Selling Dominates Nifty Bank: Technical Outlook for Key Stocks◉ Nifty Bank Technical Outlook NSE:BANKNIFTY
● The index has broken below its trendline support and is currently testing its immediate support zone between 48,300 and 48,600.
● If selling pressure persists, the index may plummet another 5% to find support around the 46,000 level.
◉ Key Constituents' Technical Standings
Let's dive into the technical analysis of the top Bank Nifty constituents to gauge their current standings and potential future movements.
1. HDFC Bank (Weightage - 28.11%) NSE:HDFCBANK
● As the leading component, HDFC Bank is poised to exert downward pressure on the overall index.
● The stock has broken below its trendline support and has been falling continuously for the last 6 trading sessions.
● Support level is expected somewhere between 1,600 - 1,610 level which is around 3.4% below from the current level.
2. ICICI Bank (Weightage - 24.98%) NSE:ICICIBANK
● The stock has also fallen below its trendline support and is currently hovering just above its immediate support zone.
● If this support is breached, a significant correction could drive the price down to around 1,150.
3. Kotak Mahindra Bank (Weightage - 8.80%) NSE:KOTAKBANK
● The stock has been consolidating within a range for almost 4 years.
● Recent chart patterns suggest the price may test its support zone again, around 7.7% below the current level.
4. Axis Bank (Weightage - 8.54%) NSE:AXISBANK
● Axis Bank's chart shows a bearish pattern, similar to HDFC Bank's, and is likely to experience a fall of around 6%.
5. State Bank of India (Weightage - 8.45%) NSE:SBIN
● The stock is currently positioned just above its immediate support level, suggesting a strong potential for a rebound from this point.
Niftybank
NIFTY BANK: Will It Bounce Back or Continue Falling? NIFTY BANK remains trapped in a falling channel, with key support and resistance levels coming into play. As the price consolidates, traders are watching closely for signs of a breakout or further downside movement.
Key Points:
1. Resistance Zones:
- 50,926.75
- 50,689.45
- 50,444.40
- 50,204.15
2. Support Levels:
- 49,957.80
- 49,721.60
- 49,473.10
- 49,259.55
3. Current Setup:
- NIFTY BANK is trading within a falling channel, indicating bearish momentum.
- The recent bounce from the lower support zone suggests possible short-term recovery, but resistance levels overhead could limit upside moves.
- Key Fibonacci retracement levels align with the channel's resistance, adding weight to the potential breakout or rejection.
How to Trade This:
- Bullish Strategy:
- Look for a breakout above 50,204.15 with strong volume.
- Targets: 50,444.40 and 50,689.45.
- Stop Loss: Below 49,957.80.
- Bearish Strategy:
- If the price fails to sustain above 49,957.80, consider short positions.
- Targets: 49,721.60 and 49,473.10.
- Stop Loss: Above 50,204.15.
Bottom Line:
NIFTY BANK is at a critical juncture, with the potential for either a breakout to the upside or a continuation of the downtrend. Keep an eye on key levels and trade with caution, as the next move could be decisive!
NSE:BANKNIFTY
Only for educational purposes.
This content is not a recommendation to buy and sell.
Not SEBI REGISTRAR.
BankNifty NR7 on Monthly charts + Covid low Trendline ##BankNifty making NR7 on monthly charts of 4000 points 49500-53500 levels also it trading near Trend line of Covid Lows this time BankNifty may give breakdown of this TrendLine. BankNifty Components like HDFC BANK & ICICI BANK made a Shooting Star on Monthly Charts so we have to watch these two how they move with Q3 Results onboards in coming days. Q3 Results will be more important for BankNifty to give Range Breakout.
I am waiting for breakdown of Trend line & 50055-49555 levels then only I will make short position.
Target for Downtrend will be T1- 48555, T2- 46077, T3- 44144, T4- 41855, T5- 39444, T6- 37711, T7- 35655, T8- 33933, T9- 32622 with StopLoss 53355 & trailing with target achieving.
