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BankNifty levels - Aug 16, 2024Utilizing the support and resistance levels of BankNifty, along with the 5-minute timeframe candlesticks and VWAP, can enhance the precision of trade entries and exits on or near these levels. It is crucial to recognize that these levels are not static, and they undergo alterations as market dynamics evolve.
The dashed lines on the chart indicate the reaction levels, serving as additional points of significance. Furthermore, take note of the response at the levels of the High, Low, and Close values from the day prior.
We trust that this information proves valuable to you.
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Bank Nifty Next Move and Possible Reversal Zones. Bank Nifty is in a nice downtrend, and we feel it's forming a "WXYXZ" wave pattern.
Ichimoku Signals: One hour Cloud SSB rejected the price and currently trading below TS KS, indicating the bearish trend will continue and go down for wave Z, and expected destinations are:
127.2% == 49342
161.8% == 48935
Stop Loss = One hour candle above TS KS (50573) should be fine.
Disclaimer: We are not SEBI registered. The content presented here is based on personal opinions. Conduct your own research and consult with a qualified financial advisor before making any investment decisions.
BankNifty Intraday Support & Resistance Levels for 14.08.2024On Monday, BankNifty opened with a gap down, breached the 30m Demand zone, and closed at 49831.85, losing 746 points. After yesterday's decline, the weekly trend (50 SMA) remains positive, but the daily trend (50 SMA) has turned negative.
Support Levels:
Major Demand/Support Zone (Weekly): 49530 - 50253 (currently inside the zone)
Far Support: 48858 level (61.8% FIBO Retracement level)
Resistance Levels:
Near Supply/Resistance Zone (15m): 50222 - 50268
Far Supply/Resistance Zone (15m): 51325 - 51400 (inside the 125m Supply Zone)
Far Resistance Level: 51750
Far Supply/Resistance Zone (125m) for Weekly Trade: 51309 - 51609
Banknifty prediction for tomorrow 14 AugAs Banknifty is showing a huge sell-off today, the market is in bearish sentiments, followed by the Heisenberg report on the SEBI chairperson.
If we look at the chart now:
The market is trading at the 4H-TF support trendline zone(Marked in Green) and 200 EMA (4H-TF). price is trading below the ema(13, 50, 200) shows market is in bearish phase. The market might take support here, or if it breaks down to the downside, it's going to take support at 49000 next, as can also be confirmed with OI data.
Support levels : 49683, 200 EMA (4H-TF)
Resistance levels : 50 EMA, 200 EMA
If we look at the OI data:
PCR = 0.55 shows bearish market behavior. There has been a huge PE sell-off today, which shows bulls are not trusting the market anymore and come out. There is too much CE writing at higher levels than PE writing at lower levels, which shows a high chance of a bearish market in the upcoming session.
I am expecting the market to follow 3 cases which are marked on the chart.
Case 1 : if it opens the gap down, it might touch the trendline and take support 49000.
Case 2 : if the market opens a gap-up, it will take resistance at 50 EMA, and then it might continue the bearish momentum.
Case 3: If it opens sideways, wait for the price action at the green trendline zone.
Reason:
RSI < 40, showing the market is going to be in a bearish structure.
Price trading at 200 EMA (4H-TF), which might provide good support.
PCR = 0.55 shows that the market is huge Bearish.
Price < VWAP shows a Bearish market structure.
Verdict : Bearish or sideways
Plan of action:
See the price action at the green trendline zone. There have been marked three cases.
BankNifty levels - Aug 14, 2024Utilizing the support and resistance levels of BankNifty, along with the 5-minute timeframe candlesticks and VWAP, can enhance the precision of trade entries and exits on or near these levels. It is crucial to recognize that these levels are not static, and they undergo alterations as market dynamics evolve.
The dashed lines on the chart indicate the reaction levels, serving as additional points of significance. Furthermore, take note of the response at the levels of the High, Low, and Close values from the day prior.
We trust that this information proves valuable to you.
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#Banknifty directions and levels for August 13th.Bank Nifty Analysis
Bank Nifty is showing a diagonal pattern. In the previous session, it had significant swings, but they closed near neutral by the end of the day. If we simplify it, we can say it's a range market. However, structurally, it’s a diagonal pattern, and there’s no real difference between the two because both are time adjustment patterns.
