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Bank Nifty 12-06-2024 AnalysisHello Traders, Welcome to SriTrader5121 _______________________________________ Overall view for the day. Buy - with support of PDL Sell - with rejection of PDL Major Support - Around 489## Major Resistance - Around 502## See the price action at our zones, take the trade according to your Risk - Reward. Happy Learning and Trading – SriTrader5121 _______________________________________ Rules to follow... 1) Wait for confirmation. 2) See the price action at our zones. 3) Trade with Strict Stop Loss. 4) Trade with Small Quantity. 5) Take entries based on Support & Resistance Zones. _____________________________________________________ Please take the trade according to the zones marked, with Risk-Reward. This is not a Buy or Sell recommendation to anyone. Take entries based on your own analysis and risk. This is for education purposes and a helping hand to learn trading in the live market. NOTE: Trade with Strict Stop Loss. It may or may not hit all levels / Zones. So one can book profit / loss based on your risk-reward or considering price action at the respective zone and how it works near that zone. I hope you all like my analysis. Follow me to get regular updates. Please do share your thoughts in the comment section. Please Hit a LIKE, it motivates me to do analysis and do share with your trading friends.
NSE:BANKNIFTY
by SriTrader5121
BankNifty levels - Jun 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!
NSE:BANKNIFTY
by sacxe
BankNifty Support & Resistance Levels for 11.06.2024BankNifty entered the supply/resistance zone (above 50,092) mentioned in the last post and, due to selling pressure at higher levels, made a day low of 49,622.75, down from the top of 50,252.95. The weekly trend (50 SMA) is positive, while the daily trend is sideways. Support Levels: Near Support Zone (15m): 48,801 - 49,055 (remains the same) Far Support Zone (75m): 47,386 - 48,245 Resistance Levels: Near Resistance/Supply Zone (15m): 50,018 - 50,100 Major Resistance/Supply Zone (Daily): 50,092 - 51,133.20 (remains the same)
NSE:BANKNIFTY
by PriteshPal
#Banknifty directions and levels for June11th.Good morning, friends! 🌺🍬 Here are the directions for June 11th: There are no significant changes in the global market. It is still maintaining a moderately bullish sentiment based on the Dow Jones, while our local market also maintains a bullish trend. Today, the market may open with a neutral start, as indicated by GiftNifty, which shows an increase of 30 points. Nifty and BankNifty both have the same sentiment; both consolidated in the previous session. So, as usual, structurally it’s a bullish trend, but we should wait for the range breakout. If it breaks, we can expect the rally to continue. If you want precise directions, here is a step-by-step guide: > In the short term, the market is moving within a minor range. If the market opens neutrally, we can initially expect range continuation. That means if the market takes a pullback initially or if it takes support around the immediate support level, the market may bounce back a minimum of 78% in the minor swing. > The rally will continue only if it breaks the previous high. > The correction may be expected only if the market takes a sharp decline initially. If the decline sustains, we can expect the correction to continue with minor consolidations around 49,268 for BankNifty.
NSE:BANKNIFTY
by Manickamtraders
BakNifty levels - Jun 11, 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!
NSE:BANKNIFTY
by sacxe
#Banknifty directions and levels for June 10th.BankNifty also has the same sentiment, but the levels are slightly different: > If the market breaks the 78% Fibonacci level on the upside, we can expect a minimum move to 50,557. This is a supply zone, so if the market rejects there, we can expect a minimum correction of 38% in the minor swing. or If it consolidates there(around supply zone), then the rally will likely continue. > On the other hand, if the market takes a correction, it may consolidate between the level of the minor demand zone at 49,547. However, if it breaks the minor demand zone, then the correction will likely continue. We can expect a minimum move to 49,129 to 48,772.
NSE:BANKNIFTY
by Manickamtraders
07 June 2024 - BankNifty not as bullish as Nifty, who will be FMWho will be the next finance minister would be something that Banks and Financial services sector would be keenly watching. For a stronger banking sector, we might need a tougher PM - someone who can make rational decisions. Will people who did not contest Lok Sabha elections be given a financial ministry berth? I hope not, personally I think FM is more important to stock markets than PM and Banks are the heartbeat. A stronger bank and a powerful central banking system will propel India to a powerful economy in a shorter time span. On the other hand, a weaker bank and ratifying middle class (of course with the non-considerate tax policies) will slow us down. Technically the stance is still bullish on BankNifty, but we are yet to reclaim the tops.
NSE:BANKNIFTYLong
by viswaram
BankNifty levels - Jun 10, 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!
