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Finnifty

#FinniftyGood morning! As of May 18th, the global market has shown a positive start with a bearish market nature. There may be a gap-up at the beginning, and there is a possibility of a sub-wave 4th. So, if it sustains, we can expect a minor three-wave structure. After that, if it rejects in the key zone, we can expect the 5th wave on the downside. However, the minor pullback shouldn't break the fib level of 78%. On the other hand, if the market declines sharply at the start, we can expect a 5th correctional wave.
NSE:CNXFINANCE
by Manickamtraders
PostMortem on BankNifty Today & Analysis of 16 MAY 2023 FinniftyThere was a fall of 306pts ~ 0.7% between 14.40 to 15.20, even then banknifty does not appear as negative as Nifty50 after today's session.  The options traded on banknifty CE side was really commendable, but nothing like Nifty50 CE strikes. In the same comparison period N50 only fell 0.61% but the preceding price action is what makes it more bearish than BN. Last 2 to 3 days we have been discussing the unique situation where BN is hovering around ATH and N50 is below by 3 to 4%, ideally one should expect N50 to catch up and BN to stay flat - but the price action we had last 2 days shows N50 bearish and BN flattish. The options trader has more volatility available in N50 than BN and with the lower margin requirements N50 trading is generally more profitable & safer these days. Just look at how the far OTMs are getting traded, 8 digits volume. Near ATM is having 9 digit volume. After seeing the N50 bearishness, I was also expecting banknifty to fall more than 1% - but it did not. This divergence cannot really last long, and if banknifty starts falling - we can fairly assume the implied volatility to shoot up. This will help many option traders switch back to BN esp on expiry day. --- 15mts has formed a rounded top like formation, if the 1st support level of 43253 is getting taken out tomorrow - then we can prepare for some bearish moves ahead. Until the support is breached, banknifty bulls will not give up --- 1hr TF is not looking bearish at all, its in fact in a perfect bullish trajectory. Now for the longer term trend to stay intact - all the components has to aid the bullish momentum. Its practically impossible for BN to keep outperforming N50 - remember BN is a subset of N50, N50 is the bigger index. --- Finnifty Expiry Finnifty was looking quite negative right from the start, it may be because HDFC and HDFC had a poor start. Bajaj twins were counter balancing the fall in HDFC twins to keep the finnifty index from crashing. From an expiry perspective, even after a 0.74% ~ 144pts fall today, the support level of 19415 was not breached. This has to be taken positively to an extent, but the price action shows further bearishness. Remember we just hit a new all time high yesterday - 19631.85.
NSE:BANKNIFTY
by viswaram
#Finnifty"Good morning! As of May 16th, today's sentiment remains the same with no significant difference compared to the last trading session. However, the global market has shown a positive start with a moderately bullish nature. There may be a gap-up at the beginning, and if it sustains, we can expect a continuation of the rally with minor consolidation, but it should break the immediate resistance level. On the other hand, if the market declines sharply at the start, we can expect a correction. If you want confirmation, you can use EMA20 and fib. If the market breaks EMA20 and the fib level of 38%, that's a sign of a trend reversal."
NSE:CNXFINANCE
by Manickamtraders
#Finnifty"Good morning. As of May 10, the global market has shown a slightly neutral to positive start, but it is currently moderately bearish in nature. It may begin with a gap-up, followed by a minor pullback (sub-wave B or 2nd wave) as per the market structure. Once it reaches its fib level, we can expect a correction (sub-wave C or 3rd wave). Alternatively, if the pullback sustains around the fib level of 78%, that's a sign of pullback continuation. On the other hand, if the market declines sharply at the start, we can expect a correction that will reach a minimum of fib level 50% and 61%."
NSE:CNXFINANCE
by Manickamtraders
#Finnifty"Good morning. As of May 9th, the global market has shown a slightly neutral to negative start, but the market is currently moderately bullish in nature. We may see a small gap-down at the start; after that, if there is a sharp pullback, the rally will continue. On the other hand, if the gap-down sustains, we could expect a minor correction with a three-wave structure. If the market declines sharply at the start and breaks the fib level of 38%, then we can expect 78% to swing low."
