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...
As we discussed, Banknifty gave a very nice momentum with huge bullishness. If we look at the chart now: The market has broken the wedge pattern to the upside, and it is also continuously making HH and HL. The price is trading above EMAs, which shows strength in the price. Also, RSI > 60 shows huge bullishness in the market. If we look at the OI data: ...
Yesterday, BankNifty opened above the important level of 47,877 (the 61.8% retracement of the last swing) and stayed above it, gaining 1,000 points. The data looks bullish for BankNifty as well. Support Levels: Near Support: 48,129 - 48,410 Resistance Levels: Major Resistance Zone: 48,784 - 49,011 (remains the same)
BankNifty also has a solid rally structure. Here, we will follow the same sentiment as mentioned for Nifty. If the gap-down sustains, we can expect a minor correction of up to 23% to 38%. After that, if it finds support, the rally will likely continue with some consolidation. Alternatively, if the gap-down doesn’t sustain and there is an initial sharp pullback,...
BankNifty Analysis - Stance Bullish ⬆️ Yesterday we changed the stance from bullish to neutral as 48115 resistance was not breached, but that break came by 09.51 today. Hope you got my email when we revised the stance back to bullish via trading view. The intraday rally was a whopping 957pts ~ 2.00% and we took out 2 resistances today viz - 48115 and 48661. The...
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...
Yesterday, BankNifty reacted from the supply zone (48,213 - 48,458) mentioned in our previous post and dropped approximately 800 points from 48,200. It found support in the 47,346 - 47,542 zone and rebounded nearly 500 points from a low of 47,435. The daily trend (50 SMA) is sideways, but the 75-minute and hourly trends are negative. An important level to watch...
BankNifty presents a different scenario from Nifty, with its structure indicating a range-bound market. If the gap-down sustains, we can expect a minimum level of 47,547. If it then faces a sharp rejection, the range is likely to continue. However, if it breaks 47547, it could reach47340 to 47256. Alternatively, if the gap-down doesn't sustain and the market...
The trades on banknifty were going on perfectly till 14.30. The final hour took out all the profits from the intraday straddles, not just that the algos ended the day in RED. The moves that came in the 2 16mts candles 14.51 and 15.07 were not normal. Yes, we have seen even wilder moves from BN earlier, but today was just stop loss hunting by the HFTs - how else...
This analysis represents a modified view of the chart analysis initially published on TradingView on March 1, building upon the insights provided in my previous assessment labeled "NIFTY : The tentative stage of a market melt-up stage in PROB#2". The modifications take into account evolving market conditions and additional data, and it is important to recognize...
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...
BankNifty is forming a gramophone structure, which is a consolidation pattern. We can expect a rally only if it breaks the immediate resistance at 48,195 with minor consolidation. If this happens, the next target should be a minimum of 48,360, up to the 50% Fibonacci level. Alternatively, if the market rejects around 48,195 or if there are sharp declines...
Yesterday, BankNifty reacted from the supply zone mentioned in our previous post and closed below the previous day's low, indicating selling pressure in banking stocks. Support Levels: Nearest Small Support: 47,770 - 47,840 Far Support: 47,346 - 47,542 Resistance Levels: Small Resistance: 48,210 - 48,260 Major Resistance Zone: 48,213 - 48,458 (remains the...
Banknifty had a more flattish tone today compared to Nifty. The hesitance to get past the 48115 resistance was clearly visible. Even though Nifty closed the day flat, BN gave up some points ~ 151, -0.31%. We wish to start the 22nd with a bullish view but switch back to neutral if the 48115 resistance is not getting taken out. Since 22nd is the expiry day, the...
As we discussed, Banknifty was sideways today. If we look at the chart now: The market is trading at 200 EMA, breaking off, which might lead to a double top neck break to the downside. The market is making a rising wedge pattern after a huge fall, which might be a preparation for next fall to the downside if it beaks to the downside. Important support...
BankNifty has been consolidating after the sharp correction, which is totally different from Nifty. Anyway, if the gap-up sustains, we can expect the next target to be the 50% Fibonacci level. An alternate scenario, similar to Nifty, suggests the possibility of a long correction if it breaks the 38% Fibonacci level. However, if it doesn’t break 38%, then the...
On 16th, we bounced from 47465 and that really helped BN to reach upto 48115 on 17th. But it was unable to get past those levels. Om 18th, BN got past 48115 resistance showing further bullish intent. Our next target would be 48661 and to go neutral we need to break 47465.
As we discussed Banknifty sideways or Bullish; it ended-up sideways with high volatility on upper side. If we look at the chart: The market is trading at support (Price action + 200 EMA support) right now. the important levels for tomorrow are 200 EMA, 48000, 47400 will be working as very good support. while 48445, and 49125 will be working as nice resistance. ...