So, we should wait for a breakout from this range, whether to the upside or downside. If it breaks out, we can expect only a minor trend initially because the structure suggests there isn’t a big move ahead. But if we see a solid breakout candle, then we can expect stronger momentum. This forms our basic structure. However, if the range isn’t broken, the market will likely continue moving within it.
BankNifty Intraday Support & Resistance Levels for 13.08.2024On Monday, BankNifty opened with a minor gap down but rebounded over 650 points from the day's low, reaching a high of 50830.70 before closing at 50577.95, up by 93 points. During the session, BankNifty breached the resistance level of 50750 but could not sustain above it for long. The weekly trend (50 SMA) remains positive, while the daily trend (50 SMA) is negative.
Support Levels:
Near Demand/Support Zone (30m): 50149 - 50305
Major Demand/Support Zone (Weekly): 49530 - 50253
Far Support Level: 48858 (61.8% Fibonacci Retracement Level)
Resistance Levels:
Near Resistance Level: 51750
Far Supply/Resistance Zone (15m): 51325 - 51400 (inside the 125m Supply Zone)
Far Supply/Resistance Zone (125m) for Weekly Trade: 51309 - 51609
BankNifty levels - Aug 13, 2024Utilizing the support and resistance levels of BankNifty, along with the 5-minute timeframe candlesticks and VWAP, can enhance the precision of trade entries and exits on or near these levels. It is crucial to recognize that these levels are not static, and they undergo alterations as market dynamics evolve.
The dashed lines on the chart indicate the reaction levels, serving as additional points of significance. Furthermore, take note of the response at the levels of the High, Low, and Close values from the day prior.
We trust that this information proves valuable to you.
* If you found the idea appealing, kindly tap the Boost icon located at the bottom right. We encourage you to share your thoughts and comments regarding it.
Wishing you successful trading endeavors!
#Banknifty directions and levels for August 12th. In the previous session, Bank Nifty closed with consolidation after a significant gap-up. If the market breaks the previous high, then we can expect a minor rally, but not a big one. A big rally is expected only if the breakout occurs with a solid green candle and some consolidation around the immediate resistance level. However, if this doesn't happen, the market may reject at that level and continue in its current range, which is our first scenario.
Alternatively, if the market initially declines, the 38% Fibonacci level will act as a key support. If the market finds support there, the range-bound movement may continue. On the other hand, if it breaks below the 38% level, we can expect the correction to continue.
BankNifty Intraday Support & Resistance Levels for 12.08.2024On Friday, as expected, BankNifty opened with a gap-up and maintained its strength throughout the day, closing at 50484.50. BankNifty closed above the Weekly Demand Zone for the first time in five days, indicating the potential for a bull rally up to 51100. The weekly trend (50 SMA) remains positive, while the daily trend (50 SMA) is negative.
Support Levels:
Major Demand/Support Zone (Weekly): 49530 - 50253
Far Support: 48858 (61.8% FIBO Retracement level)
Resistance Levels:
Near Resistance Level: 51750 (High of 5th August)
Far Supply/Resistance Zone (15m): 51325 - 51400 (inside the 125m Supply Zone)
Far Supply/Resistance Zone (125m) for Weekly Trade: 51309 - 51609
BankNifty levels - Aug 12, 2024Utilizing the support and resistance levels of BankNifty, along with the 5-minute timeframe candlesticks and VWAP, can enhance the precision of trade entries and exits on or near these levels. It is crucial to recognize that these levels are not static, and they undergo alterations as market dynamics evolve.
The dashed lines on the chart indicate the reaction levels, serving as additional points of significance. Furthermore, take note of the response at the levels of the High, Low, and Close values from the day prior.
We trust that this information proves valuable to you.
* If you found the idea appealing, kindly tap the Boost icon located at the bottom right. We encourage you to share your thoughts and comments regarding it.
Wishing you successful trading endeavors!
