects around the supply zone, we can expect a correction of at least 78% to the swing low, especially if it breaks the Fibonacci level of 38%."
#Banknifty directions and levels for February 6th. #Banknifty
Banknifty also has a sharp correction structure. If the market takes a pullback, we can expect rally continuation when it breaks the immediate resistance (46103 to 46140). However, if it doesn't break that level, then the correction might continue.
Alternatively, if the market opens with a gap-down, then we can expect a minor correction initially. If it rejects around 45509 or 61%, then we can expect a minimum of 23 to 38% pullback. On the other hand, if it consolidates or breaks around there, then the correction will likely continue.
BANKNIFTY Intraday Trade Setup For 06 Feb 2024BANKNIFTY Intraday Trade Setup For 06 Feb 2024
Bullish-Above 46050
Invalid-Below 45940
T- 46710
Bearish-Below 45600
Invalid-Above 45710
T- 44915 44350
BANKNIFTY has closed on a bearish note with 0.32% cut today. It was complete sideways the whole day, traded 400 points tight range. Tomorrow we can expect directional move on today's range breakout. Both side move will be trendy and with momentum hopefully. 46050 and 45600 are important levels for tomorrow's session.
High probability trade will be in downside.
Coming to Tuesday's trade setup, if index opens flat and a 15 Min candle closes above 46050 then we will long for the target of 46710.
For selling we need a 15 Min candle close below 45600. T- 44915 and 44350.
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.
Banknifty Prediction for tomorrow 6th Feb 24As we discussed yesterday, the market went sideways, and after 2 PM, bearish momentum started.
If we look at the chart data:
Prices have broken to the downside and have consolidated nicely today. It might touch the target marked on the chart. It has also broken 200 EMA to the downside. EMA has given an EMACrossover(13, 200), which shows the market has turned bearish.
If we look at the OI data:
PCR = 0.64 shows the market has a bearish sentiment. 45800 is MAXPain; also, 46000 has huge CE writing, which will provide a nice resistance to the upside.
I am expecting the market to fall more till the target is marked in the chart.
Reasons
The market has already given a breakout to the downside. (Bearish)
Price < EMAs shows a bearish market structure. (Bearish)
RSI < 40, which shows bulls are weak right now. (Bearish)
Price < VWAP shows a bearish sentiment in the market. (Bearish)
OI data shows PCR = 0.64, which shows the market is having bearish structure. (Bearish)
Verdict:
Bearish
Plan of action:
Sell 45700 CE (hedge it with 30rs CE).
Banknifty bearish short termBank nifty is looking bearish for the short-term, Though the huge wicks formed on the hourly chart are a bit concerning.
Since bank nifty is bullish on the monthly chart, I do not expect the prices to take down the weekly discount array. Instead, prices might fall to the daily discount array at 45481.50 which lines up perfectly with a mitigation block as well. So, as soon as Price reaches that level, I would be looking for longs on the five minute chart.
BANKNIFTY Intraday Trade Setup For 05 Feb 2024BANKNIFTY Intraday Trade Setup For 05 Feb 2024
Sell_1- From 46550
Invalid-Above 46660
T- 46225 46000
Bearish-Below 45900
Invalid-Above 46010
T- 45360 44850
BANKNIFTY has closed on a bullish note last week with 2.46% gain. While it closed on a bearish note last day as 46600 is a resistance in daily TF. Breakout of the resistance will be said when a daily candle closes above 46600. Since it created a bearish sentiment last day it can be sell on rise opportunity in case it tests 46550 via gap up. 45300 will be an important intraday support zone as per 0.618 retracement in hourly TF.
Coming to Monday's trade setup, if index opens flat and a 15 Min candle below 45900 then we will short for the target 45285-45300.
In case it opens gap up then we will short from 46550. T- 46225 and 46000.
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.
Banknifty prediction for tomorrow 05 FEB 24As we discussed, Banknifty touched Target 1 and then fell from there.
Now, if we look at the charts ,
The market is making a rectangular pattern in an uptrend; now, it has broken to the downside. Also, we have 200 EMA support here. Banknifty is sitting in a make-and-break situation. It might take support, but if we look at RSI, bulls do not have strength. Also, the last 5 candles were intensely selling volume candles, which indicates the market will go bearish in upcoming sessions.
OI data:
PCR = 0.70 indicates the neutral behavior of the market. 46000 is the MaxPain. If it breaks to the downside, the next level of support is 45400. Also, on the upside, 46500 is a strong level of resistance.
FII & DII data:
FII is mildly bullish, whereas PRO seems to be mildly bearish, which gives neutral market behavior.
I am expecting the market to go bearish in upcoming sessions:
Reasons:
The Market has broken to the downside of the Uptren rectangle pattern. (Bearish)
The market is at 200 EMA, which might provide support. (Bullish Hope) (Neutral)
13EMA > Price ~= 200 EMA, which indicates market direction depends on price action on 200 EMA.
RSI < 40, which shows the weak bulls sign in the market. (Bearish)
Price < VWAP (Bearish)
OI data PCR = 0.7 indicates neutral market behaviour. (Neutral)
Verdict:
Neutral (Mild Bearish)
Plan of Action:
Observe PA at 200 EMA. If the price is below the outside rectangle, go Bearish.
02 Feb ’24 — There is something bothering the Banks, is it PayTMBankNifty Analysis - Stance Neutral ➡️
BankNifty surprises everyone today, the meltdown first started in the banks and persisted in the banks. Nifty was near the ATH - understandable, but BankNifty is a long way from its top - so the fear of highs could not be the reason for the fall today. The price action showed something deeper is troubling the banks - is it the PayTM & RBI tussle to be blamed? Or are the unsecured short-term small-amount loans turning RED?
