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02 Jan ’24 — BankNifty below the channel, Bears taking control?BankNifty Analysis - Stance Bearish All checkboxes ticked for a bearish trend reversal. Firstly, we got confirmation when we breached the ascending channel bottom line. Secondly, there was no attempt to retrace once we started falling. The low of the day was hit towards the end of session. 4mts chart link - click here BankNifty has been the torchbearer for the trend reversals. Of late we were worried that the baton may be passed on to NiftyIT. The leader earlier and now is still BankNifty - today’s move was quite indicative of that. If it goes as per the script, we should be seeing further followthrough by Nifty & FinNifty tomorrow. 63mts chart link - click here The last time we tried to breach the channel bottom line was on 21st Dec. It ended up as a trap for the bears. This time around, we have 6 candles created below the bottom line, and 5 of them in RED. Hope is not a keyword, but the bears have to cling to something to create momentum. We have anyway revised the stance to bearish with the first target being 47462 followed by 46939.
NSE:BANKNIFTYShort
by viswaram
21st Dec ’23 - BankNifty leads from the front, stance is NEUTRALBankNifty Analysis I initially thought the wolf in the sheep’s costume was NiftyIT today spoiling the fun of the Bears. The real culprit was BankNifty - the way it defended its turf today was more than amazing. Even though we had a lower opening, HDFCBANK was staying strong at one end. You know pretty well that HDFCBK alone can drive up/down the index as its weight on the index is manipulatively sizeable. 4mts chart link - click here Just like a Tug-of-War, HDFCBK was at the rear end acting as the anchor. It bolted itself to the ground and ensured BN was not slipping. Somehow it worked. The first thing BN did was to retest the lower end of the ascending channel i.e. between 10.07 to 10.55. Once it broke out - it retested the same line from a support perspective i.e. b/w 13.55 to 14.11. The 2nd test was rejected which gave it massive momentum to break free (upside). The next stop was right at the top end of the channel i.e. b/w 14.47 to 15.19. You might have to see the encircled portion in the chart to know what I am referring to. 63mts chart link - click here Can you believe - All the candles today were GREEN. We started at the lower end of the channel and ended at the top boundary stopped only by the bell. Today’s price action almost nullified yesterday’s move and seeing the way BN fought back, I wish to change my stance to neutral for tomorrow. Will go bearish once 47400 gives away and will go bullish if the ATM is taken out. The options premium did not have any excesses today indicating that a big move may not be expected - will update you via TV minds if I see something interesting tomorrow.
NSE:BANKNIFTY
by viswaram
26th Oct ’23 - BankNifty retests the levels seen on 11 Nov 2022BankNifty Weekly Expiry Analysis BankNifty had 1 extra in this week as the last expiry was on Wednesday. But the extra day was cut short as we had a scheduled holiday (Dussehra) in between. BankNifty did not fall as much as Nifty, it fell only 3.64% ~ 1597pts compared to 3.9% on Nifty. The premiums on the option strikes were not good enough except today. But I am quite sure BankNifty has already done its part by leading this trend reversal well ahead. BankNifty Today Analysis There were 2 interesting patterns in the chart today. Firstly we did not open as badly as Nifty, we were only 0.31% ~ 131pts gap-down. Secondly, the percentage fall on BankNifty was well below Nifty50 for most of the duration today. After the gap-down open we fell another 599pts ~ 1.40% before gaining support and then retracing 262pts ~ 0.62%. Only between 11.10 to 11.45 the percent fall was much greater than Nifty50. What that means is BankNifty was showing reluctance to fall and even when it did - it managed to crawl back up. I am not suggesting a bottom is in place - but the bears are not as strong on BN as they are on N50. A look at the daily chart will help you solve that confusion. The next marked support in my chart is 41624 which is 656pts below today’s closing. We might need a strong red candle to get there - this may help push the momentum for the bears. According to me the cuts in BankNifty has to exceed the cuts in Nifty more than the weightage it exerts - only then a strong downward trend will materialize. If you look at the levels today, we have retouched the zones of 17 Apr 2023, 25 Jan 2023, 22 Dec 2022, 11 Nov 2022. When 42280 was first hit on 11/11/2022 - it was a new all-time high that day. I would like to maintain my bearish stance and expect BN to trade between 42576 and 41624 for tomorrow.
NSE:BANKNIFTYShort
by viswaram
Banknifty daily analysis for 08/08/23.Banknifty today was too volatile and closed almost flat to negative losing 42 points. It has been trading below the 20 ema and today also it closed below the levels while nifty has closed above its 20 ema. Both the indices were range bound and traded in opposite direction. Even after a gap up opening banknifty couldn't keep the gain. On the hourly charts, dojis were formed and it tried to cross 45k levels but took rejection from the levels and closed around 44800 levels. Market traded around the 20 ema and has closed below both the movinga averages. It remained in a 250 points range which is good as the breakout will be good after consolidation. Support :-44800, 44625 Resistance :- 45000, 45100, 45500 Upper Long wick rejection can be in hourly charts and a constant rejection from 20 ema seems that market can test lows. Scalp trades can be done in this market as intraday trades can fetch loses due to the volatility market is creating. Wait for the price action near the levels before entering the market.
