Bankniftyview
Bank Nifty Analysis: Head and Shoulders Pattern in the Making?NSE:BANKNIFTY closed relatively flat today amidst some market volatility. However, the pattern forming on the chart does not look good. We are potentially witnessing the development of a Head and Shoulders pattern, which, if completed, could signal a downward move. If this pattern plays out, we may see the index decline towards the 49,640 level.
On the other hand, if Bank Nifty fails to form the pattern and continues its upward trajectory, we can see a significant resistance around the 51,900 level.
Important Levels:
Support - 49640
Resistance - 51900
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Disclaimer: This analysis is for informational purposes only and does not constitute financial advice. Please conduct your own research or consult a financial advisor before making any trading decisions.
BankNifty levels - Aug 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 direction based on elliott wave analysisBanknifty completed 5 impulse wave up..
and now in abc corrective wave in progress..
channel support near 50650 and important Fibonacci support to look for
38% : 50659
50% : 50512
61.8% : 50188
abc corrective pattern should find support near above fib levels..
Post abc corrective pattern it will again rally ..
Time to watch post 12pm
#Banknifty directions and levels for August 21st.Current View
> That,The market may open with a slight gap-down start, according to the SGX Nifty indication. So, after that gap-down, if the market finds support around the immediate support level, it may consolidate between the previous day's high and the immediate support level.
> But, Even if it consolidates, structurally, it will continue the rally once it breaks the previous day's high. In this case, if it breaks the previous high without consolidation (like yesterday’s movement), the same bullish trend may continue further.
Alternate View
> The alternate scenario suggests that if the gap-down sustains and the market breaks the immediate support level solidly, then the correction could continue, with some minor bounce-backs. These are the two possible scenarios for today's session.
Bank Nifty Analysis: A Critical Juncture for Potential Gains
The Bank Nifty is currently at a decisive crossroads, presenting a compelling opportunity for traders. The index has formed a double bottom pattern and appears to be breaking out of its channel, which typically signals a bullish reversal and the potential for significant upward movement. This setup suggests the possibility of substantial gains if the breakout proves strong and sustained.
However, caution is warranted. Although the breakout looks promising, it lacks strong confirmation at this stage. There is a risk that the index could fall back into the channel, potentially continuing its previous downtrend. This scenario could offer an opportunity for traders to short the market or adjust their positions accordingly.
All critical support and resistance levels have been marked on the chart, providing valuable insights for trading decisions. For those interested in leveraging this volatile period, I will be sharing the important supply and demand levels for tomorrow at market open in the morning. Monitoring these levels closely will be essential for navigating the Bank Nifty’s movements and optimizing trading strategies.
Disclaimer: This analysis is provided for informational purposes only and does not constitute financial advice. Trading in financial markets involves risk and may not be suitable for all investors. Please conduct your own research or consult with a financial advisor before making any trading decisions.
BankNifty levels - Aug 21, 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!
#Banknifty directions and levels for August 20th.In the previous session, Banknifty closed with consolidation, so the previous sentiment may continue today as well. However, I will explain it simply. First, let's look at an alternate variation.
Alternate Variation:
The previous pullback was strong, that indicating a bullish trend. So, if the market breaks the previous high solidly or after some consolidation, we can expect the rally to continue. This is our alternate view. In this case, if the breakout has a solid structure, then the upcoming rally could be a long one, structurally forming a "flag pattern." On the other hand, if the breakout occurs with low volume, meaning if it breaks with some grinding, the upcoming rally could be smaller.
Current View:
The current view is similar to what we saw in the last session. If the market finds support at the immediate support level, it may continue to consolidate, and if this happens, it could break upward. But if it breaks the immediate support level strongly, then we can expect the correction to continue.
Banknifty 20/08/24Banknifty Breaks 50,560 it moves to 50,855. 50,855 is storng resistance if breaks this resistance with good volume and good close then BN moves 51,200 /51,753 levels
BN breaks 50272 then BF moves towards 49698 / 49097 levels
Storng Resistance 50500 / 51000
Storng Support 50000 / 49000
BankNifty levels - Aug 20, 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!
#Banknifty directions and levels for August 19th.if the initial market declines or faces rejection around the immediate resistance level (minor supply zone), it may take a retracement of 23% to 38%. After that, if it finds support, the bullish bias is likely to continue. However, if it breaks the 38% level, it may fall further to the 61% level on the downside.
Alternatively, if the market sustains or breaks the minor supply zone, then the rally will likely continue to the 50,830 to 50,984 level,
BankNifty Intraday Support & Resistance Levels for 19.08.2024On Friday, BankNifty opened with a gap up and sustained its bullish momentum throughout the day, closing at 50516.90 with a gain of 789 points. The nearest resistance is at 50750; a breakout with volume above this level could potentially lead to a rally towards the 125m Supply zone at 51310, which also aligns with the 61.8% Fibonacci retracement level. The weekly trend (50 SMA) remains positive, while the daily trend (50 SMA) is negative.
Support Levels:
Near Demand/Support Zone (30m): 49806 - 50017
Far Support Level: 49660 (Double bottom on Daily Chart)
Far Support Level: 48858 (61.8% FIBO Retracement level of the rally from 46078)
Resistance Levels:
Near Resistance Level: 50750
Far Supply/Resistance Zone (125m) for Weekly Trade: 51309 - 51609
16 Aug 2024 - BankNifty stance is neutral, magical recovery.BankNifty Stance Neutral ➡️
BankNifty gets an upgrade, but not to bullish but to neutral from bearish. We have managed to go up by 27pts ~ 0.05% in the current week, but this after a dramatic fall and then a recovery. 82% of this recovery coming on Friday the 16th, i.e. 698pts out of 851.
BankNifty went down to 49654 a level that we last saw on 6th Aug, and then magically rebounded. I know the frustration of the bears to drive down the prices because I am one of them.
I am a bear not because I do not negate the belief in India's growth story, but because of 2 important facts.
The primary reason for the huge influx of money to stock markets was that the average business owners felt the capital markets were giving better returns than their own enterprises.
People look at the order book and hope that there is someone else ready to buy the stock at a higher price and hence they are saved.
LIC To Invest Around Rs 1.3 Lakh Crore In Stock Market In Fiscal 2025
The news that LIC is ready to invest 130,000,000,000 in stock markets will definitely give courage to the average retail investor. All of them believe if they buy the shares of a company XYZ for Rs2000, the influx of more money will be forced to buy XYZ for a higher price and hence they are safe. For me that is froth.
The only reason the markets are going up even when the FIIs are not on a buying spree is due to the accidental courage the retail investors have got as they think the domestic institution is there to catch them.
Coforge Swing Idea Weekly timeframe is bullish
Daily timeframe is bullish and price has tapped into daily demand zone and reacted positively
4HR is also bullish
Also, Nifty and CNX IT is also bullish
Company is also 10% away from all time highs because of that the stock can rip high
Note : this is not Financial advise
BankNifty levels - Aug 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!
BankNifty Intraday Support & Resistance Levels for 16.08.2024Support Levels:
Major Demand/Support Zone (Weekly): 49530 - 50253 (currently inside the zone)
Far Support: 48858 level (61.8% FIBO Retracement level)
Resistance Levels:
Near Supply/Resistance Zone (30m): 50200 - 50343
Far Resistance Level: 51750
Far Supply/Resistance Zone (125m) for Weekly Trade: 51309 - 51609