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Bankniftytrend

BankNifty Breakout prediction for today 29 Nov 23As we discussed yesterday, Banknifty moved to upside and took a retrace and again continue the bullish momentum. By looking the chart and OI data Banknifty is highly likely to move in the up direction. Reasons: BANKNIFTY break the range by making inverted HNS pattern. (Bullish) RSI has broken to upside and retraced. (Bullish) Price > EMAs (Bullish) EMAs golden crossover. (Bullish) PCR = 1.12 (Bullish) Verdict: Bullish Plan of action: Sell 43900 PE and Buy 44000 CE
NSE:BANKNIFTYLong
by finnova_
28th Nov ’23 - BankNifty is neutral till 44063 is taken out BankNifty Analysis BankNifty was following the last day’s price momentum, but it did not have an acceleration similar to Nifty today. Well the main reason why Nifty got that push was due to the 10% upper circuit hit on ADANIENT. Even ADANIPORTS also closed quite well today. Both of them combined added 39+ pts to Nifty’s gains today ~ 0.19%. You deduct that, you almost get the 0.26% net gains same as BankNifty today. 5mts chart link - click here That does not mean BankNifty did poorly today. We almost had a W like pattern between 13.00 and close. The next resistance of 44063 is still not taken out, which means we need to watch how it will react to the opening hours tomorrow. Also tomorrow we have no expiries as BankNifty will expire the same as Nifty & Sensex this Thursday. 1hr chart link - click here BankNifty has picked up decent momentum from 22nd Nov when it bounced from the 43253 support level. The next level to watch is 44063 and till that is not taken out, I wish to maintain my neutral stance. Once BankNifty also goes bullish, it will be a treat to watch as Nifty is already long.
NSE:BANKNIFTY
by viswaram
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NSE:GICRELong
by mDeepak_
#Banknifty Directions and levels for NOV 28"Good morning, friends🌺! As of November 28th, there is no significant difference in the global and our local market sentiments compared to the last session. The global market sentiment remains bullish, as indicated by the Dow Jones. However, our local market shows a moderately bearish trend. It might open with a slight gap-up or a neutral start, considering the GiftNifty value at +5. Structurally, there is a distribution wave occurring. So, if the market experiences a pullback with grinding, we can expect rejection around the immediate resistance level. However, if the pullback forms a solid structure, we can consider that a bullish sign. On the other hand, if the market opens with a gap-down or experiences sharp initial declines, the range-bound market is likely to continue."🤝
NSE:BANKNIFTY
by Manickamtraders
24th Nov ’23 - BankNifty has to take out a crucial resistance.BankNifty Analysis BankNifty had a positive-looking chart today, it was kind of obvious from the optimism it showed in the last 2 days. The first thing it did today morning was to take support from the 43566 area i.e. between 09.45 to 10.05 5mts chart link - click here At 10.40 it had a strong green candle and it looked like it was going for the next resistance area, but that momentum was cut short. Between 13.00 and 13.15 we started falling again and luckily we did not reach the SR area of 43566 to reverse. The recovery from 13.15 to close was decent enough and we gained 216pts ~ 0.5%. The main factor that kept Nifty neutral today was the outperformance by banks today, most of them would not have realized that NiftyIT lost almost a percent today. 1hr chart link - click here Looking at the 1hr TF, I am still inclined to go neutral unless we take out the 44063 resistance. To go bearish, 43253 has to be broken - in between we have 2 more support levels.
NSE:BANKNIFTY
by viswaram
#Banknifty directions and levels for NOV 24th"Good morning, friends! As of November 24th, there is no significant difference in the global and our local market sentiments compared to the last session. The global market sentiment remains bullish, indicated by the Dow Jones. However, our local market shows a moderately bearish trend. It might open with a slight gap-up or a neutral start, considering the GiftNifty value at +10. Subsequently, if the market experiences a pullback, we shouldn't anticipate a significant move unless it breaks the immediate resistance. Simultaneously, if it faces rejection around the immediate resistance, the market will likely continue within a range. Conversely, if the gap-up isn't sustained or if it opens with a gap-down, we can anticipate a similar range-bound market sentiment. Correction may occur if the market breaches the immediate support zone."
