NiftyBank & Nifty Futures key Trading levels for 11th April 23NiftyBank & Nifty Futures key Trading levels for 11th April 23
Disclaimer:
I do not give any tips or buy sell recommendation I only teach trading strategies.
These levels are purely based on Price action/demand and supply zones & and consumed only for educational purpose & should not be taken as buy/sell recommendation. I will not be responsible for any loss/profit incurred if anyone takes trades based on my view.
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Bank Nifty Future Broken the Pattern TodayBank Nifty Future Broken the Pattern Today, and Made Low 43177 on 1 Hour Chart.
As I have already mentioned that Bank Nifty was trading in the same pattern for 3 days but now today we can see that it has given the breakout in the downside, and given rally of 400 points.
If you have any query, please feel free to post in comment section.
MarkitVUE Disclaimer : Information provided here meant for study/education purposes only & should not intended to as a trading/investing advice.
bank nifty futureseducational purpose only
bank nifty futures don't have resistance levels but literally multiple resistance zones.
there is a very strong support zone between 34244 & 34264 so we can expect some bounce back but I would not be buying but I will follow the discipline and wait for a right level to sell.
hourly chart of bank nifty futureseducational purpose only
hourly chart of bank nifty futures
remember, I said that we are in a bear market and a time will come where we all will get bored? this period is called a consolidation phase.
I have gone all the way to the period between 20th dec and 3rd jan to find the important levels and guess what? the same levels apply today as well.
we need to keep patience but here, I think that the bottom is made. I may be proved wrong keeping in the mind that the world is going crazy but charts make me believe that the worst might just be getting over.
my current strategy for traders is No Trade but investors can enter and invest 35% to 50% of the capital.
Failed Bullish Piercing pattern in Nifty FuturesAfter a long bearish candle on 24.1.22, Nifty Futures attempted to stage a reversal on 25.1.22. It opened Gap Down and after testing below to 16851 just above the Support Low at 16842 established on 27.12.21, it rebounded with good buying (mostly short covering) and reentered the range of the previous day. It traded within the previous day's range throughout the day but well below the Halfback (midpoint) of the previous day's range. Towards the end of the day, it attempted a spike up on good volume but could not pierce much above the Halfback level of 17307. The Day's High was 17307. But it closed below that level at 17284. This is not a strong reversal as the market failed to find acceptance above the halfback level of the previous day. The Bullish Piercing pattern requires a rigidness in the penetration into the body of the previous day's black candle. This did not happen today and hence it is a failed pattern.
Bank Nifty Futures - LongBank Nifty futures formed a low @ 34123 in Dec21. In the last week of Dec, it came close to this low @ @ 34264 and bounced back sharply. BNF completed a 5 wave impulse downward movement @ 34123. It is now in a corrective wave and presently in Wave 3 of this correction. BNF could attempt a pull back to 0.618 fibo level of the entire down move from 41820 to 34123. We can expect a pull back to 38850 in this month
daily chart of bank nifty futures*for education purpose only
daily chart of bank nifty futures
it is quite clear that the selling hadn't stopped until yesterday. the last candle made on 20th Dec 2021, yesterday looks like a sell zone.
markets are opening with a big gap today but doesn't look like it will cross above 37150.00 zone and sustain there. I will not be changing my view of 1. sell on rise & 2. keep it intraday only till 37150.00 is crossed with strength.
macd is weaker than ever. both, macd and signal is below zero and had a bearish crossover.
rsi is below 50 and looks like a nose dive.
cmp:- 34547.30
support:- 34123.10 / 33276.30
resistance:- 37085.00 / 38442.95
Bank Nifty Futures*FOR EDUCATIONAL PURPOSE ONLY!*
*CHARTS ANALYSED USING 9 AND 21 MOVING AVERAGES, MACD AND HISTOGRAM ONLY!
BANK NIFTY FUTURES
DAILY CHART
Moving Averages (9 & 21) are in a bearish trend, and I don’t see the required strength to be confident that a bullish reversal is on the way yet, but MACD and Histogram are giving signals of a bullish reversal. We can buy once we see a prominent crossover.
Candles are trading way below 21 MA.
Trend is not clear.
HOURLY CHART
The resistance at 36849 looks strong but we can see a breakout if candles crossover with strength.
MACD is in a bullish pattern, but Histograms is fading. This creates a doubt regarding the breakout I mentioned above.
Candles are above the 21 Moving Average which is a good thing but again, looks like a downward swing action could be possible.
The chart is in a sideways trend.
15 MIN CHART
A clean and clear bearish reversal in MACD and Histogram.
Candles are holding on to the 21 Moving Average and the bearish trend would be confirmed if the candles let go the MA.
There is nothing much to study, but the chart is weak for sure.
My final outlook would be of a downtrend. I am not expecting a huge correction, but a normal running correction could be coming tomorrow.
Rising Three Methods in the Nifty Futures 30 min chartAfter making a good excess low around 11 a.m. - seen in the chart as a doji with a long lower tail, Nifty Futures rallied higher and made a breakout around 1 p.m. - see the strong green candle with higher volume. Thereafter till 2.45, it made three small red candles on lower volumes as compared to the big green candle. The three candles were all within the range of the big green candle. After 2.45, it made a fresh rally on higher volume- as seen by the long green candle which closed above the high of the previous long green candle. It formed a classic 'Rising Three Methods' - a bullish continuation pattern. One can add or initiate longs with a stop loss below the low of the first green candle.
HYPOS FOR 16-MAR-21 - NIFTY FUTURESVIEW ON NIFTY FUTURES
~1: If NF opens lower and gets sustained in the band of 14940-14880 then initiate LONG for TARGETS of 15015/15085. Once NF flips above 15085 then it will open TARGETS of 15190/15325
~2: If NF moves towards the zone of 15015-15085 and faces REJECTION then initiate SHORT for TARGETS of 14935/14878/14770. Below 14770 it will open TARGETS of 14660/14585
Bank Nifty Future 1HourHi Friends
Bank Nifty from last two day look very indecisive and
one hour seem that Price will go for retracement .
Bank Nifty near to 35000 millstone and where highest OI as of today/ however there was new addition to 35000 CE today .
Tomorrow being expiry day I will look how 35000 CE develop .
In Bank Nifty Future i will track 34741.
Bank Nifty Future 1HourHi Friends
I am expecting Bounce back from current level of Bank Nifty Future for retracement .
The candle formed is bearish however at this level such candle giving sign off pull back .
On Day time frame and 1 Hour bank Nifty on do or die .
On Smaller time frame we have divergence .