Thank You & Happy Trading
#banknifty -11th December!NSE:BANKNIFTY1! NSE:BANKNIFTY
Understand the chart, observe the analysis, implement while trading:
Key Observations:
1. Trendlines:
- Resistance Trendline: A descending trendline (sloping down) marks the area where the price faces selling pressure. This indicates a pattern of lower highs.
- Support Trendline: An upward-sloping trendline beneath the price indicates where the price finds buying interest. This suggests a slight upward momentum at the support level.
2. Consolidation Zone:
- The price is moving within a tightening range between these two trendlines, forming a wedge or triangle pattern. This indicates consolidation, where the market is waiting for a breakout or breakdown.
3. Support Levels:
- Key support levels are highlighted at 53,407.75, 53,229.05, 53,057.45, and 52,784.15. These levels represent zones where buyers are likely to step in and prevent further price decline.
4. Resistance Levels:
- Resistance levels are marked at 53,679.35, 53,956.65, 54,128.90, and 54,304.25. These are zones where the price may face selling pressure.
5. Current Price Action:
- The price is currently at 53,577.70, approaching the descending resistance trendline. This is a critical point because it suggests a decision zone for the next move.
Scenarios:
1. Bullish Breakout:
- If the price breaks above the descending resistance trendline, it could signal bullish momentum.
- Potential targets are the next resistance levels at 53,956.65, 54,128.90, and 54,304.25.
2. Bearish Breakdown:
- If the price breaks below the support trendline, it may indicate a bearish trend.
- Possible downside targets are the lower support levels at 53,229.05, 53,057.45, and 52,784.15.
3. Neutral Consolidation:
- If the price continues to move within the wedge, traders may need to wait for a clear breakout or breakdown before acting.
What This Chart Suggests:
- The chart highlights decision points for the market, with the wedge pattern indicating an imminent breakout or breakdown.
- A breakout above resistance would suggest strength, while a breakdown below support would indicate weakness.
Trading Plan:
- For Buyers: Wait for a breakout above the resistance trendline and aim for higher resistance levels.
- For Sellers: Look for a breakdown below the support trendline and target the lower support zones.
Not SEBI Registere.
#banknifty breakout!! - 4th December NSE:BANKNIFTY NSE:BANKNIFTY1!
This chart represents the Bank Nifty index on an hourly timeframe. It provides a technical analysis of price movements with a focus on key levels and trends.
1. Key Levels:
The chart highlights resistance levels such as 52,811.25 and 53,117.75, where the price may
face selling pressure.
• Support levels like 52,308.55 and 52,109.00 indicate areas where buying interest could
emerge, helping to prevent the price from falling further.
2. Trendlines:
• Two trendlines are plotted. One shows an upward trend (a support line) that connects lower
price points, while the other represents a resistance trendline that connects the highs of the
price movement.
3. Price Breakout :
The note on the chart highlights that Bank Nifty has closed above 52,575.75 on the daily
timeframe, marking a potential breakout. This suggests bullish momentum and possibly
further upward movement.
4. Possible Scenarios:
The chart suggests that Bank Nifty could continue to rise, testing resistance at higher levels.
Alternatively, it might pull back to retest support before moving higher again.
This analysis shows a positive outlook for Bank Nifty, with the breakout above key resistance
indicating potential upward movement. Traders should watch for confirmation of further price action and consider the support and resistance zones.
Note: not SEBI Registere.
#banknifty - 3rd December!!NSE:BANKNIFTY
This chart shows an analysis of the Nifty Bank Index on a I-hour time frame,
highlighting potential market moves:
Resistance Levels:
• Key resistance zones are marked at 52,411, 52,671, and 52,904.
These are areas where the price may struggle to move higher as
sellers could step in.
2. Support Levels:
The chart shows strong support at 51,999, 51,808, 51,584, and
51,400. These are zones where buyers may prevent the price from
falling further.
3. Descending Trendline:
A downward-sloping line shows that the price has been in a short-
term downtrend. A breakout above this line could indicate a reversal
to the upside.