NSE:BANKNIFTY
by Manickamtraders
23rd Nov ’23 - BankNifty takes out a resistance today 🐂 soonBankNifty Analysis BankNifty made some interesting strides today. After opening inline, it went to the resistance level of 43566 really quickly. By 10.00 we had a close above this level on the 5mts TF. I did update on the trading view minds that, I changed my stance from bearish to neutral because of this. 5mts chart link - click here Even though we did not go much higher, BankNifty was able to retain the lead and hold the ground. The Final close was also above this level opening up opportunities for further up moves. Fundamentally I still don't know if the banks have priced in the CAR and risk weight increment news perfectly, but from a technical chart perspective - it seems like the bearishness is almost over. 1hr chart link - click here BankNifty has a lot of ground to cover to get back at the bullish trend line. The first target would be to take out the 44063 resistance level and give some food for the bulls to charge. Over the last few sessions, I had a bearish view on the 17th & 20th, a neutral view on the 21st, and then a bearish view on the 22nd. Today I have changed the stance to neutral again. At present Nifty and BankNifty are in a neutral stance. Logically the directional bias has to be in sync for both Nifty and BankNifty, that's when the real magic happens. I am quite sure if BankNifty goes bullish tomorrow, Nifty will also get its stance changed.
NSE:BANKNIFTY
by viswaram
22nd Nov ’23 BankNifty PostMortem - stance changed to bearish 🐻BankNifty Analysis BankNifty was a total support and resistance play today. Unline Nifty, BankNifty did not retest yesterday’s swing high instead it started falling right from the open. We were at the 43566 support level till 10.20 after which it got broken. By 11.45 we broke the next support level at 43404 & that is when I changed my stance from neutral to bearish. I did update via the TradingView Minds on my stance change. TradingView minds is an excellent tool to inform everyone, if you are following me - you get an email instantly. 5mts chart link - click here The best way to go short today was to sell the calls as it was expiry day. The only way your calls retain value is if BankNifty moved up. After BankNifty broke the 43404 support it went to the next support of 43253 and was rejected. The rejection took BN back above the 43404 level. Reiterating that there is no way Nifty can go up with BankNifty looking bearish. 1hr chart link - click here BN is right at the 50% retracement from the recent run-up from 42105 to 44400. The 38.2% retracement level is at 43566 🙂, 61.8% retracement is at 43012. It is not quite usual that I get my support and resistance levels exactly in line with the Fibonacci retracement lines. My stance is currently bearish with the first target of 43012 and then 42576. In case we reverse course and go up, it has to take out 44063 before any bullish activity has to resume.
NSE:BANKNIFTYShort
by viswaram
BANKNIFTY prediction for 22 Nov As we discussed yesterday Banknifty was sideways it has been forming ascending trangle if it breaks to downside it will be touching the 43430 level. on upside it has the 200 EMA resistance and price action resistance level at 43770. Reasons: PCR = 0.65, its expiry today mostly its sideways. but OI shows as Bearish. 200 EMA resistance to upside. (Bearish) RSI 40-60 mostly Sideways. (sideways) Price < 200 EMA (Bearish) Very nice price action support (4H-tf) downside. (Bullish level) 43450 has huge PE Calling. (Bullish) Verdict: If breaks downside it will give nice Bearish target. Plan of action: Sell 43700 CE if breaks to downside buy 43600 PE
NSE:BANKNIFTYShort
by finnova_
#banknifty directions and levels for NOV 22"Good morning, friends! As of November 22nd, the global market sentiment is bullish, as indicated by the Dow Jones. However, our local market is showing a moderately bearish trend. It may open with a slight gap-up or a neutral start, as the GiftNifty indicates a value of +10. If the market breaks the immediate resistance, we can expect a pullback continuation. On the other hand, if the gap-up doesn't sustain or if it opens gap-down, we can expect a correction, but it should break the Fibonacci level of 38%."
NSE:BANKNIFTY
by Manickamtraders
#Banknifty directions and levels for NOV 21"Good morning, friends! As of November 21st, the global market sentiment is bullish, as indicated by the Dow Jones. However, our local market is showing a moderately bearish trend. It may open with a slight gap-up, or a neutral start, as the GiftNifty indicates a value of +60. There is no significant difference compared to the last session. Structurally, we can expect a range-bound market, either if it undergoes a pullback or if the gap-up doesn't sustain. In my personal opinion, we should wait for confirmation at the immediate support or resistance levels before expecting the next move."
