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#Banknifty directions and levels for DEC 15th."Good morning, friends. Directions for December 15th: The global market sentiment is bullish, supported by the Dow Jones. However, our local market sentiment shows a bullish trend. It might open with a gap-up start based on Giftnifty, which shows 70+. The market is making a new high every day, so whether it opens with a gap-up start or a neutral start is not important; the structure is what matters. If the gap-up has a solid structure (followed by consolidation or a solid candle structure), we can expect a rally continuation. On the other hand, if the gap-up doesn't sustain or if it rejects around the immediate resistance, we can expect a range market initially. If it breaks the Fib level 38%, then we can consider it a correction."
NSE:BANKNIFTY
by Manickamtraders
14th Dec ’23 - BankNifty breaksout again and hits ATH Bull-RUNBankNifty Analysis If you read the postmortem report yesterday, you might have seen how the W pattern formed yesterday and BankNifty respecting the ascending trend line turned out. BankNifty had a different start today vs Nifty because we opened 0.95% gap-up and then rallied another 0.8% to hit the all time highs. 4mts chart - click here The 2nd rally was equally intense as the first. And once we hit the ATH - BN turned flat and had a sideways trend till close. Remember we discussed how gap-up and gap-downs are the major weapon used by the big-boys to scare the s**t out of the option sellers? US markets rarely does the gap-ups or gap-downs, I mean the index. Whereas the majority of the gains/loss in our markets are done via gaps. FED’s rate cuts promise in 2024 looks like more of a political play than an economic one. A rallying market and portfolios in green sounds pretty good for the incumbent leaders. Imagine trying to get re-elected when there is economic depression/recession? 63mts chart link - click here The stance on BankNifty has been revised to bullish. I have no targets in mind as we are at the ATH. The first support to look at will be 47588. Meanwhile, the charts look perfectly like in the textbook.
NSE:BANKNIFTYLong
by viswaram
#Banknifty directions and levels for DEC 14th "Good morning, friends. Directions for December 14th: The global market sentiment is bullish, supported by the Dow Jones. However, our local market sentiment shows a moderately bullish trend. It might open with a significant gap-up start, creating uncertainty about its exact opening position. Here's the basic structure: if the market breaks the immediate resistance with solid momentum or experiences minor consolidation, then we can expect a rally continuation. On the other hand, if it rejects around the immediate resistance, we can anticipate a correction, but it should break the 38% Fibonacci level. I will provide updates if there are any changes in this chart during the mid-market session."
NSE:BANKNIFTY
by Manickamtraders
13th Dec ’23 - BankNifty does a W pattern on the ascending trendBankNifty Today’s Analysis The opening candle in Banknifty had a swing range of 189pts ~ 0.4%. That candle looked dangerous and I really thought we would have a deep RED day today. Quite interestingly, BN made a W pattern right at the top band of the ascending channel (see the 63mts chart link also). 4mts chart link - click here Once BN got caught in that channel envelope, it was blindly following that path. The final close is at -0.01% - it cannot get more flat than this. The W pattern may change the dynamics for tomorrow - usually, it favors the bulls. So we need to wait and watch for the first hour or so tomorrow and then decide. From an expiry trading perspective, the OTM options really did not have any premium to start with. The opening moves gave some rush and then the reversal by 12.31 also gave some boost to the strikes. 63mts chart link - click here BankNifty has entered the ascending channel and from a medium-term perspective, it all looks bullish to me. For tomorrow, I wish to start with the neutral stance and then change course as the price action develops. Falling below 46565 is bearish to me.
NSE:BANKNIFTY
by viswaram
Banknifty Prediction for tomorrow 14 Dec 23As we have discussed yesterday, BankNifty gave a fall and then took support at 46900, which was a minor support zone. Because of expiry it turned out to be a sideways day. according to the OI as 0.95 it seems bullish. But according to the price action 47200 will be acting as resistance level. if it breaks 47200 to upside then it will go bullish. Reasons: RSI 40-60 sideways now if breaks 60 level upside then it will turn bullish again. OI shows bullish with PCR 0.95. Price > EMA(13,50) which shows a bullish signal. If breaks the 47200 level then it will be providing nice momentum. else will be sideways. Has broken resistance trend line to upside more chances to go up. Verdict: Sideways < 47200 if breaks to upside go bullish. Plan of action: keep neutral position below 47200. once breaks go bullish.
