BANK NIFTY AT A SUPPLY ZONE. DEPENDS ON THE RESULTS.Bank nifty is near its swing high, it may take a correction or take out the supply zone with the short covering moves.
Here we analyze the PSU bank index, Private bank index, and ICICI bank to see what could be the scenario on Monday.
Today, we have ICICI bank's results which decide the Bank Nifty's run.
In the above image of the PSU bank index, we can see that the breakout has yet to happen. The breakout point is B. The supply zone is also 5% away from the breakout point.
Anyways, the PSU bank index won't be of much help as PVT bank contribution in Bank Nifty is nearly 87% and SBI alone from the PSU bank sector contributes nearly 12.5%
Out Private bank sector, ICICI is the second-highest contributor with nearly 21%. It is important for us to know where the PVT bank sector index and ICICI bank are standing right now.
In the above image of PVT bank index, we can see it is almost at the supply zone. It is very critical to have good results or else shorts could enter here.
Here's the ICICI bank index, it is trading above the monthly crab pattern's terminal price. Here it could be dangerous either for the longs or shorts. A rapid movement could come in any direction.
ICICI results could play an important on Monday but there would be other private banks that could cover the loss by reaching the expectations in case ICICI fails.
This is just my analysis and for educational purposes.
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Bank Nifty Trade Plan for 22 OCT 2021Bank Nifty Trade Plan for 22 OCT 2021
Bank Nifty looks pretty bullish and small gap up opening expected.
40242 is the first resistance to be watched.
Any reversal at these zones to closing price or CPR is a buying opportunity.
In case of 40242 acts as support we can expect 40455 & higher targets as marked.
Bank nifty harmonic + elliot wave studyBANK NIFTY SPOT 39700
Harmonic + Elliot + Chart pattern
Time frame : Daily
Bearish butterfly pattern formation on daily time frame with PRZ in range 39800-40000 levels
In last leg of butterfly pattern that is in leg CD there is elliot wave fromation
Elliot wave :- sub wave 5 of major wave (3) is on verge to mature, if major wave (4) unfolds retracement of 23.6 to 38.2% can be seen of last swing, which can lead to levels of 38700 or 38000.
Major wave 2 have retraced around 78.6% of wave 1,
Major wave 3 have extended around 2.618% of wave 1,
Rsi divergence on hourly time frame observed in between recent swing high.
Chart Pattern :- Pole and flag pattern formation is observed with height of pole around 17% after consolidated in form of flag for 32-35 sessions and finally gave a breakout,, index have completed its measured move of its pole height i.e. 17%
Reversal confirmation once today gap is filled and index manage to give close below last weekly closing levels.
Bank Nifty Trade Setup for 12 OCT 2021Bank Nifty Trade Setup for 12 OCT 2021
Bank Nifty it sustains above 38280 , we can expect again go and tested previous swing high.
38087 Bullish Reversal is key to watch out today, Bulls will try to defend this level ,
in case if this compromised we can expect possible test of 37880 & lower.
Bank Nifty Trade Setup for 07 OCT 2021Bank Nifty Trade Setup for 07 OCT 2021
Bank Nifty likely to have a gap up opening.
37700 seems to be a good resistance to watch out , if that is taken out on the upside we can expect 37882 and if that is taken out previous day high to be tested out.
In case of CPR getting compromised on lower side we can expect 37341 getting tested. If that is compromised the lower Virgin CPR level of 37100 levels to be tested out.
Bank Nifty Trade Plan for 05 OCT 2021Bank Nifty Trade Plan for 05 OCT 2021
Bank Nifty likely to open gap down.
The immediate support for Bank Nifty would be around 37300 zone, if that is compromised we can expect Bank Nifty to test 37126 levels.
In case of this support of 37100 getting compromised we can expect it to again test 36900.
If 37126 holds good and sustains then we can expect a pull back again to 37400 / 37500 zones.
Bank Nifty Trade Plan for 04 OCT 2021Bank Nifty Trade Plan for 04 OCT 2021
Bank Nifty traded in a very narrow range in the last session and managed to close above the next day CPR levels showing some signs of pull back.
Bank Nifty likely to open with a small gap up opening.
37342 is the first resistance to watch out, if that is taken out successfully we can expect Bank nifty to find resistance from previous session Virgin CPR levels which is our Bullish Breakout zone of 37458. If break out is confirmed we can expect possible Target 1 & Target2.