NSE:BANKNIFTY
by Manickamtraders
BankNIFTY Sideways prediction for 21 Nov 23BankNIFTY seems to be going sideways in the range of 43400 - 43800 as levels have been marked on the chart. for past few days BANKNIFTY have been sideways mostly perfect DOJI. level 43400 will be providing a nice support and 43800 will be acting as resistance unless it's broken to the upside. Reasons: Expiry is mostly sideways also PCR = 0.65 (Bearish) 200 EMA resistance to upside. (Bearish) RSI 40-60 mostly Sideways. (sideways) Price < 200 EMA (Bearish) Very nice price action support (4H-tf) downside. (Bullish level) 43500 has huge PE Calling. (Bullish) Verdict: SIdeways range 43400-43800. Plan of action: IRON Condor range 43400-43800.
NSE:BANKNIFTY
by finnova_
20th Nov ’23 BankNifty PostMortem - Selling hasnt started yet 🐻BankNifty Analysis BankNifty started the day on a flat note and was not falling, which came as a surprise because towards the end of Friday’s session the short build-up was pretty intense. The low of the day was hit in the opening 5mts only and did not even go to the support level of 43404. We even had a recovery of 278pts ~ 0.64% by 10.30. 5mts chart link - click here During this recovery, the options premium on the CE side fell which gave a clue that we may not be having further strong selling today. However, towards the end of the day, we had a similar build-up of short positions as of Friday. This option flow is still suggesting me to go bearish on BankNifty. 1hr chart link - click here On the 1hr TF, BankNifty showed no interest in getting back into the ascending channel. I suppose that channel can be removed as it will not make any sense going forward. Seems like its just a support and resistance game for some time now. My first support comes at 43566 and 2nd one at 43404 (unchanged as we did not break any SR today). The main resistance is still at 44063 which looks quite far away. I wish to maintain my bearish stance till 44063 resistance is not taken out.
NSE:BANKNIFTYShort
by viswaram
Banknifty directions and levels for NOV 20"Good morning, friends! As of November 20, the global market sentiment is bullish, as indicated by the Dow Jones. However, our local market is showing a moderate bearish trend. It may open with a neutral start because the GiftNifty indicates a value of +7. Structurally, we can expect a range market either if it takes a pullback or breaks the previous day's low. In my personal opinion, we should wait for confirmation at the immediate support or resistance levels before expecting the next move."
NSE:BANKNIFTY
by Manickamtraders
Bank Nifty Intraday levels 16th Nov 2023Good Morning Everyone After opening on gap up, bank nifty wiped our around 200 points gain from day's high and closed higher by 310 points at 44202, with above average volume. Well index has formed bearish candlestick pattern n daily chart pattern because the closing was lower than the opening levels. Market is on buying on dips. So in case you see any dip try to take in down and sale on high. World market is showing mix cues, Gift nifty is ready to give minor gap up opening. Important levels for Banknifty:- Intraday support zone 44000 Intraday resistance zone 44300 Important support zone 43800 Important resistance zone 45000 Buy above 44261, if levels sustains at least for 30 Mints Targets we can see in upside 44381/44484 Keep stop loss at 44155 Sale below 44155, if levels sustains at least for 30 mints. Targets we can see in downside 44049/43899 Keep stop loss at 44261 Note:- Always wait for the best entry or levels to execute trades. And always follow strict stop loss to save your capital from unexpected market direction. Disclaimer:- Please always do your own analysis or consult with your financial advisor before taking any kind of trades. Dear traders, If you like my work then do not forget to hit like and follow me, and guy's let me know what do you think about this idea in comment box, i would be love to reply all of you guy's. Thankyou
NSE:BANKNIFTY
by TraderRahulPal
11th Nov ’23 BankNifty PostMortem, bit of catching up is pendingBankNifty Weekly Expiry Analysis Between the last expiry and today, BankNifty has gone up by 421pts ~ 0.96%. Bulk of those gains came in from the gap-up today. The real good outcome in this week was to break out from the 44063 resistance level which was proving to be quite a nuisance for BN. BankNifty Today Analysis Dont get confused with the chart below, I will explain the sloping lines shortly. Notice the gap up of 519pts ~ 1.18% today took out the crucial resistance of 44063. A walk down the history will teach you how crucial was that. 44068 was the most important level in recent times and a breach means there is only 1 way to go - UP. BankNifty after opening strongly started falling and it started to slow down only at 44200 levels. Of all the major sectors, BN proved to be the laggard in supporting Nifty50 today. NiftyIT on the other hand ended up with a whopping gain of 2.59%. All that is due to the SPX and Nasdaq closing yesterday. And its time to explain the ascending channel that we started drawing from the last post-mortem. BankNifty has respected the channel - more proof visible after the 1st hourly candle today. If we consider the break out from the resistance level of 44063 along with the ascending channel - its a strong bullish signal for BankNifty. Today’s underperformance will get covered up soon as BN usually goes ahead of Nifty during strong trends. My next level comes up at 44542, support is at 44063.
