**Bank Nifty Market Analysis for Tomorrow, 29th September 2023**
**interesting headline:**
**Bank Nifty: Bulls and Bears Fight for Control, Watch These Levels Tomorrow**
**Analysis:**
Bank Nifty took support at 44209 today and gave an upside move. This suggests that the bulls are still in control, but the bears are putting up a strong fight.
For tomorrow,...
BankNifty looks bullish No Change in RBI reporate... But due to Upside momentum in Last few Trading Session ...I am Expecting some profit Booking Here....
Important Strike price to watch 41100 PE and 41200 CE...
:)
****Educational****
BANK NIFTY ANALYSIS -
THE IMPORTANT DEMAND & SUPPLY AREAS HAS BEEN MARKET OF BANK NIFTY AS PER MARKET PROFILE & VOLUME PROFILE. PLEASE GO THROUGH ALL THE IMPORTANT LEVELS MARKED IN THE CHART.
AS PER LAST WEEK BANK NIFTY HAS BEEN MOVING SIDEWAYS BETWEEN A RANGE OF 21900-22500 LEVELS AND NOW IT NEEDS TO BREAK IT DECISIVELY ON EITHER SIDES TO GIVE A GOOD MOMENTUM...
BANKNIFTY DETAILED ANALYSIS
PRICE ACTION,OPEN INTEREST & CHANGE IN OI, TECHNICAL ANALYSIS
Previous trading day BANK Nifty open at 22190
Made high of 22344
and low of 22165 then
closed at 22299
which showed the Selling pressure on top and also some
buying pressure from bottom
High to close - 45 points down from day's high
Low to close - 134 points up from...
NIFTY DETAILED ANALYSIS
PRICE ACTION,OPEN INTEREST & CHANGE IN OI, TECHNICAL ANALYSIS
Previous trading day Nifty open at 11410
Made high of 11419 and
low of 11362 then
closed at 11372
which showed the Selling pressure on top and also
little buying pressure from bottom
High to close - 47 points down from day's high
Low to close - 10 points up from day's low
i.e...
NSE:NIFTY
On Consecutively second day nifty formed an inverted hammer pattern which is bearish reversal sign.
Option chain data suggests small short covering at 11500 CE plus heavy PUT writing is seen at 11500 PE which indicates it is difficult to break 11500.
One can go long in Nifty with 11500/11490 as SL.
1) Testing its ATH (All Time High) level.
2) Perfect 'v' formation @ important level
(which is very very bullish indication)
3) 78.6% fibonacci extension level on WEEKLY timeframe
coincides with ATH. As we know, breakout of 76.8% lvl of
fib extension considered as continuation of the mail trend.
4) Concern : forming DOJI from last two days.
5) Relief : Even...
After breaching 383 & 390 levels, stock will resume its
UPTREND in medium term trend.
For now,
1) Formed an EXHAUSTIVE candle on friday. (Neutral)
2) On Intraday chart, stock had a very good opening move, but after SBIN results, (being its peer) it also faced a selling pressure. Due to which short covering was seen, but before this event, stock was enjoying...
Verdict:
Bounced back from fib retracement level
& formed bullish divergence. But note,
unable to cross 1425 level
OI Analysis:
New longs are added today.
If moves up tomorrow then
it will be fueled by strong short covering
Options Analysis:
Huge addition of OI @ 1440CE. This is only
thing which is indicating bearishness, all
other indicates towards...