NSE:BANKNIFTY
by finnova_
#Banknifty directions and levels for DEC 13thGood morning, friends. Directions for December 13th: The global market sentiment is bullish, supported by the Dow Jones. However, our local market sentiment shows a moderately bullish trend. It might open with a neutral to slightly gap-up start. Structurally, it's a range market. However, if the market breaks the immediate resistance with a solid structure, then we can expect a pullback continuation. On the other hand, if it rejects that level, then the previous range will likely continue. The same applies to a downtrend. If the market finds support around the immediate support level, then the range will continue. However, if it breaks this level, we can expect correction continuation."
NSE:BANKNIFTY
by Manickamtraders
BANKNIFTY prediction for tomorrow (Moday) 11th DecAs we discussed, Banknifty's analysis gave a really nice momentum after the election result. Now, Banknifty is trading at a high time and is also forming an inverted HNS pattern. However, Inverted HNS works best at the bottom of the trend, not at the top. I am expecting a correction or sideways consolidation for Banknifty in the upcoming week. Reason: RSI = 75 (Bullish) trading in the bullish zone. (Bullish) Inverted HNS breakout. Only make a bullish position if retraced. (Partially Bullish) Price > EMAs, 50 EMA was providing a nice support point. (Bullish) 46550 will be acting as a strong support point. OI is still showing HUGE PE writing on 47000. the only point of concern on the upside is 47500. (Bullish) FII Data is neutral in the case of Banknifty. Verdict: Bullish Plan of action: Follow the Chart plan.
NSE:BANKNIFTYLong
by finnova_
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8th Dec ’23 - RBI’s meet clears the air for banknifty & finniftyBankNifty Analysis Banks had a totally different chart pattern than Nifty50 today. I would say the pattern by BankNifty was more mature and stable compared with Nifty. At no point in time, a breakdown was visible in BN today - yes, we dropped 0.67% ~ 316pts in between, but it was not as scary as N50. 4mts chart link - click here RBI Governor maintained status-quo today, A few of the important points from his meeting today - Repo rate at 6.5% - unchanged Withdrawal of accommodation stance - unchanged CPI inflation fell by 2% after the last MPC meet Real GDP for 2023-24 projected at 7% Connected lending framework - work in progress UPI limit enhanced Set up a Fintech Repository Remember how the banks were shy on 6th and 7th of December? The air is now clear for them - there are no hidden surprises from RBI this time. This could be one of the reasons we had an intraday bounce of 449pts ~ 0.96% after 1pm today. 63mts chart link - click here For the last 2 days, I was neutral on Banknifty - after the clarity shown today, I wish to change my stance back to bullish. The new ATH is now 47303.65. Would like to see some action by banks in the next week.
NSE:BANKNIFTYLong
by viswaram
#Banknifty directions and levels for DEC 8th"Good evening, friends. Directions for December 8th: there is no significant difference from the last session. The global market sentiment is moderately bullish, supported by the Dow Jones. However, our local market sentiment shows a bullish trend. It might open with a neutral to slightly gap-up start. We have an RBI monetary policy announcement tomorrow; the structure is not important here. The market might move based on the event. However, if the market experiences a pullback, it will likely reach the immediate resistance, a crucial zone. After that, if the market breaks it with a solid structure, then we can expect a pullback continuation. On the other hand, if it rejects that level, then the previous range will likely continue. The same applies to a downtrend. If the market finds support around the immediate support level, then the range will continue. However, if it breaks this level, we can expect correction continuation."
NSE:BANKNIFTY
by Manickamtraders
#Banknifty Directions and levels for DEC 7th."Good morning, friends🌺! As of December 7th, the global market sentiment is moderately bullish, supported by the Dow Jones. However, our local market sentiment shows a bullish trend. It might open with a gap-down start, considering the GiftNifty value at -50. Afterward, if it breaks the immediate support level, then we can expect a continuation of the correction. However, if it finds support around the immediate support level, it might turn into a range market for a pullback continuation. The rally will occur only if it breaks the previous high with a solid structure. Otherwise, it will form a consolidation structure."
