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Bank Nifty- next targets 38458/38743/38832Bank Nifty made a red inside candle today however there are some positives here. First, it closed above yesterdays close. Also it closed well above the critical support level of 37457. The PCR is 0.65 and contra indicates a move upwards. PCR is just 28pts wide so a trending market is expected. Vix has predictably shot up 6.08% to 21.95. FII/DII had a net buy of 24cr after around 11 trading sessions they made a net buy. Net buy can be supportive of an up move if it happens tomorrow. Bank Nifty remains bullish on charts and next resistance levels are 38458/38743/38832. What do you think?
NSE:BANKNIFTYLong
by PromodSshrivastava
Bank Nifty- Can it sustain the break above 50EMA & 100EMA?Bank Nifty broke above 50EMA and 100EMA taking support once again at 36479 -making a superb rally. It was backed by spirited buying of 4535cr by DIIs after FIIs pulled the market down at opening selling 7094cr. PCR at 1.1 has flipped from 0.53 yesterday--defensive move by option writers who were forced into short covering today --PUT writing rampant as a defense against the pullback rally--will we see a crush of put writers tomorrow? Global cues aren't very encouraging so will bank nifty sustain above 37457. There is going to be good CPR support between 37505 & 37102. But is it possible that global cues pull down the market at opening? what do you think?
NSE:BANKNIFTYShort
by PromodSshrivastava
Bank Nifty- Will 36479 hold tomorrow?Bank Nifty made a big move downwards today breaking both 50EMA and 100EMA with a single red candle--while also recording a sharp recovery during closing hour taking support around the camarilla R3 level 36479. Tomorrow Nifty is indicating a gap down opening and if bank nifty too opens below 36977 (BC of CPR) then CPR will be a key resistance. Level of 36479 could well be tested again and if broken, the next major support is way down at 34523. FII+DII again sold for 3677cr and are contributing heavily to the slide. Global cues are not encouraging. VIX rose sharply today to 22.8 increasing by 20.55%--indicating more fear and volatility. So in case bank nifty recovers above 37035 and sustains, then CPR can be a strong support. Next resistance will be 37294/37457. PCR at 0.53 is quite oversold and indicates a pullback. What do you think will happen tomorrow?
NSE:BANKNIFTYShort
by PromodSshrivastava
Bank Nifty- More downside till 50EMA likelyBank Nifty weekly candlestick paints a bleak red picture. However it has taken support at 37457 which is a critical support. Looking at global cues if this support is broken, then next support is 36479 which could couple with the 50EMA support as well. With FIIs on an unprecedented selling spree, it is likely that this level could be seen soon. PCR indicates downward bias. CPR on Monday is 62pts wide which indicates a trending market. If there is a Gap up opening, then 37544 could be the strong support level to watch out for. Even though futures indicate strength. Above this level bank nifty could go towards 38000/38458. If 37483 is broken then it could take bank nifty towards next support of 37294/36479. What do you think?
NSE:BANKNIFTYShort
by PromodSshrivastava
Bank Nifty- 37457 is the next supportBank Nifty has shown good resilience =recovering from intraday lows. Today's close above 38k also is a ray of hope. So if bank nifty sustains above 38050, then we could see an upward move. FII+DII sold for 2900cr today, and if this selling continues tomorrow, then bank nifty could take support at 37457. PCR at 0.67 shows expectation of downside on the part of option writers. CPR width is just 6pts for tomorrow, so it is likely that we have a steep trending day. What do you foresee?
NSE:BANKNIFTYShort
by PromodSshrivastava
1
Bank Nifty - Will it retest & breach 38458?Bank Nifty made a bearish indecisive Doji today...failing to breach 38458 resistance. It is third consecutive close below PDL. FII and DII both were net sellers today for 971cr which pushed Bank nifty lower. If the resistance 38458 is not tested & breached then we will see some more downside move to 37457. However if bank nifty is able to sustain a breach, then 38743, 38832 are the next resistance levels. PCR is 0.66 so contra indication is an upside move soon. CPR is narrow, so we could have a trending day tomorrow. Do you think will it breach 38458 tomorrow?
NSE:BANKNIFTY
by PromodSshrivastava
1
Bank Nifty- Will break down continue till 37457Bank nifty recovered sharply from the gap down and downward move however it faced resistance at 38458 and closed below it with a green candle. The previous candle was a red bearish candle and todays close was below it. The next available support is at 37457-so will bank nifty continue to trend downwards? It is quite likely given FIIs have begun selling (1598cr ) again. PCR remains 0.84 so option writers expect downward trend. If there is a strong upwards momentum at the opening which takes bank nifty above 38458 and it sustains, then we can safely assume that bank nifty pause is over and upwards move will resume. Narrow CPR indicates a trending market on Monday. What do you think?
NSE:BANKNIFTYShort
by PromodSshrivastava
4
Bank Nifty Trade Plan for 13 JAN 2022Bank Nifty Trade Plan for 13 JAN 2022 Bank Nifty bullish streak is still on, expect a gap up opening around 38900-39000 levels. After a gap up opening, need to wait for the price action in first 15 min before initiating any trade. Unless it sustains above 39k no long opportunity. 39000/39100 are key resistances to watch out , any resistance around those we can possibly short and can expect 38850/38800. A very narrow CPR in Bank Nifty today.
NSE:BANKNIFTY
by RaviChandran_Rajkumar
Bank Nifty- Will it fill the Gap tomorrow?Bank Nifty made an indecisive candle today (almost a Doji) ....however it left a gap below and closed in green. This is the 10th consecutive green candle. Today it failed to break above critical pivot resistance of 38832. Some downside factors - PCR went down to 0.98, indicates option writers expectation of a downward move. Option indicates expiry level of 38500, which is well below todays close. FIIs took to selling -1002cr, DIIs bought for 1332cr taking the net to 330cr buy. Despite this support, Bank nifty failed to cross the resistance. CPR is a flat line with no width indicates a trending market. Gap up opening is indicated for tomorrow, so if the gap up sustains above 38832, then the fears of downside can be forgotten as 38832 will act as a strong support. Given the momentum in Bank Nifty, it is quite probable that we will see the momentum take price clear of the resistance. Also, net buying support will help upside. Teh consolidation today will probably help the index to make another strong upside move. What do you think?
NSE:BANKNIFTYLong
by PromodSshrivastava
4