Bank of Maharashtra Major support 27
(27 can work as make or break level )
Above it 30,32 possible positional
Options
PostMortem on BankNifty Today & Analysis of 10 APR 2023I am making some changes in the chart layout from today's report. It will be in white background going forward. This is after the feedback I got from the kindle publishing team that images with dark layout will look awkward when made into paperback.
note: I will still continue to use the dark-mode chart for my trading purpose, only for the reports I will be using the white-mode
NSE:BANKNIFTY opened today at 41116, it might look as a gap-up open but when the price action is considered it looks perfectly in line.
The entire market was quite subdued today, the option premium at the lowest when we compare an average Monday. The good-friday holiday might have played its part, but I still think the premiums were restrictive for any option sellers to have made money today.
I waited till 10.45 to find any mis-priced option, the moment I saw the premiums were all dead - I called it a day. I was just waiting on the sidelines just waiting for something to happen.
From 10.10 to 11.35 NSE:BANKNIFTY tested its first support at 40880 but did not break it. The rejection came at 11.40 when a short surge helped it gain 192pts.
The real move came from 12.45 to 14.15, in fact the 5mt candle at 14.15 had a bid dip. In spite of this the options premium hardly felt any threat. I am referring to OTM premiums which captures the threat more evidently.
Now we have the 40880 support broken decently as the close was below that level. The next support 40704 did not break today, below which the bears would have exerted some additional pressure.
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15mts TF does not look bearish yet, NSE:BANKNIFTY might be taking a small break before the bullish continuation.
It could also mean a short term top if the further trades are held below the current levels. Ideally this should be the case wherein the bears get some control on the market & drive up the premiums.
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1hr was in a perfect downward trend till the moves from 27 March 2023 to 06 April 2023 ruined it.
As it stands we have just entered back the top level of the descending channel. Further trades below this channel will give the bears lot of confidence to push down the bank-nifty prices & drive up the options premium.
The implied volatility which is staying so low is causing all the trouble for the option sellers.
#FINNIFTY EXPIRY SETUP US DOW is near to complete round bottom at 33300 levels which is crucial to BO and prior traded US market in green zone aling with NASDAQ. Watch chart for support and resistance levels. Buy on Dips as per sentiment.
#Banknifty Analysis for Monday US DOW is near to complete round bottom at 33300 levels which is crucial to BO and prior traded US market in green zone aling with NASDAQ. Keeping same sentiment Indian Market should also open in green territory but BankNifty downward channel BO level 41125 is crucial for Upward Move. Watch chart for support and resistance levels.
#Nifty analysis for 03 Apr 23US DOW is near to complete round bottom at 33300 levels which is crucial to BO and prior traded US market in green zone aling with NASDAQ. Keeping same sentiment Indian Market should also open in green territory but Nifty 200 DMA level is crucial for Upward Move. Watch chart for support and resistance levels.
BANKNIFTY INTRADAY entry for either side is after breaking the "yellow" box mentioned above
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entry is recomended after breakout and retracement complete
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incase of long entry target is small for shortterm
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for short entry target is mentioned
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both side target is for this next week expiry
6/04/2023
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.stay for next update
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time frame 15 min or 1hr
fake outs will be there, trade carefully
#BANKNIFTY ANALYSIS As global cues in strong sentiment, so use every dip to buy, follow chart for support and resistance.
#NIFTY ANALYSIS FOR WEDNESDAY Full market Stucked in a zone, BO/BD either side will give Big Move. Follow chart for proper support and resistance.
Falling wedge pattern breakout in BALKRISINDBALKRISIND
Key highlights: 💡⚡
✅On 1hr Time Frame Stock Showing Breakout of Falling wedge Pattern .
✅ Strong Bullish Candlestick Form on this timeframe.
✅It can give movement up to the Breakout target of 2045+.
✅Can Go Long in this stock by placing a stop loss below 1960-.
✅breakout this can give risk:reward upto 1:3+.
#exide india looking good 17-03INTRADAY CALLS
🔹🔹🔹🔹🔹🔹🔹
BUY EXIDEIND 177.5CE AT 3.40
SL 3.20
TRG TRAIL 👍
it looks good for multi support technique
Double bottom pattern reversal in METROPOLISMETROPOLIS
Key highlights: 💡
✅On 1D Time Frame Stock Showing Reversal of double Bottom Pattern .
