BankNifty levels - Apr 30, 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.
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26 Apr 2024– BankNifty has to take out 48119 to go neutralBankNifty Analysis - Stance Bullish ⬆️
Banknifty falls 293pts ~ 0.61% today, but I have not changed the stance to neutral yet. The charts are not as weak as Nifty50 and there was some restraint on how BN hit the lows today.
After opening gap up, BN took a dip and then got its head back by 13.11. HDFC Bank's price action was extremely unusual, making an unusual spike till 09.43 and then falling back to where it all started. In a perfect inverted V shape, how does the highest weighted stock of Nifty50, NiftyBank, and FinNifty move like a meme stock?
For Monday, we wish to start with a bullish view but switch to neutral if 48119 levels are getting taken out. Even though we hit that level intraday, the closing was much above that it did not result in a stance change. The BN algos ended the day with a modest gain of Rs570.
BankNifty levels - Apr 29, 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.
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Bank Nifty Analysis for 26-04-2024BankNifty opened with a gap down of 400+ points and took the support of 47900 and reversed till resistance zone of 48550 in the second part of the trading. Now the resistance zone of 48250 is a support zone.
If BankNifty sustains above the resistance of 48550 we can expect a upward movement to below resistance levels
Resistance 1 48550
Resistance 2 48800
Resistance 3 49000
There is no change in support levels. If BNF moves downward and breaks the major support at 48350. We can expect further 200 points down move till 48150.
Below are the support levels to watch
Support 1 48350
Support 2 48150
Support 3 47900
25 Apr 2024– BankNifty goes bullish, ATH a swing away 🐂🐂🐂BankNifty Analysis - Stance Bullish ⬆️
BN also gets a stance upgrade to bullish, the momentum that was lacking till now came from sources we never knew existed. Kotakbank has a stunning 9.11% weightage on BN index and despite it being 10% down, BN managed to rally 886pts ~ 1.86% intraday today.
BN managed to surpass the 48103 resistance which gave it the bullish tinge. The ATH of 49057 is surely a swing away, but let me take a moment and think rationally - can BN take out that level when Kotak has taken so much of a beating? Was what we saw today another round of short-covering, just because the weak hands who held the shorts were not convinced to push down the prices further?
Looking at the intraday rally, I was sure the algos would get messed up. BN algos went into error @ 10.55 and auto-squared off. At the moment the losses were approx. -12341. I managed to re-activate the same to end the day with losses of -38795, in hindsight not activating again would have been the better choice 😢.
BankNifty levels - Apr 26, 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 April 25th.BankNifty slightly varies from Nifty. We have a clear correctional variation: if the market sustains the gap-down, it may go into flat correction, reaching a minimum of 47853 to the 38% Fibonacci level. One more thing, if it finds support around 47853-50, then we can expect a range market, possibly reaching the previous high again. But there's no problem if it's in the 38%, so here also, don't take advance long positions at the 38% Fibonacci level.
The alternate variation suggests that if the gap-down doesn't sustain and takes an immediate pullback, then it might undergo further range market. After that consolidation, if it breaks the previous high, then we can expect a rally continuation.
However, if the market opens against the sentiment, which means if the market opens neutral or gap-up, then we can expect a rally, potentially breaking the previous high.
BankNifty levels - Apr 25, 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 Analysis for 24-04-2024 expiry.BankNifty touched the resistance zone of 48250 and reversed from there. Post which we had a sideways market.
It also to be noted that VIX has crashed nearly 20% for today. We can expect a sudden fall or raise in market due to this crash in upcoming days. Also, this will be good trade setup for option sellers but still the sudden spike n market will affect their setup as well.
Below are the BankNifty levels for 24/4/2024 expiry.
If BankNifty sustains above the resistance of 48250 we can expect a upward movement to above resistance levels
Below are the resistance levels to watch
Resistance 1 48550
Resistance 2 49000
If BNF moves downward and breaks the major support at 47900. We can expect a next support at 47700.
Below are the support levels to watch
Support 1 47700
Support 2 46600
BANKNIFTY Intraday Trade Setup For 24 Feb 2024BANKNIFTY Intraday Trade Setup For 24 Feb 2024
Bullish-Above 48310
Invalid-Below 48200
T- 48755
Bearish-Below 47890
Invalid-Above 48000
T- 47300
BANKNIFTY has closed almost on a flat note today. It opened with a big gap and was sold into immediately like yesterday. 10 o'clock range was to be used as per setup but index did not break out any side. It traded inside 200 points range majority of the day. Index may test half bat PRZ or 0.58 if it breaks 47890 tomorrow. 47300 can act as an intraday support tomorrow. Above 48090 bulls will try to take charge but 48300 will be bullish trigger.
Coming to Wednesday's trade setup, if index opens flat and a 15 Min candle closes above 48300 then we will long for the target of 48755.
For selling we need a 15 Min candle close below 47890. T- 47300.
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.
23 Apr 24 - BankNifty, deadly opening candle & then flat dayBankNifty Analysis — Stance Neutral ➡️
BN had a flat day too but not after a deadly looking opening candle. If you look at the charts, it is more or less a replica of what happened yesterday. BN shows it is taking a breather after the recent run.
Not falling off from the current levels is an advantage Bulls. Just like we mentioned yesterday, 48103 is an interim resistance, but not a strong one. To take out the ATH, all we need is a slight push.
BankNifty Algos ended the day with gains of Rs16071, but not after taking some MTM losses in the earlier part of the day. Once BN started trading flat, the profits started coming in.
BankNifty levels - Apr 24, 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 April 23rd.Banknifty also has the same sentiment, although it didn't experience as much of a pullback yesterday. So, here also, if the gap-up sustains, then we can expect a rally continuation with minor pullbacks. Alternatively, if it rejects around the supply zone or if the market initially declines sharply, then we can expect a minimum of 38% to 50% fib correction.
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.
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.
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#Banknifty directions and levels for April 22nd.BankNifty also has the same sentiment. It had a solid pullback in the last session, so here also we can expect minor correction only if it rejects around the immediate resistance level. However, if the gap-up sustains or breaks the immediate resistance with a solid structure, then the rally will likely continue.
BankNifty is Bearish and big fall is possibleBased on HDFC Bank results on 21 st April if we analyze BN, HDFC Bank and All other BN index bank charts, every bank looks bearish to me !!!!!!! Based on 19th april closing data indicating complete bearishness only in all the banks chart. once the support area is broken we can see big fall in BN. on 22nd April if HDFC is bearish as per Q4 results then my prediction will work.
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
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.
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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)
#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."
Bank Nifty formed Big Bearish candle on Daily TF Bank Nifty also witnessed a sharp decline
and tested came near Imp prev swing of level 47050
The major resistance for the index is positioned at 48,000/47800
and if the selling pressure persists,
the index could test its next major support level at 46,500
* For Education Purpose
Practice and Learn price action setups
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!