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BankNifty Intraday Support & Resistance Levels for 23.07.2024On Monday, BankNifty entered the 75m and daily demand zones, bouncing 500 points from the day's low before closing at 52880.40. A decisive crossover above 52750 with volume might lead to a new all-time high. The weekly and daily trends (50 SMA) are still positive. As mentioned in the last post, the support and resistance levels remain the same. Support Levels: Near support/demand zone (75m) for weekly trade: 51749 - 51966 Major support/demand zone (Daily): 51138 - 51934 Resistance Levels: Near small supply/resistance zone (15m): 52482 - 52563 Far supply/resistance zone (30m): 53064 - 53188
NSE:BANKNIFTY
by PriteshPal
Nifty Intraday Support & Resistance Levels for 23.07.2024On Monday, Nifty entered the daily demand zone mentioned in the previous post and bounced over 200 points from the bottom before closing at 24509.25. The weekly trend (50 SMA) remains overbought, while the daily trend (50 SMA) remains positive. The support and resistance levels remain the same as previously mentioned. Support Levels: Near support/demand zone (125m) for weekly trade: 24193 - 24357 Major support/demand zone (Daily): 24141 - 24461 Resistance Levels: Near supply/resistance zone (15m): 24741 - 24774 Near supply/resistance zone (75m) for weekly trade: 24774 - 24854.80
NSE:NIFTY
by PriteshPal
Nifty Intraday Support & Resistance Levels for 22.07.2024On Friday, Nifty opened gap up at an all-time high of 24584.80 but did not sustain and fell more than 300 points from the top, closing at 24530.90. It did not respect any intraday demand zones mentioned in the earlier post due to heavy profit booking ahead of the Budget session scheduled for today. The weekly trend (50 SMA) remains overbought, and the daily trend (50 SMA) remains positive. Support Levels: Near support/demand zone (125m) for weekly trade: 24193 - 24357 Major support/demand zone (Daily): 24141 - 24461 Resistance Levels: Near supply/resistance zone (15m): 24741 - 24774 Near supply/resistance zone (75m) for weekly trade: 24774 - 24854.80
NSE:NIFTY
by PriteshPal
BankNifty Intraday Support & Resistance Levels for 22.07.2024On Friday, BankNifty remained within its range and did not cross the major resistance level of 52750, closing 355 points down at 52265.60. A decisive crossover above 52750 with volume might lead to a new all-time high. The weekly and daily trends (50 SMA) are still positive. Banknifty might be highly volatile today due to the Budget session scheduled today. Support Levels: Near Support/Demand Zone (75m) for weekly trade: 51749 - 51966 Major Support/Demand Zone (Daily): 51138 - 51934 Resistance Levels: Near small supply/resistance zone (15m): 52482 - 52563 Far Supply/Resistance Zone (30m): 53064 - 53188
NSE:BANKNIFTY
by PriteshPal
BUDGET 2024: Technical Outlook & Money Flow in Different SectorsNSE IT SECTORS NSE:CNXIT TREND: POSITIVE India IT sector is currently on an upward trend. After a bullish Pole & Flag pattern was spotted on the chart, a breakout occurred leading to a surge in index and the formation of a bullish Pennant pattern. Encountering resistance at the 38,600 level, the IT index underwent a correction and consolidation phase. During this consolidation, a Rounding Bottom pattern emerged, suggesting a potential continuation of the trend. Since the breakout, the index has successfully maintained levels above the breakout point and is steadily climbing higher. NSE FMCG SECTORS NSE:CNXFMCG TREND: POSITIVE The chart shows a strong uptrend. In the past, there was a bullish Pole & Flag pattern formation, resulting in a surge after the breakout. The index faced significant resistance at 58,000, causing a correction and consolidation. A Cup & Handle pattern appeared emerged in the chart, suggesting a potential continuation of the trend. The recent breakout in the cup & handle pattern suggests that the FMCG index has managed to stay above the breakout level and is gradually moving higher. NSE METAL SECTORS NSE:CNXMETAL TREND: NEGATIVE The metal industry underwent a period of consolidation time and again in the past. Reaching a peak near the 10,200 level, the metal index consolidated again, and a recent breakdown suggests a potential downward movement. Looking at the downside, the 8,800 level could serve as a solid support, leading to a possible rebound in the index. NSE MEDIA SECTOR NSE:CNXMEDIA TREND: NEGATIVE A bullish Ascending Triangle pattern was visible in the chart earlier. Instead of breaking upwards, the index experienced a breakdown, marked by a powerful bearish marubozu candle. Furthermore, the support level was breached, leading to a notable decline. The index eventually found support and traded within a box pattern. Following the breakout, the index rallied but encountered resistance at the former support level, now acting as a resistance post-breakdown. It is anticipated that the Media index will continue to decline and potentially find support around the 1,750 level.
NSE:CNXITEducation
by GoodluckCapital
Banknifty Confirm Targets 01 Feb 2023 Banknifty Confirm Targets for Budget day Trading Banknifty Trading Setup For 01Feb 2023 Weekly Expiry on 02 Feb 2023 India Vix Closing – 16.87 Support Zones Frist Support Level For For Long Banknifty - 40175 - 40195 Second Support Level For Long Banknifty - 39885 - 39915 Third Support Level For Long Banknifty - 39685 - 39715 Resistance Zones First Resistance Level For Short Banknifty - 40860 -40890 Second Resistance Level For Short Banknifty - 41057 -41086 Third Resistance Level For Short Banknifty - 41645 -41690 Importent Signal for Banknifty Max Pain As per Option Chain Analysis – 41000 PCR ratio as per Option Chain Analysis – 0.63 ( Bearish ) Major Support as Per Banknifty Open Interest Analysis – 40000 Major Resistance as Per Banknifty Open Interest Analysis – 41000 Conclusion For Monday and Next week Yesterday Banknifty taken Support on its Major Support zone ( 39687 – 39885 ) and reverse For tomorrow Major Resistance zone for Banknifty is ( 41057 – 41086 ) & ( 41645 - 41690 ) Tomorrow Expecting Big Moves and Volatality will be very High due to Budget , so my request to all of you to trade with Hedging Try To Buy Future Conract or Call Option Near Support Zone and Book Profit At Rsistance Zone Try to Short Banknifty at every Resistaance and Book Profit Near Support Zone Adani Group issue is major concern for market for now .
NSE:BANKNIFTY
by manojshinde27