✅ It can give movement upto the Reversal target of above 1370+.
✅Can Go Long in this stock by placing a stop loss below 1190+.
Falling wedge pattern breakout in TITANTITAN
Key highlights: 💡⚡
✅On 1hr Time Frame Stock Showing Breakout of Falling wedge Pattern .
✅ Strong Bullish Candlestick Form on this timeframe.
✅It can give movement up to the Breakout target of 2545+.
✅Can Go Long in this stock by placing a stop loss below 2330-.
✅breakout this can give risk:reward upto 1:3+.
Double top pattern reversal in ABBABB
Key highlights: 💡
✅On 1D Time Frame Stock Showing Reversal of double top Pattern .
✅ It can give movement upto the Reversal target of below 2655-.
✅Can Go Long in this stock by placing a stop loss above 3460+.
Wedge pattern reversal in DABURDABUR
Key highlights: 💡
✅On 1Hr Time Frame Stock Showing Reversal of wedge Pattern .
✅ It can give movement upto the Reversal target of above 540+.
✅There have chances of Breakout of resistance level too.
✅ After Breakout of resistance level this stock can gives strong upside rally upto above 558+ .
Falling wedge pattern breakout in TORNTPHARMTORNTPHARM
Key highlights: 💡⚡
✅On 1D Time Frame Stock Showing Breakout of Falling wedge Pattern.
✅ Strong Bullish Candlestick Form on this timeframe.
✅It can give movement up to the Breakout target of 1630+.
✅Can Go Long in this stock by placing a stop loss below 1475-.
✅breakout this can give risk:reward upto 1:4+.
Banknifty current Buying and Selling levelsTechnical analysis of BN.
BN is holding levels and can be in a range bound unless recent range high or low is taken out.
Inverted head and shoulder pattern in BERGEPAINTBERGEPAINT
Key highlights: 💡⚡️
✅On 1D Time Frame Stock Showing Breakout of Inverted head and shoulder pattern.
✅ Strong Bullsih Candlestick Form on this timeframe.
✅It can give movement up to the Breakout target of 623+.
Falling wedge pattern breakout in HAL.HAL
Key highlights: 💡⚡
✅On 1Hr Time Frame Stock Showing Breakout of Falling wedge Pattern .
✅ Strong Bullsih Candlestick Form on this timeframe.
✅It can give movement up to the Breakout target of 2715+.
✅Can Go short in this stock by placing a stop loss below 2518-.
✅breakout this can give risk:reward upto 1:5+.
Rectangle pattern reversal in ASTRAL ✅ ASTRAL
Key highlights: 💡⚡
✅ On 1D Time Frame Stock Showing Reversal of Rectangle Pattern.
✅ Strong bullish Candlestick Form on this timeframe.
✅It can give movement upto reversal target of 2110+.
✅ Can Go Short in this stock by placing stop loss Above 10890 or last swing Low.
Symmetrical triangle pattern breakout in DIVISLABDIVISLAB
Key highlights: 💡⚡
✅On 1Hr Time Frame Stock Showing Breakout of Symmetrical triangle Pattern .
✅ Strong Bullsih Candlestick Form on this timeframe.
✅It can give movement up to the Breakout target of 2970+.
✅Can Go short in this stock by placing a stop loss below 2800-.
✅breakout this can give risk:reward upto 1:5+.
Cup and Handle pattern breakout in BHARTIARTLBHARTIARTL
Key highlights: 💡⚡
✅On 1Hr Time Frame Stock Showing Breakout of Cup and Handle Pattern .
✅ Strong Bullsih Candlestick Form on this timeframe.
✅It can give movement up to the Breakout target of 797+.
✅Can Go short in this stock by placing a stop loss below 775-.
✅breakout this can give risk:reward upto 1:4+.
NIFTY 50 | Positional NIFTY to remain in this range for few months to come so next or far month contracts can be sold at these levels
17500 and 18000 are crucial levels throughout this region
Bullish flag pattern breakout in RELIANCERELIANCE
Key highlights: 💡⚡
✅On 30Min Time Frame Stock Showing Breakout of Bullish flag Pattern .
✅ Strong Bullsih Candlestick Form on this timeframe.
✅It can give movement up to the Breakout target of 2415+.
✅Can Go short in this stock by placing a stop loss below 2325-.
✅breakout this can give risk:reward upto 1:4+.