NSE:BANKNIFTY
by sacxe
Banknifty prediction for today 7 Jun 24As we discussed yesterday, Banknifty traded in a sideways-bullish zone. If we look at the chart now: The market has taken support from 200 EMA. The market is trading above EMA, which shows that the market is really bullish right now. There is also a bullish EMA(13, 50) crossover, which indicates that the market is in a bullish phase now. also, we got a golden crossover, which shows the market's strong bullish structure. Support levels: 48937, 48639, and 47547 resistance levels: 49600, 50503, and 50919 If we look at the OI data: PCR = 0.62, which has decreased from 0.82, shows a mild bearish sign in the market. There is no such max-pain that means the market can easily achieve 49500, which shows a significant CE writing on higher levels. Next, good CE writing is at 50000, which is also at the psychological level. On the other hand, the lower side, at 48500 and 49000, has good PE writing. VIX has also decreased significantly, which indicates volatility is being controlled. I am expecting the market: Case 1: Sideways in range of 48937 - 49600. Case 2: Bullish if it breaks 49600 to the upside. Reason: RSI > 60 shows a bullish structure. Price > EMA(13, 50, 200), which indicates a Bullishmarket structure. EMA Golden crossover of EMA(50, 200). PCR = 0.62 has decreased from 0.82, which is a sign of worry that might lead to a sideways if 200 EMA holds good support. Price > VWAP shows a Bullish market structure. Verdict: Sideways in range of 48937 - 49600. bullish if it breaks 49600 to the upside. Plan of action: Case 1 : Sideways: Sell 48900 PE & 49500 CE (Hedge it with 20/- premium options) Case 2 : Exit 49500 CE if it breaks to the upside.
NSE:BANKNIFTY
by finnova_
BankNifty Support & Resistance Levels for 07.06.2024BankNifty stayed inside the 15-minute resistance/supply zone mentioned yesterday. It closed above the important level of 61.8% retracement (of the last swing) at 49,202, which is a positive sign. If BankNifty can sustain this level, we might see further upward movement. Support Levels: Near Support Zone (30m) for Intraday: 47,386 - 48,000 Near Support Zone (15m) for Intraday: 46,511 - 46,833 Near Support Zone (Daily): 45,661 - 46,330 Far Support Zone (Weekly): 42,105 - 43,915 Resistance Levels: Near Resistance Zone (15m) for Intraday: 48,986 - 49,700 (remains the same) Major Resistance/Supply Zone (Daily): 50,092 - 51,133.20
NSE:BANKNIFTY
by PriteshPal
#Banknifty directions and levels for June 7th.ankNifty also exhibits the same sentiment. There is a sub-wave five, which is a distribution wave, potentially with lower volume. If this happens, the 78% Fibonacci level might act as strong resistance. On the other hand, if the pullback has a solid structure, we can expect the rally to continue with some consolidation. The alternative variation is also the same: if the initial market takes a correction, then we can expect a range market. On the other hand, if the correction consolidates or breaks the 78% Fibonacci level, then it may fall further.
NSE:BANKNIFTY
by Manickamtraders
06 June 2024 -BankNifty slightly bullish above 48947BankNifty Analysis BankNifty opened gap up and quite above the 48947 resistance line. The beauty of the price action today was that, we never fell below this support level - this could be taken as evidence of bullishness. And like old times, the pattern appears to be a W, double bottom. Each of the levels appears perfectly landing on either the support or the resistance levels. The outperformance today was from SBI, quite on the expected lines as PSU sectors could continue the euphoric status due to policy continuation. We are slightly bullish on banknifty and expect to take out the last ATH levels of 49952 soon, I am not sure about 51133 as of now though.
NSE:BANKNIFTYLong
by viswaram
BaknNifty levels - Jun 07, 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!
NSE:BANKNIFTY
by sacxe
#Banknifty directions and levels for June 6th.Good morning, friends! 🌺🍬 Here are the directions for June 6th: The global market has a moderately bullish sentiment based on the Dow Jones, while our local market also shows a moderately bullish trend. Today, the market may open with a gap-up, as indicated by GiftNifty, which shows an increase of 180 points. Nifty and Bank Nifty both have had a solid pullback. Still, the market is moving based on events, so technical participation is less. However, let's look at the wave structure. According to the wave structure, the market is moving in a five-three-five pattern, which means a zig-zag pattern. Currently, the first five waves are completed, and we are progressing through the three-wave pullback. Its maximum pullback level is the Fibonacci level of 78%. If the market rejects around the immediate resistance or the Fibonacci level of 78%, we can expect a trend reversal (bearish trend). The important thing is we should take reversal confirmation by using the EMA20 or the Fibonacci level of 38% breakout in the minor swing. If these conditions are met, then we can assume the trend has turned into a correction phase. This is our wave structure. Now we can look at the basic price action structure. Despite the market's recent drastic fall, the pullback follows the same structure. Whenever the market takes a sharp movement, it could retrace only 23 to 38%. So today, we expect that if the market rejects either one of the resistances, we can expect a 23 to 38% correction. Note: The market does not necessarily take a correction. If it rejects sharply, then we can expect this. Otherwise, if it consolidates or breaks around the resistance, then the rally will likely continue
NSE:BANKNIFTY
by Manickamtraders
BankNifty Support & Resistance Levels for 06.06.2024BankNifty gained 4.5% yesterday and closed inside the 15-minute resistance zone mentioned in the last post. If it breaks above 49,700, we might see selling pressure at the daily resistance zone starting at 50,092. Support Levels: Near Support Zone (30m) for Intraday: 47,386 - 48,000 Near Support Zone (15m) for Intraday: 46,511 - 46,833 Near Support Zone (Daily): 45,661 - 46,330 (remains the same) Far Support Zone (Weekly): 42,105 - 43,915 Resistance Levels: Near Resistance Zone (15m) for Intraday: 48,986 - 49,700 (remains the same) Major Resistance/Supply Zone (Daily): 50,092 - 51,133.20
NSE:BANKNIFTY
by PriteshPal
05 Jun 24 Fibonacci levels correlates to SR levels of BankNiftyBanks had a higher aggression today, but just like the comments I posted in Nifty's post mortem report - I do not wish to go long yet. Take a look at the Fibonacci levels drawn for BankNifty's price action last 3 days. 100% level is at 51119 0% at 46267 - quite near my SR level of 46284 23.6% level is @ 47412, quite near 47477 SR 38.2% level is @ 48120, my support/resistance @ 48115 50% level is @ 48693, my marked SR is 48661 61.8% level is @ 49265, my closest SR is 48947. In the final 30 minutes, we closed below the 61.8% level. The best I could think of is to change the stance to neutral now and then go long if 50080 levels are getting taken out, but I do not have a marked level around the 50000 levels yet - mostly because the price action was quite shallow there. From a macro perspective, it is too early to judge if what we had was the continuation of the stubborn bull rally or just a minor pull back to yesterday's near 10% drop. Would like to watch this space pretty closely before taking major directional decisions.
