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BankNifty levels - Jun 05, 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
03 Jun 2024 - BankNifty has more steam left even after 4% rallyLast week we wrapped up the discussion saying BankNifty is looking more bullish than Nifty. We also said the torch bearer would be Banks in case of a positive scenario. India's growth story will have to come via Bank's is their base case, this explains the 40% plus dependency of the index on Financial Sectors. BankNifty managed to close higher than the open value, almost 2000pts ~ 4% in what became a mega gap. The new ATH is 51106, notice that we managed to conquer 51000 levels too. Our stance is bullish with the first support at 49937 levels. Once the counting is in progress tomorrow - we could expect real volatility and fake moves too. We would get exact clarity only by Wednesday, Jun 5th, incidentally it's an expiry day too.
NSE:BANKNIFTYLong
by viswaram
BankNifty levels - Jun 04, 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 tomorrow 3 June | MondayAs we discussed, the Banknifty sideways and bullish structure market gave a volatile move in the uptrending channel range, as we discussed in case 1. If we look at the chart now: The market took very nice support from 200 EMA and is moving in an uptrending channel. The market is also making an inverted Flag & pole pattern, which is a bearish pattern. If the market breaks the pattern to the downside, it might make a nice bearish move. Support levels: 200 EMA, 448487, 48223, 48000 resistance levels: 49061, 49315, 49650 If we look at the OI data: PCR = 0.76, which has fallen from 0.82, shows the market is turning to a bearish side. 49000 is max pain. Maximum positions have been added at 49500 and 50000. on the lower side, 48500 and 48000 People are making Strange for election results. That can also be seen on the chart. People are making short strangle in a wide range as premiums are already skyrocketing. I am expecting the market: Case 1 : Sideways in the uptrending channel. Case 2 : if the market breaks the channel to the downside, the market will turn bearish. With a good volatility market in upcoming sessions because VIX is 24.60. Reason: RSI is 40-60 shows a sideways structure. Price > EMA(13, 50, 200), which indicates a bullish market structure, but as it is moving in the channel bullish direction is not yet confirmed The last two candles have given good volume at the buy candle as well as good volume at the sell-off, which indicates sideways market pressure. PCR = 0.82 shows good market bullish sign. Price > VWAP shows that a bullish market structure. Verdict: Sideways in the channel and bearish if it breaks to the downside. Plan of action: Case 1: Sideways: Sell 49200 CE & 48500 PE (Hedge it with 50/- premium options) Case 2: Bearish: Sell 49200 CE (Hedge it with 50/- CE option)
NSE:BANKNIFTY
by finnova_
BankNifty levels - Jun 03, 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 May31st.The Banknifty structure differs slightly from Nifty, but the sentiment is the same. The current variation suggests that if the initial market takes a solid pullback and breaks the level of 48938, we can expect it to reach 61%. Notably, the market will continue the rally only if it sustains above the level of 48938. If it doesn't sustain above this price, the range market might continue. Alternatively, if the initial market corrects, the downside 61% Fib level will act as minor support. My personal opinion is that if the market declines initially, it may enter a range market.
NSE:BANKNIFTY
by Manickamtraders
BankNifty Support & Resistance Levels for 31.05.2024Yesterday, BankNifty took support at the 75-minute zone (48,216 - 48,410) mentioned in the last two posts and bounced up to the near supply zone (49,043 - 49,187), as indicated in the previous post. Support Levels: Near Support Zone (75m): 48,216 - 48,410 (remains the same) Far Support: 48,017 (61.8% FIBO level of the last swing) Further Down Support Zone (125m): 47,435 - 47,959 Resistance Levels: Near Resistance Zone (30m): 49,186 - 49,320 (remains the same) Far Resistance Zone (75m): 49,502 - 49,689 (remains the same)
NSE:BANKNIFTY
by PriteshPal
30 May 2024 - BankNifty defended 48661 quite aggressively todayBankNifty Stance Neutral ➡️ BankNifty had an awkward-looking opening today, a decent gap-down, and breaking the 48661 support. The intraday lowest point was the level at which we opened today. More importantly, we retraced the fall and even re-tested the 48947 levels. Fortunately for the bears, 48947 resistance was not broken, if it had given away - then we would have been forced to go long. Between 14.55 to 15.15 we tested the support levels of 48661 and it was defended again. The final closing is so positive for the banks that I am really worried about how Nifty50 is going to gather momentum for a breakdown. We might have to break either of the 48661 or 48947 levels tomorrow and be prepared for what is coming next week. I seriously hope we find some bearish momentum soon.