My view on Banknifty 09.08.2024Global indices are in green
Expecting Gap up opening
If Banknifty opens and crosses above support 50,650 then it will reach its next resistance 51,150
BankNifty Intraday Support & Resistance Levels for 09.08.2024On Thursday, BankNifty entered the 15m Supply zone mentioned in the last post and fell 400 points from the top before closing at 50156.70. For the fourth consecutive day, BankNifty closed inside the Weekly Demand Zone (49530 - 50253). Weekly zones are considered strong, and if the low is not broken, we might see a bounce from this Weekly Demand Zone. The weekly trend (50 SMA) has turned sideways from positive, and the daily trend (50 SMA) is negative.
Support Levels:
Major Demand/Support Zone (Weekly): 49530 - 50253 (currently, the price is inside the zone)
Far Support: 48858 level (61.8% FIBO Retracement level)
Resistance Levels:
Near Supply/Resistance Zone (15m): 50350 - 50441
Far Supply/Resistance Zone (15m): 51438 - 51583 (inside the 125m Supply Zone)
Far Supply/Resistance Zone (125m) for Weekly Trade: 51309 - 51609
Note: As of writing this, GIFTNIFTY is trading 275 points positive, indicating we might see a gap-up opening, and the near 15m Supply zone might get violated.
BANKNIFTY Intraday Trade Setup For 9 Aug 2024BANKNIFTY Intraday Trade Setup For 9 Aug 2024
Bullish-Above 50450
Invalid-Below 50340
T- 51000
Bearish-Below 49650
Invalid-Above 49760
T- 48750
BANKNIFTY has closed on a flat note today. We have formed a hourly range of of 50750 and 49650. Also if we draw trendlines in hourly TF then a triangle formation is in progress. 50700 and 49650 is the mother candle's high as inside candles have been formed in these last 2 sessions. 50450 and 49650 are intraday levels for tomorrow.
Coming to Friday's trade setup, if index opens flat and a 15 Min candle closes above 50450 then we will long for the target of 51000 zone.
For selling we need a 15 Min candle close below 49650. T- 48750.
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.
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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 levels - Aug 09, 2024Utilizing the support and resistance levels of BankNifty, along with the 5-minute timeframe candlesticks and VWAP, can enhance the precision of trade entries and exits on or near these levels. It is crucial to recognize that these levels are not static, and they undergo alterations as market dynamics evolve.
The dashed lines on the chart indicate the reaction levels, serving as additional points of significance. Furthermore, take note of the response at the levels of the High, Low, and Close values from the day prior.
We trust that this information proves valuable to you.
* If you found the idea appealing, kindly tap the Boost icon located at the bottom right. We encourage you to share your thoughts and comments regarding it.
Wishing you successful trading endeavors!
BankNifty Intraday Support & Resistance Levels for 08.08.2024On Wednesday, BankNifty opened gap up but did not enter the 15m Supply zone mentioned in the last post, so the near Supply zone remains the same. For the third consecutive day, BankNifty closed inside the Weekly Demand Zone (49530 - 50253). Weekly zones are considered strong, and if the low is not broken, we might see a bounce from this Weekly Demand Zone. The weekly trend (50 SMA) has turned sideways from positive, and the daily trend (50 SMA) is negative.
Support Levels:
Major Demand/Support Zone (Weekly): 49530 - 50253 (currently price is inside the zone)
Far Support Level: 48858 (61.8% Fibonacci Retracement level)
Resistance Levels:
Near Supply/Resistance Zone (15m): 50337 - 50530
Near Supply/Resistance Zone (15m): 51438 - 51583 (inside the 75m Supply Zone)
Far Supply/Resistance Zone (125m) for Weekly Trade: 51309 - 51609
Note: As of writing this, GIFTNIFTY is trading 180 points negative, indicating we might see a gap-down opening.
BankNifty levels - Aug 08, 2024Utilizing the support and resistance levels of BankNifty, along with the 5-minute timeframe candlesticks and VWAP, can enhance the precision of trade entries and exits on or near these levels. It is crucial to recognize that these levels are not static, and they undergo alterations as market dynamics evolve.
The dashed lines on the chart indicate the reaction levels, serving as additional points of significance. Furthermore, take note of the response at the levels of the High, Low, and Close values from the day prior.
We trust that this information proves valuable to you.
* If you found the idea appealing, kindly tap the Boost icon located at the bottom right. We encourage you to share your thoughts and comments regarding it.
Wishing you successful trading endeavors!