In case CPR is compromised we can expect possible Breakout zone 36994 & lower Target1 & 2.
Bank Nifty Weekly AnalysisBank nifty will bullish above 37929 & Bearish below 37380 Levels.
37131 has a strong support, we may see a good bounce from this levels.
Below 37000 may even slide till 36666 levels.
Bank Nifty still looks strong & has given a breakout.
It might even test 38500 & 38800 Levels soon & faster.
Bank Nifty trade plan for 17 Sep 2021Bank Nifty expected to open gap up.
Bank Nifty looks pretty bullish, we can expect some possible profit booking today.
Any pull back to support zone of 37445 levels will be a buying opportunity today. After such a big rally yesterday we can expect a possible range bound move, in case if previous closing price sustains and forms
a support then we can again expect BN to test higher levels of 38115 & Target 1 & Target 2.
BANK NIFTY - CUP AND HANDLE BREASKOUT MAJORBREAKOUT - 15 DAYS BANK NIFTY - CUP AND HANDLE BREASKOUT
MAJORBREAKOUT - 15 DAYS RANGE BROKEN WITH GOOD VOLUMES
BANKING - FINANCE STOCKS WILL LEAD MARKET NOW
BE READY FOR NEW LIFE TIME HIGH IN MARKET INJULY EXPIRY
BANK NIFTY TARGET 35600- 36000- 36500- 36900- 37400- 38000+
Bank Nifty FutureBank Nifty Futures
The chart is clearly in a downtrend and is showing weakness.
However, RSI shows a clear bullish reversal and we are talking about bank nifty here so 1 strong candle has the power to change the trend.
My suggestion is Buy!
CMP: 36592.00
SL: 36200.00 (intraday / closing)
Target 37500.00 & 37750.00
Bank Nifty Trade Setup for 13 Sep 2021Bank Nifty expected to open flat.
Narrow CPR in Bank nifty expecting some volatality. Last 2 trading sessions were very much range bound. The previous session closing is below the current day CPR and hence the current CPR should act as possible resistance.
The first immediate resistance is 36763 and if that is taken out we can expect 36843 to be tested out.
Any compromise of 36603 we can expect BN to test out 36526 & lower target 1 & 2 of 36400 levels.
Bank Nifty Spot 13th SeptemberBank Nifty Spot 13th Sep.
As against our 9th Sep chart where we were bullish above 36900,
Banknifty made a high of 36857 and reversed to go into a range.
For 13th Sep, I am bullish on both the indices.
Nifty spot can touch 17500, while Banknifty spot above 35900 can go for 37100-37200.
This analysis is based on Trendlines and Spot levels.
No Indicators, no OIs or Systems used.
Plot these levels and trade safe
Bank Nifty Spot 8th SeptemberBank Nifty Spot 8th September.
As per our 6-8th Sep chart, we achieved
our 5 percent chances of 36200-36000 target.
So, I am bullish in both the indices for tomorrow.
I will look for support to go long.
My targets for tomorrow are 36800-37000
Also check out Nifty 8th September chart
This Analysis is based purely on Trendlines and Spot levels.
No Indicators, OIs or Systems used.
Plot these levels and trade safe
BANK NIFTY TARGET PRICE LEVELSBank nifty showed a fantastic rally after breaking the 36100 price level. If it continues to sustain above 36300, then go long. Target 1 is given by AB=CD pattern with 2 as fib extension.
If bank nifty manages above target 1 then trail stop loss until target 3. Targets 2 and 3 are in the PRZ, so book your profits timely. Above this PRZ, there will be another rally with shorts covering but considering today's rally, the index may undergo consolidation or correction.
Place stop loss at 36134 price level. The logic for the stop loss is simple, 36100 was a strong resistance level. Now it became a support level.
Happy trading :)
This is not an investment idea. Please consult your financial advisor before investing.
BANK NIFTY forming bullish pole and flag patternBank nifty formed bullish pole and flag pattern with falling wedge pattern, with max drawdown to a level of 35422, which is also a round level of previous breakdown and resistance, the movement might turn bearish, or sideways if the level gets breaks otherwise the sight is still bullish as nifty forming all time highs and banknifty still not performing to play a role.
My view :-
Bullish buy at:- 35450 after testing 35422 & target :- 35911+
Bearsish sell at :- below 35422 and target :- 34924
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Thanks this is just my personal view