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Bank Nifty- Will it breach 50/100EMA to go to 37070?Bank Nifty made a big red candle continuing corrective move but closed above all three 50/100/200EMA. The momentum on the downside was hastened by DIIs selling for 1376cr, much more than DIIs who sold for 1157cr total selling of 2534cr. Bank nifty could find good support at 37070/36570. CPR is wide at 216pts. so a gap down opening could mean a major resistance at CPR (38104-38320) PCR is oversold at 0.53 so contra indicates an upward move soon. Let us see how markets trade tomorrow.
NSE:BANKNIFTYShort
by PromodSshrivastava
BANK NIFTY this is all about Sbi.Bank nifty weekly close with positive note It now all depends on how market reacts to sbi result. my target for sbi was 546 earlier it has touched that .next target 604. I have not seen any broker's recommendation but I think some broker will give target in that region. let us see. as per bank nifty it has to take out the Uml of the pitch fork to proceed further. let us see how bank nifty reacts to the Sbi result. Harmonic levels I have mentioned in the chart. Very much bullish Gartley pattern in making. Don't forget to like my post. follow me to get updates. UML of pich fork is imp. if bank nifty reacts negative and violates Friday low then more down side possible.
NSE:BANKNIFTY
by bijoy2526
Bank Nifty Looking Bullish in near future ?Bank Nifty looking bullish in near future in hourly timeframe, also closed above the resistance 38816, yesterdays low (on budget day) despite of the volatility it took support at 0.38 Fibonacci level drawn from recent swing low. Post Budget 2022 HDFC Bank the majority weightage stock of Bank Nifty has rallied more than 2% and other Private Banks like ICICI and Kotak which also have more weightage in BNF have posted good results prior to the budget, and the India VIX also dropped till 18.6 which is a good sign for stability in the markets, so after looking at all these parameters BNF looks to be bullish in near future.
NSE:BANKNIFTY
by TradingCraftsman
Bank Nifty- Does it have the momentum to go onBank Nifty breached a strong resistance with a big green bullish candle. Level 38891 will act as a major support going forward. PCR at 1.17 is already a switch from a bearish view a day earlier. Bank Nifty faces some resistance at 39k, once breached, it could go on towards 39802 quickly. Next levels will take it to new all time highs. CPR is 174 pts wide, so 39244 (TC) will act as a good support on the downside. Other supports are 38891/38249. Let us see how far banknifty goes tomorrow.
NSE:BANKNIFTYLong
by PromodSshrivastava
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