NSE:BANKNIFTY
by TheMamboMomentum
Banknifty daily analysis for 07/06/23.Banknifty remained above 44k whole day and during the last hour gained some points giving close above 44150. Market consolidated for 4 hours and gave a nice break out. DJI seems to be flat till now and there can a chance of a bullish break out as the market has closed. Watch the global markets in market to get a clear view and trend of the market. On the hourly charts, the market closed above both the moving averages and is near a resistance zone of 44250. Support :- 44050, 43850 Resistance :- 44260, 44450 Currently, the market is trading in a range and break out can give nice target. Wait for the price action near the levels before entering the market.
NSE:BANKNIFTY
by TheMamboMomentum
PostMortem on BankNifty Today & Analysis of 12 MAY 2023Another surprise today with 300pts ~ 0.69% move from 13.30 to 14.40, came at a time when no one really expected. Karnataka election results tomorrow and most traders would have anticipated we close the day subdued. The lower than expected CPI data of 4.7% would have leaked with few big-boys and they would have ended up loading the banks because from how I see it NSE:NIFTY only rallied 46pts in the same period. Lower inflation is good for the banks? I thought higher inflation translating to higher interest rate was good for the banks - guess I will have to spend more time reading some articles on this. NSE:BANKNIFTY & NSE:NIFTY are diverging in today's chart pattern, mostly because the NiftyIT was underperforming. Banknifty has made a higher high and the next swing could even reach up to the ATH. Nifty50 on the other hand has 2 more resistances to go. This divergence is not good and does not make sense, one of them has to catch up for a broad-based trend. If banknifty takes out the ATH with the Nifty50 flat - it wont end well.  --- Today's open was in line and then we had a gradual grind up till 13.30. From there it was a sling shot to take out the swing high of 4th May & 11th May. Since the final close was above both - we can safely assume that level is crossed. All 6 major banks participated in the rally from 13.30 to 14.40 - this unison is usually unusual. I do not really understand why would big-boys take an opposite position to the global trends in this weekend. Are they assuming that the Ruling party will win in Karnataka? Elections definitely moves the market, if the ruling party wins again - markets will like it. Who would not want stability and regime continuation. If this argument is correct - why was NSE:NIFTY not participating? What extra did the financial institutions had that the other top corporates did not? --- 15mts shows the higher-high and higher-low formation, the trend continues. Since we have taken out the recent swing high, the next level to watch is the all time highs. Before that the markets will be excited to see the election results on 13th May. Looking at the options data, lot of credit spreads were written at the PE side meaning more players expecting further upside movements. --- 1hr shows an awkward shaped W type formation, since the slope is upwards the double bottom is not horizontal but having the same degree of slope as the trend. It also makes sense to bring up the 1D chart as the ATH is just 270 to 300pts away ~ less than 0.7%. Is that not amazing, banknifty vs nifty50 - guess who the real champion is?
NSE:BANKNIFTY
by viswaram
Small SL entry in Bandhan Bank. Targets 222, 236, 247.Bandhanbank is displaying an Inverted Head & Shoulder pattern and is currently experiencing a constant upward trend with the formation of a rising wedge in some time frames. As per my analysis, buying on dips in this stock could be a favorable decision. However, it is recommended to wait for a small correction before initiating the trade. It is advisable to place a small stop loss to mitigate risk. The potential targets for this trade are 222, 236, and 247, and traders can trail their stop losses according to their risk management strategies. It is crucial to monitor the stock closely around the 222-226 levels. I recommend avoiding holding this trade below 206. As always, I would like to remind traders to exercise their discretion and make their trading decisions based on their own risk management principles.
NSE:BANDHANBNKLong
by Doinel33
Banknifty 16-feb-2023 intraday trade analysis 16 FEB-2023 Thursday Expiry Banknifty - It crossed the resistance, but it was in the end. It is now near weekly resistance. Tomorrow is expiry, so will see. Flat opening - wait for some time, on pullback if crosses 41800 will buy it, target = 42,000. Gap up -42K will be resistance, so will sell if - Ve candle formed. Else look for buy on reversal. Gap down - Again come down, near 41580 if broken, will sell, if not will see price action, then will take trade.
NSE:BANKNIFTY
by iPrashantStock
Going Short on Banking Stocks? Elliotical Approach to BankNifty.Hello Traders! 1. We see a completed 3rd wave of impulse that started after Lockdown - March 2020. 2. We see a clear zigzag correction for Wave a, marked with red ABC. 3. We see a 3-wave Wave b . The count of wave C of this wave is being shared here for clarity. 4.The most expected target for BankNifty should be around 30500 . This is because we see the possibility of an expanded flat (3-3-5). There is also an important guideline of Elliot wave theory that Wave 4 of a cycle falls very close to the Wave 4 of Wave 3 of the same cycle . A figure is attached for more clarification. 5. The final 5th Wave of the impulse is expected once the C wave of this 4th wave is complete as shown on the chart. Do use proper risk management. Happy Trading! Profits, Market's Mechanic.
NSE:BANKNIFTYShort
by UnknownUnicorn27677748
1
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NSE:BANKNIFTY
by manojshinde27