NSE:BANKNIFTY
by Manickamtraders
6th Dec ’23 - stance changed to neutral, RBI policy on Friday ?BankNifty Today Analysis BankNifty also had a gap up open, but the first-hour price action did not seem normal. Not just because we went underwater and traded negative for the rest of the day, but the lack of will by the banks to move up. We all know the RBI MPC started the meeting today and we will have the summary on Friday @ 10.00 AM. 5mts chart link - click here Seems like the market is expecting something from the RBI Governor this time. The last time he came up with a CAR (Capital Adequacy Ratio) weight increment - the markets fell. Prior to that, we had the I-CRR incremental cash reserve ratio of 10%. I guess he is doing everything to control the liquidity without raising the repo rates. What will he do this time - increase the weight on SLR (statutory liquidity ratio), ask banks to keep more collateral with RBI ? The next move by Banks will make or break Nifty, that is because to continue the breakout strategy we need strong momentum. We cannot have a situation where Nifty rockets with the BankNifty stalling. 63mts chart link - click here The first 63mts candle of today is encircled, see the weight its body carries. There was a drop of 482pts ~ 1.02%. So even though we hit a new ATH today, this candle looks worrisome. I wish to change my stance to neutral from bullish for tomorrow. We will get 100% clarity only by Friday on what RBI Governor has in mind, till then it is better to take only high-conviction trades.
NSE:BANKNIFTY
by viswaram
Bank Nifty: Month December 2023Bank Nifty is on Life time high..... May we see Bank Nifty till the marked levels.... As per me 47300-400 range is a good resistance zone for the said Index. Still we may see a New high of Bank Nifty till the marked levels and then might be a good reversal to make it Life time High for next couple of months..... Bank Nifty may is on reversal mode or in upside mode. I am just sharing for the reading purpose, hence i am not giving any levels. Keep Learning with NG!!
NSE:BANKNIFTY
by nitinsgrover
#Banknifty directions and levels for DEC 6th."Good morning, friends🌺! As of December 6th, the global market sentiment is moderately bullish, supported by the Dow Jones. However, our local market sentiment shows an extremely bullish trend. It might open with a gap-up start, considering the GiftNifty value at +60. Afterward, if the gap-up has a solid structure, then we can expect the rally to continue. On the other hand, if the gap-up doesn't sustain or if it reaches the immediate resistance with minor consolidation, then it might turn into a correction. However, we should wait for confirmation to use the Fibonacci levels from yesterday's minor low to the upcoming high. If it breaks the 38% level, then we can expect a minimum 78% swing low."
NSE:BANKNIFTY
by Manickamtraders
5th Dec ’23 - New all time high for BankNifty - 47230.55BankNifty Analysis Just like we discussed yesterday, BankNifty outshined Nifty today. But surprisingly FinNifty did not correlate with Banknifty. That is unusual as the major components are the same. A detailed look into these stocks BAJFINANCE, BAJAJFINSV will give you the reason. 5mts chart link - click here HDFCBANK had a higher pre-open indicative price, the initial gap-up followed by cooling off was attributed to this. ICICIBANK hit a new ATH today. Most of the other bank stocks are hovering around those levels except HDFCBK and KOTAKBK. Even after a minor cool-off between 11.00 to 11.40 - we managed to close today with impressive gains of 580pts ~ 1.25%. The new ATH is 47230.55 63 mts chart link - click here On the 63mts TF, the island formation is clearly visible today. Yesterday’s strong green candles definitely give BN a psychological advantage to go long. I prefer to stay long with the first level to fall back at 46189.
NSE:BANKNIFTYLong
by viswaram
#Banknifty direction and levels for DEC 5th"Good morning, friends🌺! As of December 5th, the global market sentiment is moderately bullish, supported by the Dow Jones. However, our local market sentiment shows an extremely bullish trend. It might open with a neutral to slightly gap-down, considering the GiftNifty value at -20. Regarding yesterday's structure, despite a significant increase during the last session, the RSI displayed divergence. This signals a slightly negative aspect for the bullish bias. Therefore, if it opens with a gap-down, we might anticipate a 23 to 38% fib correction. If it finds support around that level, the market could shift into a ranging phase before resuming the rally. Structurally, there isn't a major correction anticipated, but sometimes, there might be a time correction. Conversely, if the initial market stages a sharp pullback and breaches the immediate resistance, then we can expect the rally to continue."
NSE:BANKNIFTY
by Manickamtraders
Banknifty prediction for 5th Dec 23As we have discussed, Banknifty breakout of inverted HNS. It has completed the target of the HNS pattern. Now, it must take some consolidation or a shortfall to the downside to balance the Demand and supply. Also, this is a resistance level; it's likely to take resistance according to the historical data. Reasons: Price >> EMA(13,50,200) need some consolidation or fall to downside. PCR: 1.77 (Huge Bullish) 46500 has some CE writing. But compared to the Bulls, it's negligible. huge PE writing on lower levels shows a strong bullish signal. RSI = 90 already strached. verdict: Bullish for now but soon a fall might be seen. Plan of action: Round off all your bull position, and wait for some consolidation and pattern to form. Then, make a good position.
NSE:BANKNIFTY
by finnova_