4. Projected Moves:
Bullish Scenario: If the price breaks above the resistance at 52,234
and the descending trendline, it could move toward the next
resistance levels (52,411 and above).
• Bearish Scenario: If the price fails to break resistance and moves
below 51,999, it may head toward lower support levels (51,808 and
beyond).
Simplified Explanation:
The market is currently stuck between resistance and support levels. Traders
are waiting for a breakout (upward move) or a breakdown (downward move).
If it breaks resistance, it might go higher; if it drops below support, it might fall
further.
Note SEBI Registere.
#banknifty - 27th November!!NSE:BANKNIFTY
Observe the chart, understand the chart, then implement the chart.
Chart contains support and resistance levels ( understand how it works 👇🏻)
Support and resistance are key concepts in technical analysis used to identify potential price levels where assets may reverse or stall.
Support:
-Definition: A support level is a price point where buying interest is strong enough to overcome selling pressure, preventing the price from falling further.
- Indicators: Support levels can be identified through historical price data, trend lines, or moving averages.
- Behavior: When a price approaches support, it may bounce back up. If broken, it can become a new resistance level.
Resistance:
- Definition: A resistance level is a price point where selling interest is strong enough to overcome buying pressure, preventing the price from rising further.
- Indicators: Similar to support, resistance levels can be identified through past price action, trend lines, or moving averages.
- Behavior: When the price approaches resistance, it may retreat. If broken, it can turn into a new support level.
Importance:
- Trade Decisions: Traders use these levels to make buy or sell decisions, set stop-loss orders, and identify potential profit targets.
- Market Psychology: Support and resistance levels reflect market sentiment and the balance between supply and demand.
Understanding these concepts can enhance trading strategies and improve decision-making.
#banknifty - 24th November!!NSE:BANKNIFTY
Observe the chart, understand the chart, then implement according to the chart.
Chart contains support and resistance levels ( understand how it works 👇🏻)
Support and resistance are key concepts in technical analysis used to identify potential price levels where assets may reverse or stall.
Support:
-Definition: A support level is a price point where buying interest is strong enough to overcome selling pressure, preventing the price from falling further.
- Indicators: Support levels can be identified through historical price data, trend lines, or moving averages.
- Behavior: When a price approaches support, it may bounce back up. If broken, it can become a new resistance level.
Resistance:
- Definition: A resistance level is a price point where selling interest is strong enough to overcome buying pressure, preventing the price from rising further.
- Indicators: Similar to support, resistance levels can be identified through past price action, trend lines, or moving averages.
- Behavior: When the price approaches resistance, it may retreat. If broken, it can turn into a new support level.
Importance:
- Trade Decisions: Traders use these levels to make buy or sell decisions, set stop-loss orders, and identify potential profit targets.
- Market Psychology: Support and resistance levels reflect market sentiment and the balance between supply and demand.
Understanding these concepts can enhance trading strategies and improve decision-making.
Niftybank moments for option trading 19/nov/2024Niftybank moments for option trading 19/nov/2024
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#BANKNIFTY - 18TH NOVEMBER!!NSE:BANKNIFTY
Chart contains support and resistance levels ( understand how it works 👇🏻)
Support and resistance are key concepts in technical analysis used to identify potential price levels where assets may reverse or stall.
Support:
-Definition: A support level is a price point where buying interest is strong enough to overcome selling pressure, preventing the price from falling further.
- Indicators: Support levels can be identified through historical price data, trend lines, or moving averages.
- Behavior: When a price approaches support, it may bounce back up. If broken, it can become a new resistance level.
Resistance:
- Definition: A resistance level is a price point where selling interest is strong enough to overcome buying pressure, preventing the price from rising further.
- Indicators: Similar to support, resistance levels can be identified through past price action, trend lines, or moving averages.
- Behavior: When the price approaches resistance, it may retreat. If broken, it can turn into a new support level.
Importance:
- Trade Decisions: Traders use these levels to make buy or sell decisions, set stop-loss orders, and identify potential profit targets.
