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22 Apr - BankNifty also goes neutral, on further gains -ATH nextBankNifty Analysis — Stance Neutral ➡️ The show on BankNifty was sponsored by HDFC Bank which had its quarterly results declared over the weekend. The sharp gap-up opening and then falling to close the gap were all attributed to the price action of HDFCBK. Despite the elephant losing 1.25% today, BN managed to close in strong GREEN. BN also managed to defend the 47465 support so decently that it too commanded a stance change from Bearish to Neutral. 48103 looks like an interim resistance above which BN could keep up the momentum to even take out the ATH. If we look back at the events that happened from 15th Apr, just notice how quickly the indices are managing to gain back the grounds they ceded. US indices like SPX and NDQ are yet to reverse but see how Indian indices are optimistic. For tomorrow we wish to start with a neutral stance and then add on bullish positions if the momentum gains. BankNifty Algos managed to end the day with a gain of Rs31488.
NSE:BANKNIFTY
by viswaram
BankNifty levels - Apr 23, 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
Bank Nifty Analysis for 22-04-2024BNF is trading near the one hour timeframe support of 46600. As mentioned in my previous analysis, BNF took the support of 46600 zone and reversed. If BNF sustains below 46600 we can expect a further fall till its immediate support. If BNF moves upward we will have a immediate resistance of 47750. Below are the resistance levels to watch Resistance 1 47750 Resistance 2 48250 Resistance 3 49000 If BNF moves downward and breaks the major support at 46600. We can expect a fall till 46000. Below are the support levels to watch Support 1 46000 Support 2 46000
NSE:BANKNIFTY
by Shree_Traders
BankNifty levels - Apr 22, 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 19 APR 24As we discussed, Banknifty has been falling for the last four sessions. If we look at the charts: The market is reaching near the support trendline, which is going to provide a potential support zone for Banknifty. if we look at the OI: PCR = 0.67 shows the market is in a bearish phase. 47000 is going to provide a good support zone as it has good PE writing and also a logical level of support. On the higher side, above 47500, there is good CE writing at each level. If we look at the FII & DII data , FII is strong, and bearish clients are bullish, which shows the market is going to open a gap-down. The market should open a gap down. If the Mmarkettakes support near 46500, then a bullish comeback might be seen in the market Reasons: Price < EMAs shows the market is in a bearish phase. And bears are strong. RSI < 40 shows strong bears' power. (Bearish) PCR = 0.67, which has been falling rapidly from 1.34. shows bears are actively increasing their position size. (Bearish) Price < VWAP shows a bearish market structure. (Bearish) The war situation is also having a negative impact on the market. (Bearish) Verdict : Bearish Plan of action : Sell 47000 PE (Hedge with 15/- PE premium)
NSE:BANKNIFTYShort
by finnova_
#Banknifty Directions and levels of April 19th."Good morning, friends! Here are the directions for April 19th: The global market trend is bearish, supported by the Dow Jones, while our local market sentiment also indicates a bearish trend. It might open with a gap-down start, as suggested by GiftNifty, showing a -350 point decrease. GiftNifty indicates a long gap-down, so I don't know where it will be open. Structurally, the fall may continue Unless the market breaks the fib level of 38% we can expect a decline. My expectation is correction. The market may undergo some consolidation around any one of the support levels, but there's a possibility of further downside breaks. We can anticipate a minor trend reversal only if it breaks the Fibonacci level of 38%, using the Fibonacci swing from yesterday's high to the upcoming low. If it breaks, we can assume that the minor trend has reversed."
NSE:BANKNIFTY
by Manickamtraders
BankNifty levels - Apr 19, 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 April 18th."Good morning, friends! Here are the directions for April 18th: Nifty and BankNifty both consolidated in the previous session, so structurally, if the gap-up doesn't sustain then we can expect further consolidation for correction. On the other hand, if the market initially takes a pullback, the 23% Fibonacci level will act as crucial resistance. This means that after the pullback, if it rejects around the Fibonacci level of 23%, it will continue the range between the previous bottom and the recent high, and it may undergo correction. On the other hand, if it breaks or sustains (around fib 23%), then we can expect further continuation, and we can fix our next target at 38%. If we want to simplify it, this is a range market, so we can try range breakout entries."
NSE:BANKNIFTY
by Manickamtraders
Bank Nifty Analysis for 18-04-2024BNF is trading near the 1hr TF support of 474000. Also it to be noted that BNF has fall 1400 points from its ATH. Still BNF is trading near the support zone of 47400 & 47600. If BNF moves upward we will have a immediate resistance of 47800. Below are the resistance level to watch Resistance 1 48100 Resistance 2 48250 If BNF moves downward we can expect a major support at 47000. There is no major support level but if breaks 47000 zone we can expect a fall till next support of 46600 While checking the chart in 1D TF we could see that its in ascending channel pattern. Probably there shouldn't be much fall but it falls breaking the pattern we can expect the fall till 46600 zone.