4mts chart
Anyway, the big-boys know it better than us and soon we will all know. Unfortunately from a technical analysis perspective, we cannot plan for these events. Today’s price action shows a big RED, but a week’s data looks neutral.
63mts chart
Just when BN was trying to recover from the blow on 17th and 23rd Jan, we got the RED today. The recovery from 25th Jan via bouncing off the support looked promising and when the 45399 resistance was cut through - our hopes got pinned for a bullish comeback. The charts however still show neutral trade possibilities and the support of 45399 and resistance of 47465 as the first hurdle for a directional trend.
Bank nifty looking bearish for the coming daysBank nifty broke internal weekly structure, indicating the down trend pull back on the weekly chart has come to an end. It is looking like the price will start moving upwards again after giving a pull back from the current levels to the discount arrays at 45481.5 or at 45139.05.
Expecting prices to fall down for 2 to 3 days into a discount array where we can look for by signals on the one hour and 15 minutes charts. If the discount arrays hold, we would be looking at an initial target formed by the daily gap on 16 January 2024
TRADE IDEA BANKNIFTY FOLLOWING A STRONG TREND LINETRADE IDEA BANKNIFTY FOLLOWING A STRONG TREND LINE
The BANKNIFTY following a strong trend line
It's look like follow more
Duee to bullish momentum is showing on day chat
hense it looks like follow the trendline
If it's follow s
Then the possible resistance
Or target lables are mentioned
In the graph
TRADE IDEA BANKNIFTY FOLLOWING A STRONG TREND LINE
The BANKNIFTY following a strong trend line
It's look like follow more
Duee to bullish momentum is showing on day chat
hense it looks like follow the trendline
If it's follow s
Then the possible resistance
Or target lables are mentioned
In the graph
#Banknfity directions and levels for February 2nd.#Banknifty
Banknifty is also forming a consolidation followed by a strong pullback. If the market takes a solid rally, then we can consider that as the 3rd extension. If this occurs, the subsequent correction might be short, ranging from 23% to 38%. This also indicates further trend continuation.
Alternatively, if the market doesn't reach the immediate resistance with a solid structure, then it might turn into correction when it reaches the immediate resistance. The previous consolidation will be considered as the 4th, and the upcoming pullback will be considered as the 5th. If it rejects around the immediate resistance, then we can expect a correction.
01 Feb & 31 Jan ’24 - N50 might look at BankNifty for directionsBankNifty Analysis - Stance Neutral ➡️
BankNifty has made some interesting patterns on the 16mts TF. It looks like BN made quick surges to a specific price level and then cooled off softly. Much like a mini-flag pattern. BankNifty may be showing signs of going up if that is the case. We can only confirm if the next resistance of 47465 is broken - and if that happens tomorrow, then the game is set.
16mts chart
The biggest issue is the kind of selling the banks had from the FII’s basket. That factor is still haunting BankNifty pretty badly. The depth of the RED candles proves that point. When we have selling of that sort, we would need a strong response from the domestic buyers to go up. Meanwhile, if the DIIs are stalling - we may see further price corrections from here.
63mts chart
BankNifty is the go-to leader for directional trends, it should hold good in the current situation also. First, the BN has to move clearly in a direction, most likely Nifty will follow. BN still holds 38% of the weight on Nifty. For tomorrow we would like to start with a neutral stance and then adapt if Banks show some traction.
Nifty & Bank Nifty Analysis For 02 Feb 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
BANKNIFTY Intraday Trade Setup For 02 Feb 2024BANKNIFTY Intraday Trade Setup For 02 Feb 2024
Bullish-Above 46320
Invalid-Below 46210
T- 46826 47315
Bearish-Below 45650
Invalid-Above 45760
T- 45050 44390
BANKNIFTY has closed on a on bullish note with 0.42% gain. It was sideways to bullish, complete sideways after 12 PM. Premiums crashed like anything due to VIX crashing nearly 10%. No big moves seen on event day. It has closed near day high so above 46320 tomorrow there can be good upside move till 46826 as per ABCD plotted. In case it breaks 45650 is broken then there can be good selling.
Coming to Friday's trade setup, if index opens flat and a 15 Min candle close above 46320 then we will long for the target of 46826 and 47315.
For selling we need a 15 Min candle close below 45650. T- 45045 and 44390.
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.
BANKNIFTY Budget Special predication for tomorrow 1 FEB 24As we discussed, Banknifty's bullish nature today broke from a minor consolidation region. It gave a good breakout and moved to 200 EMA, which we discussed will be resisting the market.
Now Looking at the chart:
The market is trading at 200 EMA. The market is already in the breakout phase. Also, today afternoon, it has consolidated so that it can make a move for tomorrow's budget day.
OI data:
looking at the PCR = 1.04 shows a clearly bullish signal for the market. Also, 46000 shows lots of CE and PE writing, which makes it MAXPAIN. Once either side is clear, the market is going to shoot, probably the upper side.
PROs and FIIs have shorted the market with heavy quantity which might force it to open downside.
I am expecting the market to go bullish tomorrow
Reasons
The market is in the Breakout phase.
Price > EMAs trading near 200 EMA already consolated today. Now, it seems ready to shoot to the upside.
OI data PCR = 1.04 shows Bullish sentiments for the market direction.
As it's budget day and elections are nearby, the budget has to be good to turn election sentiments to this government side, which might impact some sectors negatively and also some in a positive way. The market can go really wild. So, Play carefully and protect your capital.
PRO and FII have been showing negative signals as they have been shorted the market heavily, which might force the market to open downside. And then go bullish.
Verdict:
Bullish
Plan of action:
Wait for 15 min candle. Let the trend be confirmed, then make a position. Protect your profits. The market can turn anytime and will be driven by budget sentiments .