- Market Psychology: Support and resistance levels reflect market sentiment and the balance between supply and demand.
Understanding these concepts can enhance trading strategies and improve decision-making.
#BANKNIFTY - 13TH NOVEMBER!!NSE:BANKNIFTY
#NIFTYBANK ⚡
Observe, understand, then implement 👍🏻
Chart contains support and resistance levels (understand how it works 👇🏻)
Support and resistance are key concepts in technical analysis used to identify potential price levels where assets may reverse or stall.
Support:
-Definition: A support level is a price point where buying interest is strong enough to overcome selling pressure, preventing the price from falling further.
- Indicators: Support levels can be identified through historical price data, trend lines, or moving averages.
- Behavior: When a price approaches support, it may bounce back up. If broken, it can become a new resistance level.
Resistance:
- Definition: A resistance level is a price point where selling interest is strong enough to overcome buying pressure, preventing the price from rising further.
- Indicators: Similar to support, resistance levels can be identified through past price action, trend lines, or moving averages.
- Behavior: When the price approaches resistance, it may retreat. If broken, it can turn into a new support level.
Importance:
- Trade Decisions: Traders use these levels to make buy or sell decisions, set stop-loss orders, and identify potential profit targets.
- Market Psychology: Support and resistance levels reflect market sentiment and the balance between supply and demand.
Understanding these concepts can enhance trading strategies and improve decision-making.
P.S note : im not SEBI REGISTRAR 🙏🏻
Any doubt 👉🏻 @thetradeforecast
#NIFTY - 12 TH NOVEMBER NSE:NIFTY
#NIFTYBANK ⚡
Observe, understand, then implement 👍🏻
Chart contains support and resistance levels (understand how it works 👇🏻)
Support and resistance are key concepts in technical analysis used to identify potential price levels where assets may reverse or stall.
Support:
-Definition: A support level is a price point where buying interest is strong enough to overcome selling pressure, preventing the price from falling further.
- Indicators: Support levels can be identified through historical price data, trend lines, or moving averages.
- Behavior: When a price approaches support, it may bounce back up. If broken, it can become a new resistance level.
Resistance:
- Definition: A resistance level is a price point where selling interest is strong enough to overcome buying pressure, preventing the price from rising further.
- Indicators: Similar to support, resistance levels can be identified through past price action, trend lines, or moving averages.
- Behavior: When the price approaches resistance, it may retreat. If broken, it can turn into a new support level.
Importance:
- Trade Decisions: Traders use these levels to make buy or sell decisions, set stop-loss orders, and identify potential profit targets.
- Market Psychology: Support and resistance levels reflect market sentiment and the balance between supply and demand.
Understanding these concepts can enhance trading strategies and improve decision-making.
P.S note : im not SEBI REGISTRAR 🙏🏻
Any doubt 👉🏻 @thetradeforecast
#BANKNIFTY - 11 NOVEMBER !!NSE:BANKNIFTY
#NIFTYBANK ⚡
Observe, understand, then implement 👍🏻
Strategy name : Higher Highs and Higher Lows
This strategy is commonly used in trending markets to identify potential buy opportunities during an uptrend.
Key Components of the Strategy:
1. Higher Highs and Higher Lows: In an uptrend, price action creates successive peaks (higher highs) and troughs (higher lows). These are signals of bullish momentum, where buyers are consistently pushing prices higher.
2. Trend Channel: The image shows a channel formed by connecting the higher lows with a trendline (lower boundary) and higher highs with another trendline (upper boundary). This channel helps traders identify the price range within which the trend is moving.
3. Entry Points:
- The strategy suggests buying near the trendline at each higher low, which represents a potential support area within the trend. In the image, these points are marked as "BUY" or "ENTRY."
- Buying near these higher lows increases the chance of entering trades at favorable prices during pullbacks in the uptrend.
4. Profit Targets:
- Profit targets are set near the upper trendline or at subsequent higher highs. In the image, these points are marked as "PROFITS" with checkmarks.