NSE:BANKNIFTY
by viswaram
Bankknifty prediction for tomorrow 6 Jun 24Banknifty gave a really big bullish moment today. It's still an effect, and the market boomed 2000 points. If we look at the chart now: The market gave really big momentum to the upside. The market is trading above EMA, which shows that the market is really bullish right now. There is also a bullish EMA(13, 50) crossover, which indicates that the market is in a bullish phase now. Support levels: 48639, 47475, and 46504 resistance levels: 49528, 50161, 50938 If we look at the OI data: PCR = 0.86, which has increased from 0.47, shows a huge bullish sign in the market. 49000 is the max-pain. Lower levels have better PE writing than higher levels. The market is making a completely bullish structure. VIX has also decreased significantly, which indicates volatility is being controlled. I am expecting the market: Case 1: Sideways in range of 48639-49528. Case 2: On either side, it breaks to either side's trade accordingly. Reason: RSI > 60 shows a bullish structure. Price > EMA(13, 50, 200), which indicates a Bullishmarket structure. PCR = 0.86 has risen from 0.47 and shows great signs of bullishness. Price > VWAP shows a Bullish market structure. Verdict: Sideways in range of 48639-49528. and Volatile on either side, it breaks. Plan of action: Case 1 : Sideways: Sell 48650 PE & 49500 CE (Hedge it with 20/- premium options) Case 2 : Exit the opposite position on either side. It breaks.
NSE:BANKNIFTY
by finnova_
BankNifty levels - Jun 06, 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!
NSE:BANKNIFTY
by sacxe
Banknifty prediction for today 5 Jun 24As we discussed, Banknifty, because of the event(election result) based trading, we are not going to trade. The fog is now clear, and we have which government is going to be there. Now, the market will be stable in 1 day or two. If we look at the chart now: The market had a massive fall yesterday because the election result was not as favorable as expected by the exit poll. Now, the market has reached a temporary support level of 46110 and a minor resistance level of 47837. The market is going to be sideways in the range of 46110-47837. The market might have good momentum on either side if it breaks. Support levels:46110 resistance levels: 200 EMA, 47837, 49534 If we look at the OI data: PCR = 0.47, which shows a bearish structure. 47000 is the max pain. Maximum positions have been added at 46500 and 46000, which is going to provide good support. On the upper side, 47000 and 47500 have good CE writing. I am expecting the market to be: Case 1 : Sideways in range of 46110-47837. Case 2 : On either side, it breaks to either side. The market is going to have high volatility because the VIX is still 26.74(Very High). Reason: RSI is 40-60 shows a sideways structure. Price < EMA(13, 50, 200), which indicates a bearish market structure. PCR = 0.47 shows a market bearish sign. Price < VWAP shows that a bearish market structure. Verdict: Sideways in the range of 46110-47837 and Volatile on either side it breaks. Plan of action: Case 1 : Sideways: Sell 46100 PE & 47800 CE (Hedge it with 20/- premium options) Case 2 : Exit the opposite position on either side. It breaks.
NSE:BANKNIFTY
by finnova_
BankNifty Support & Resistance Levels for 05.06.2024Huge selling was witnessed yesterday due to election results that did not align with exit polls. A big red candle on the daily chart broke almost all near supports of the last two months, breaking the support trendline and taking support at the daily demand zone of 45,661 - 46,330 (which was already tested once in the past). Support Levels: Near Minor Support Zone (Daily): 45,661 - 46,330 Far Support Zone (Weekly): 42,105 - 43,915 Resistance Levels: Near Resistance Zone (15m) for Intraday: 48,986 - 49,700 Major Resistance/Supply Zone (Daily): 50,092 - 51,133.20
NSE:BANKNIFTY
by PriteshPal