NSE:BANKNIFTY
by viswaram
Banknifty analysis for tomorrow 31 MayAs we discussed, the Banknifty bearish or Sideways structure market gave a volatile move in range, as we discussed in case 1. If we look at the chart now: The market took very nice support from 200 EMA. And it was quite volatile for the whole day. The Price is struggling to break the 50-EMA resistance. The market is going to be sideways in the range of 48487-48899 unless it breaks to the upside (high probability). If we look at the OI data: PCR = 0.82, which has risen from 0.63. shows a good amount of PE writing on the lower side. There has been good CE and PE writing at 48500 and 49000. The next support point is 48000 on the lower side and 49500 on the upper side. People are making Strange for election results. I am expecting Case 1: Sideways in the range 48487-48900. Case 2: if the market breaks 48900 to the upside- Bullish With a good volatility market in upcoming sessions because VIX is 24.2. Reason: RSI is 40-60 shows a sideways structure. (Bearish) EMA(50) > Price > EMA(200), which indicates indecisive or rather sideways market. The market has taken support from 200 EMA, which might lead to a bullish market in the upcoming session. The market has given a good volume spike that shows this level is good support. PCR = 0.82 shows good market bullish sign. Price> VWAP shows that a bullish market structure can lead to a Bull market. Verdict: Sideways (70% chances) or Bullish (30% chances) Plan of action: Case 1: Sideways: Sell 48500 PE & 48900 CE (Hedge it with 50/- premium options) Case 2: Bullish: Sell 48600 PE (Hedge it with 50/- CE option)
NSE:BANKNIFTY
by finnova_
BankNifty levels - May 31, 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 May 30th.BankNifty also has the same sentiment. If the market finds support around the immediate support level, then we can expect a minor pullback that will take a max of 23 to 38%. After that, if it gets rejected there, then the correction will likely continue. On the other hand, if the pullback breaks the 38% Fibonacci level, it could turn into a range market between the upcoming low to the 61% Fibonacci level. Alternatively, if the gap-down sustains and breaks the immediate support with some consolidation or immediately, then the correction will likely continue.
NSE:BANKNIFTY
by Manickamtraders
Bank Nifty closed below imp zone of 49000 in today's sessionBank Nifty remained in Negative mode after opening below imp level of 49000 The Index fell by around 600 points in today's session A Bearish candle is formed on daily chart The imp upside hurdle is placed around 48850/49k level whereas downside support is around 47200 zone Track for price to form Price Action Patterns at Imp Levels, However market may show volatility during the last phase of elections Keep Tracking Charts *For Educational Purpose Learn & Practice Price Action setups
NSE:BANKNIFTY
by Himanu_HATradeTalk1
29 May 2024 - BankNifty stance revised to neutral, not bearish!Banknifty closed just below the SR of 48603 and for the same reason, I am going neutral. Unlike Nifty, BN has few SR zones nearby hence the decision to go neutral instead of bearish. Although we fell 640pts ~ 1.3%, none of the 63mts candles closed distinctly below 48603 which is a sign of worry for the Bears, Meanwhile, the drop seen in ICICI will be considered with a lot of seriousness. Earlier when HDFC and KOTAK were taking beatings, ICICI had stayed strong. In fact, the major contributor to the BN points came from the rally of ICICI than HDFC. I would prefer to start the day tomorrow with a neutral bias and then go short if 48351 is taken out during the first 2 hours. Ideally, BN and N50 have to face the same direction before going to the election results.
NSE:BANKNIFTY
by viswaram
Banknifty Prediction for tomorrow 30 May As we discussed, the Banknifty bearish structure market gave a very nice momentum to the downside. If we look at the chart now: The market is trading at 200 EMA(30 min TF), which can provide potential support. Also, bank nifty is trading between fib 0.50 and 0.61, which might also be a good support zone. The price is trading lower than EMA(13,50) and above EMA(200). this zone is perfect for taking support for Banknifty. If we look at the OI data: PCR = 0.63 shows a bearish signal in the market. There is good writing on both sides at 48400 and 48500. 48000 has good PE writing, so it is going to provide a good support zone. on the upper side, 49000 is going to be a hard resistance zone because of heavy CE writing. I am expecting Case 1: Sideways in range 48400-48853. Case 2: if the market breaks 48400 to the downside- Bearish With a good volatility market in upcoming sessions because VIX is 24.2. Reason: RSI < 40 shows a weak bull structure. (Bearish) EMA(13) > Price >= EMA(200), which indicates indecisive or rather sideways market. The market might receive support at 200 EMA. The market has given a good volume spike that shows this level is good support. PCR = 0.63 indicates bearish. price < VWAP shows that a weak market structure can lead to a bearish market. Verdict: Bearish or Sideways. Plan of action: Case 1: Sideways: Sell 48400 PE & 48850 CE (Hedge it with 15/- premium options) Case 2: Bearish: Sell 48400 CE (Hedge it with 15/- CE option)
NSE:BANKNIFTY
by finnova_
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BankNifty levels - May 30, 2024 Utilizing 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 May 29th.The current variation indicates that if the market breaks the 38% Fibonacci level, we can expect the correction to continue, potentially reaching the next Fibonacci level of 50%. If it finds support there, the 4th sub-wave may complete and start the 5th pullback wave. Alternatively, if the market finds support around the immediate support or if the initial market takes a solid pullback, we can expect a range market to rally continuation.
NSE:BANKNIFTY
by Manickamtraders
28 May 2024 - 48947 critical support just a swing awayIn the last session, we informed that a stance revision may be required if we fall below 48947. Luckily we did not fall below that level today - hence the bullish stance continues. Today we lost over 139pts ~ 0.28%, but the price action proved quite dangerous. The next 1 week to 10 days may be very critical for our stock markets as the election results are coming up. The first sector to get an impact will be banks, hence we might have to watch this space very closely. Ideally both Nifty and BankNifty should be facing the same direction, and if we get it right on the previous day of the election - an year's profit can be made in a week. Luckily, I do not play hero zero and would prefer to wait out during this period.
NSE:BANKNIFTYLong
by viswaram