- This method helps traders secure profits as the price reaches the higher end of the channel.
Managing the Trade:
- After the first entry and a successful profit, traders can re-enter the market on the next pullback to a higher low.
- Stop losses are typically placed below the previous higher low to manage risk in case the trend reverses.
Summary:
This strategy aims to capture gains in a trending market by entering trades at higher lows and exiting near higher highs within a channel. It works well in a stable, consistent uptrend but requires careful monitoring of trend changes to avoid potential losses if the trend breaks down.
Ps note : I'm not SEBI Registere 🙏🏻
Any queries @thetradeforecast 🇮🇳
BANK NIFTY MAJOR BLOWOFF TOP ₹₹₹₹BankNifty have this Trend-line support from Covid lows till now every time BankNifty taking support & bounce back but this time it will be difficult for BankNifty to save Trend-line support & can give breakdown then we can see major selling in BankNifty for lower levels with BlowOff Tops in All Global Markets. So be careful in trading BankNifty & consults your adviser before any trades.
I am waiting for breakdown of trend line & 50055 levels then only I will make short position
Target for downtrend will be T1- 48555, T2- 46077, T3- 44144, T4- 41855, T5- 39444, T6- 37711, T7- 35655, T8- 33933, T9- 32622 with StopLoss 53355 & trailing with target achieving. Thank You & Happy Trading
#BANKNIFTY - 8TH NOVEMBER!!NSE:BANKNIFTY
#NIFTYBANK ⚡
Observe, understand, then implement 👍🏻
Chart contains support and resistance levels (understand how it works 👇🏻)
Support and resistance are key concepts in technical analysis used to identify potential price levels where assets may reverse or stall.
Support:
-Definition: A support level is a price point where buying interest is strong enough to overcome selling pressure, preventing the price from falling further.
- Indicators: Support levels can be identified through historical price data, trend lines, or moving averages.
- Behavior: When a price approaches support, it may bounce back up. If broken, it can become a new resistance level.
Resistance:
- Definition: A resistance level is a price point where selling interest is strong enough to overcome buying pressure, preventing the price from rising further.
- Indicators: Similar to support, resistance levels can be identified through past price action, trend lines, or moving averages.
- Behavior: When the price approaches resistance, it may retreat. If broken, it can turn into a new support level.
Importance:
- Trade Decisions: Traders use these levels to make buy or sell decisions, set stop-loss orders, and identify potential profit targets.
- Market Psychology: Support and resistance levels reflect market sentiment and the balance between supply and demand.
Understanding these concepts can enhance trading strategies and improve decision-making.
P.S note : im not SEBI REGISTRAR 🙏🏻
Any doubt 👉🏻 @thetradeforecas@thetradeforecastY
#NIFTYBANK ⚡
Observe, understand, then implement 👍🏻
Chart contains support and resistance levels (understand how it works 👇🏻)
Support and resistance are key concepts in technical analysis used to identify potential price levels where assets may reverse or stall.
Support:
-Definition: A support level is a price point where buying interest is strong enough to overcome selling pressure, preventing the price from falling further.
- Indicators: Support levels can be identified through historical price data, trend lines, or moving averages.
- Behavior: When a price approaches support, it may bounce back up. If broken, it can become a new resistance level.
Resistance:
- Definition: A resistance level is a price point where selling interest is strong enough to overcome buying pressure, preventing the price from rising further.
- Indicators: Similar to support, resistance levels can be identified through past price action, trend lines, or moving averages.
- Behavior: When the price approaches resistance, it may retreat. If broken, it can turn into a new support level.
Importance:
- Trade Decisions: Traders use these levels to make buy or sell decisions, set stop-loss orders, and identify potential profit targets.
- Market Psychology: Support and resistance levels reflect market sentiment and the balance between supply and demand.
Understanding these concepts can enhance trading strategies and improve decision-making.
P.S note : im not SEBI REGISTRAR 🙏🏻
Any doubt 👉🏻 @thetradeforecast
#BANKNIFTY - 6TH NOVEMBER Support and resistance are key concepts in technical analysis used to identify potential price levels where assets may reverse or stall.