NSE:CNXFINANCE
by Manickamtraders
PostMortem on BankNifty Today & Analysis of 08 MAY 2023I am still keeping my hopes pinned on the Fibonacci levels marked as in the chart below. 43739 recent swing high, 42581 last session swing low and 43296 the 61.8% retracement level. It really looked like a short-selling setup as the bull momentum faded out after 11.15 - we went up 1.46% ~ 622pts today but it really felt like the thrust to go up further was missing. I am still not denying that the medium term trend is still bullish - but the overhang of the selling of Friday is still in the hunt. 5hr 50mts i.e barring 4 5mts candles, the rest of the trade was in a narrow range 43171 to 43390. I got the feeling that the bulls & bears has not really negotiated who is winning, thats when I checked the FIB levels. NSE:BANKNIFTY made 670pts jump in the opening 45mts of which 537pts ~ 80% of the move came inside 20mts - looks like a short covering rally. The squaring off of short CE positions were evident in the opening minutes and whoever had taken those positions overnight would have been rewarded quite well. But most of them would not have expected the range bound trade to follow after the initial spike. Since its Finnifty expiry tomorrow, there was no sign of new positions getting created to play. Guess the participants were happy to leave NSE:BANKNIFTY alone today. --- 15mts TF may have dented the hopes of few weak bears today as 2 resistances were taken out i.e. 43012 & 43253 - which leaves banknifty at a similar level as on 03 May. And most of you would remember what happened on the next day - the mighty rally of 372pts to close the ATH gap. --- 1hr even though bullish has to answer this question, will the next few sessions take NSE:BANKNIFTY below 42576 to create a lower low & make today's level as a lower high? Or will it zoom past 43750 to nullify the blip that just got created. On 5th we discussed the possibility that the news/event driven trade spoiling the technical analysis. So now we need to wait till sanity returns (mostly we will get it right on 9th May during Finnifty expiry) --- NSE:NIFTY is not looking bearish at all, its more positive than banknifty and is showing more willingness to go to 18419 levels soon. Now we all know only 1 outcome is possible - and banknifty has more than enough strength to cancel out nifty50's plans too.
NSE:BANKNIFTY
by viswaram
#Finnifty"Good morning. As of May 8th, the global market has shown a slightly neutral to positive start, but the market nature is bearish. We may see a small gap-up at the start, and if it sustains, we could expect a minor pullback. If it reaches the key zone, we can expect correction continuation. Alternatively, if it sustains around the key zone, that's a sign of a range market or rally continuation. On the other hand, if the market declines sharply at the start, the correction will continue with a minor pullback."
NSE:CNXFINANCE
by Manickamtraders
#Finnifty"Today, May 4th, the global market is indicating a negative start with a moderately bullish market sentiment. It may begin with a gap-down. Structurally, there is a range-bound market, so we will wait for the range breakout. The high probability is a downside breakout, and I have given two variations, both describing sub-wave 5th. Once the 5th is finished, we could expect a minor pullback. On the other hand, if the market takes a pullback without breaking yesterday's low, that's a sign of rally continuation."
NSE:CNXFINANCE
by Manickamtraders
Finnifty Trading Plan for Tomorrow Finnifty Support and Resistance levels where the buying and selling pressures are Expected to be strong Resistance Levels R3-19482 -72 R2 -19330 -15 -Short Below 19310 R1-19255 -45 - Short Below 19240 Support Levels S1-19165 - 75 - Short Below 19165 S2-19095 –105 S3-19030 - 40 S4-18970 - 82 Importent Signal from finnifty Option Chain Analysis PCR ratio as per Option Chain Analysis 0.95 ( Bullish ) Max Pain As per Option Chain Analysis -19100 Major Resistance as Per Nifty Open Interest Analysis - 19300 Major Support as Per Nifty Open Interest Analysis - 19000
NSE:CNXFINANCE
by manojshinde27