NSE:BANKNIFTY
by Shree_Traders
16 Apr - BankNifty takes support, 47465 crucial for trend conti.BankNifty Analysis - Stance Bearish⬇️ BN managed to hold on to 47465 levels quite decently. All intraday straddlers would have had a decent day as there were no swings or whipsaws. We opened below the 47465 level but managed to close above it giving some hope to the Bulls. If we close above 47465 levels on the 18th, I might change my stance from bearish to neutral. For bearish continuation, we need strong downside momentum - agreed that we lost 288pts ~ 0.6% today, but not breaking the support level is considered a negation of the trend. In the higher time frame, this is more obvious. See the closing 63mts candle, it is strong green with the lower part of the body right at the 47465 level. The next move would be more based on news than technical analysis, so it would even make sense to keep a close eye on macros like Iran-Israel conflict. --- BN algos ended the day with a profit of 26757, again exited prematurely in the opening 30mts itself as the time condition of the profits were met.
NSE:BANKNIFTYShort
by viswaram
BankNifty levels - Apr 18, 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 April 16th."Good morning, friends! Here are the directions for April 16th: The global market trend is bearish, supported by the Dow Jones, while our local market sentiment also indicates a bearish trend. It might open with a gap-down start, as suggested by GiftNifty, showing a -220 point decrease. GiftNifty indicates a long gap-down, so I don't know where it will be opening. I'm just sharing Fibonacci levels. After the gap-down, if the market consolidates around any one of those levels, then we can expect further correction. On the other hand, if it rejects sharply, then we should seek additional confirmation for a reversal. If the pullback breaks the Fibonacci level of 38% in the minor swing, then we can consider it a reversal and set our targets at 61 and 78%. However, if it doesn't break the Fibonacci level of 38%, the correction may continue as usual."
NSE:BANKNIFTY
by Manickamtraders
15 Apr - BN 47465 has to be taken out for strong bearishness⬇️BankNifty Analysis - Stance Bearish⬇️ BN had a unique price action today, unlike N50 we did not see a bounce from the banks. And the lows made during the closing hours were much deeper than the opening lows. Whereas Nifty's opening low was not violated that much. Ideally, that is expected, the subsectors would fall further than the main index. I am revising the stance on BankNifty to bearish not because of technical reasons - but due to Nifty50's bearishness + worsening global macro. Ideally, BN will have to take out 47465 to go bearish, which I suppose may be done within the opening hours of tomorrow.
NSE:BANKNIFTYShort
by viswaram
BankNifty levels - Apr 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. * 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 April 15th."Good morning, friends! Here are the directions for April 15th: The global market trend is bearish, supported by the Dow Jones, while our local market sentiment indicates a moderately bullish trend. It might open with a gap-down start, as suggested by GiftNifty, showing a -120 point decrease. I'm really sorry, I can't say exactly how the market will react today because of the geopolitical issue. However, this is my view today: if the market finds support around the immediate support level, then structurally we can expect a 23 to 38% pullback wave. If it has a three-wave structure, it's a better confirmation for correction. Even though after that pullback, if it rejects there (at 38%), then we can expect a correction that may reach once again the previous bottom. And if it breaks, then the correction will likely continue. On the other hand, if the pullback sustains and breaks the fib level 38%, it could consolidate between the previous high and recent low. The alternate view suggests that if the gap-down breaks or consolidates around the immediate support level, it might continue the correction further."
NSE:BANKNIFTY
by Manickamtraders
12 Apr - BankNifty was not that bearish, but a HH is formed.BankNifty Analysis - Stance Neutral ➡️️ BankNifty did not fall as much as Nifty50 today, we opened -244pts as gap-down, and the first candle itself was a strong green candle which gave the impression that the Bears may lose control. The follow-up action was good enough and we retested the swing low by 09.47 giving some hope, but again the markets started recovering till 12.11. I was posting in our trader's chat group that if we stay like this the short covering will come in and we may end up going up and that is exactly when the 2nd round of selling came in. In the second leg, we lost another 311 points ~ 0.64%. On the 63mts TF, BankNifty ended up creating the higher high. To know if the bullish trend is at threat or not - we should take out the support of 47465 soon, but that is around 1000pts away. We would like to start Monday with a neutral stance and then take it up from there. --- BankNifty Algo trades ended with a gain of Rs7735. Prematurely exited at 09.44 sensing the markets were beginning to crack.
NSE:BANKNIFTY
by viswaram
BankNifty levels - Apr 15, 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 12 Apr 24As we discussed Banknifty, Banknifty opened a gap up and then ended sideways. If we look at the chart now: The market is trading at the resistance zone. It has successfully respected the 4H-TH resistance zone, and a significant sale was made in the last 30 minutes. Banknifty gave very nice bull momentum last week. The market needs to consolidate (or correct) at this point. RSI is also showing bearish divergence. If we look at the OI data: PCR = 1.08 (1.18 -> 1.08), which indicates Bears are increasing their position in the market. 49000 will be acting as Max-Pain. There is not much resistance on the upper side till 49500. the lower side's next best support is 48500. If we see FII & DII data , FII is strongly bullish on the future. Pros and Clients are Bearish on the future. Options data is indecisive, which shows that the market is likely to open sideways. I expect the market to be sideways or bearish. Reasons: Price >> EMA(200), that need to be corrected. EMA(13) slop is getting flat. Which indicates bulls are getting weak. RSI = 55 and having bearish divergence. Also, RSI is entering the 40-60 range, which might lead it to go sideways. BN is trading in the resistance zone. And Fib 1.414. PCR = 1.08, which has been falling from 1.34-> 1.18-> 1.08, which shows bears are increasing their positions in the market continuously. Verdict : Sideways or Bearish Plan of action : Sell 49000 CE and 48600 PE (Hedge it with 20/-)
NSE:BANKNIFTY
by finnova_
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