Support:
-Definition: A support level is a price point where buying interest is strong enough to overcome selling pressure, preventing the price from falling further.
- Indicators: Support levels can be identified through historical price data, trend lines, or moving averages.
- Behavior: When a price approaches support, it may bounce back up. If broken, it can become a new resistance level.
Resistance:
- Definition: A resistance level is a price point where selling interest is strong enough to overcome buying pressure, preventing the price from rising further.
- Indicators: Similar to support, resistance levels can be identified through past price action, trend lines, or moving averages.
- Behavior: When the price approaches resistance, it may retreat. If broken, it can turn into a new support level.
Importance:
- Trade Decisions: Traders use these levels to make buy or sell decisions, set stop-loss orders, and identify potential profit targets.
- Market Psychology: Support and resistance levels reflect market sentiment and the balance between supply and demand.
Understanding these concepts can enhance trading strategies and improve decision-making.
Ps note : I'm not a SEBI Registere.
#banknifty - 15 October NSE:BANKNIFTY
Support and resistance are key concepts in technical analysis used to identify potential price levels where assets may reverse or stall.
Support:
-Definition: A support level is a price point where buying interest is strong enough to overcome selling pressure, preventing the price from falling further.
- Indicators: Support levels can be identified through historical price data, trend lines, or moving averages.
- Behavior: When a price approaches support, it may bounce back up. If broken, it can become a new resistance level.
Resistance:
- Definition: A resistance level is a price point where selling interest is strong enough to overcome buying pressure, preventing the price from rising further.
- Indicators: Similar to support, resistance levels can be identified through past price action, trend lines, or moving averages.
- Behavior: When the price approaches resistance, it may retreat. If broken, it can turn into a new support level.
Importance:
- Trade Decisions: Traders use these levels to make buy or sell decisions, set stop-loss orders, and identify potential profit targets.
- Market Psychology: Support and resistance levels reflect market sentiment and the balance between supply and demand.
Understanding these concepts can enhance trading strategies and improve decision-making.
Only for educational purposes.
This content is not a recommendation to buy and sell.
Not SEBI REGISTRAR.
BANKNIFTY Intraday Trade Setup For 3 Oct 2024BANKNIFTY Intraday Trade Setup For 3 Oct 2024
Bullish-Above 53250
Invalid-Below 53140
T- 53850
Bearish-Below 52800
Invalid-Above 52910
T- 52200
BANKNIFTY has closed on a slight bearish note last day with 0.1% cut. Index may give a bounce only if there is a gap up and 10 o'clock range breaks in the upside or else it will be a sell on rise market. Best trade looks in the downside below 52800 on a flat opening. Next important confluence looks near 52170-200 zone as per ABCD plotted.
Coming to Thursday's trade setup, if index opens flat and a 15 Min candle closes above 53250 then we will long for the target of 53850.
For selling we need a 15 Min candle close below 52800. T- 52200.
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.
==========
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.
IDFC | All Trendline Bull Breakout at the Same Time⭕️ Swing Trading opportunity: Price Action Analysis Alert !!!⭕️
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BANKNIFTY Intraday Trade Setup For 30 Sep 2024BANKNIFTY Intraday Trade Setup For 30 Sep 2024
Sell_1- From 54250
Invalid-Above 54360
T- 53800
Sell_2-Below 53700
Invalid-Above 53810
T- 53200
BANKNIFTY has closed on a flat note with bearish sentiment last week. It was sideways to slight bullish but on last day whole 500 points gain eroded, week ended near lows. It has formed shooting star in weekly TF which is a potential indication of profit booking. Below 53700 bearish stance can be seen. 53300 is CIP zone in daily TF.
Coming to Monday's trade setup, if index opens flat and a 15 Min candle closes below 53700 then we will short for the target of 53200.
In case of pullback towards 54250 we can short from there for the target of 53800.
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.
==========
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.