NSE:BANKNIFTYLong
by viswaram
Banknifty Intraday levels || Expiry Day special Hero Zero TradeGood Morning Traders, In monday session Banknifty was totally under pressure for the entire session, falling 105 points to settle at 43891. Banknifty tried inching towards 44000 mark, but remained unsuccessful, which is expected to be crucial resistance for further up move towards 44500 levels. But As America has given a huge closing on yesterday session we can see some bullish momentum in coming days. SGX nifty is suggesting huge gap up opening, seems banknifty should open above 43400, but you do not have to worry about, let the market settle first, once banknifty come in between 44300-44200, try to accumulate and go long with the target of 44500/44600/44700+ Important levels for Bank nifty:- Intraday support zone 43800 Intraday resistant zone 44300 Important support zone 43500 Important resistant zone 44500 Buy above 44039, if levels sustains at least for 30 Mints Targets we can see in upside 44255/44515/44749 Keep stop loss at 43861 Note:- Hero Zero Trade will be in 2nd half somewhere 1:15pm. So, we will update in afternoon according to price action, so stick with us and follow us to get notity at right time. Till then enjoy but don't overtrade and Always wait for the best entry or levels to execute trades. And always follow strict stop loss to save your capital from unexpected market direction. Disclaimer:- Please always do your own analysis or consult with your financial advisor before taking any kind of trades. Dear traders, If you like my work then do not forget to hit like and follow me, and guy's let me know what do you think about this idea in comment box, i would be love to reply all of you guy's. Thankyou.
NSE:BANKNIFTYLong
by TraderRahulPal
BANKNIFTY analysis for 15 NOV (today)BankNifty has been in the rising wedge pattern which is usally Bearish Pattern. as it has also been taking resistance from the 1H-tf trendline. also its expiry today that means mostly its sideways. But if it breaks the rising wedge to downside it might give a nice target of 350-400 points to bearish side. Reason: EMA 200 support line to downside. will provide a nice support if it breaks to downside. (Bearish) we also have Priceaction support level in range of 43350-43450. (Bearish) RSI is in range of 40-60 means mostly sideways. (Sideways) PCR = 0.96 (Bullish) Price > EMAs(13,50,200) (Bullish) Verdict: Unless it breaks to downside odds are Bullish Plan of action: Sell 44000 CE and Buy 43900 PE
NSE:BANKNIFTYShort
by finnova_
13th Nov ’23 - BankNifty Postmortem Bullish Channel or Bearish🏴BankNifty Analysis Banknifty also erased the gains it made on Diwali Mahurat trading. Today’s close is almost at the same level as of 10th Nov. Interestingly BN tested the resistance of 44063 on Sunday from where it was rejected. Sunday’s trade could be thought of as manipulated (legally) as most of them come with a bullish bias for Muhurat trades. Few of them deploy their Diwali corpus on stocks, etf, gold etc. But today’s initial price moves suggest the sellers are not done yet. After opening gap down, we went another 252pts lower and then climbed back - just like a warning shot. But BankNifty recovered much more elegantly compared with Nifty. By 14.35 we almost closed the gap. There are 2 ways to look at the ascending channel. Either it's a strong breakout candidate or it may be a downward flag consolidation phase on a weekly time frame. The only way to confirm is to wait for clarity. If it's an upmove, 44063 has to be taken out immediately. If we are staying as it is or dipping, the bears will take it up from here. For Wednesday, I wish to maintain my neutral stance till one of these levels gets broken (44063, 43566).
NSE:BANKNIFTY
by viswaram
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