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Closing @ critical level #BANKNIFTY** PLEASE NOTE THAT ALL LEVELS MENTIONED ARE SPOT ** The index took support @ 31000 on two consecutive sessions and has rallied to a critical resistance @ 31800. A gap-up opening above 31800, sustenance above it, will lead to a continuation of the Bull Run, although Stochastics seems to be at an overbought zone. It was interesting to note, today, that the market ignored a weakening Rupee & an increase in VIX completely. Anyhow, a breakout above 31800 or a break down below 31500 will give way to further momentum. All the levels are mentioned in the chart. DISCLAIMER: This is not a channel to provide calls/tips. The objective here is to gauge the sentiments of the underlying. The analyses are purely speculative and the author may or may not have an open position in the underlying. They should be best used in conjunction with the viewers’ own analysis and/or in consultation with one’s financial adviser.
NSE:BANKNIFTY
by scalp3r240
BANKNIFTY [31st December 2020]** PLEASE NOTE THAT ALL LEVELS MENTIONED ARE SPOT ** Good evening! The index portrayed a clean textbook pull-back until 31000 before rallying back up, fueled by FIIs net buying 3x over of what DIIs sold. The Stochastics bottomed out today itself, in contrast to it remaining in the overbought zone for the past few days. This gives the index more room to move further up. The Technical setup of the chart is too complex at the moment to be speculating with precision but given that Nifty fell short of only 17 points from touching 14000, and 31st being the last day of this, rather, adventurous year, just sheer sentiments could push Nifty to close above 14k, ultimately leaving a sweet aftertaste for the year. If that was to happen, BN could very well rally up to 32000, or even its ATH @ 32600 if there is to be a massive short-covering rally. In case of a GAP-UP , one can go long if the index sustains above 31375 for targets of 31500-31650-31800-32000. If it fails to sustain above 31375, one can look to short for levels mentioned below. In case of a GAP-DOWN , one can short if the index is unable to recover above 31200 for targets of 31100-31000-30950-30800. If it seems to be taking support around 31250, one can look to go long for targets of 31375-31500-31700-31800. Good luck and wish you all a very Happy New Year & hope the coming year more than compensates for the difficulties you have faced in this one. Keep the faith! -- “It is not the strongest of the species that survives, nor the most intelligent, but the most adaptable to change.” – Charles Darwin
NSE:BANKNIFTYLong
by scalp3r240
1
BANKNIFTY [29th December 2020]** PLEASE NOTE THAT ALL LEVELS MENTIONED ARE SPOT ** Good evening! The index managed to close above a comparatively major hurdle around 30800 which is positive for the momentum. FIIs remain net buyers and the index could very well be propelled to 31780, fueled by a short-covering rally. In that respect, Nifty would close the year above 14000, making quite a history. Stochastics remains in the overbought zone but the index has managed to pull a, yet another, v-shaped recovery making it the flavour of the year. In case of a GAP-UP , one can go long if the index sustains above 30800/30930 for targets of 31350-31500-31800. 30800 should act as a good support to confirm the ongoing rally. In case of a GAP-DOWN , one can go long if the index manages to sustain above 30800 for targets of 30930-31350-31500. If the index fails to recover above 30800, one can short for a target of 30600 where it might try and find support. -- “It is not the strongest of the species that survives, nor the most intelligent, but the most adaptable to change.” – Charles Darwin
NSE:BANKNIFTYLong
by scalp3r240
BANKNIFTY [24th December 2020]** PLEASE NOTE THAT ALL LEVELS MENTIONED ARE SPOT ** Good evening! Although DIIs sold far much more than FIIs bought today, the market kept buoyant. This, perhaps, indicates that the distribution level exists around 30000 which also happens to be the index’s 1 wk avg currently. USDINR is oversold and BN’s Stochastics is at an overbought zone with a major divergence in its recent highs. One can safely short at the first sight of weakness, and perhaps the sell-off could snowball into a big one due to the upcoming long weekend. Most signals are pointing south but the day could very well remain rangebound, given that most of the global exchanges are closed on account of Christmas. In case of a GAP-UP , any weakness around 30000/30100 should be used as a shorting opportunity for targets of 29900-29750-29400. If the index takes support around 29900/29750, one can long for a short bounce. In case of a GAP-DOWN , one should only look to short if the index trades below 29750 for some time. Below 29750, the index will first test 29400, a breach of which will lead it to test 29100 for a second time. If the index takes support at 29700, one can look to go long for targets mentioned above. -- “It is not the strongest of the species that survives, nor the most intelligent, but the most adaptable to change.” – Charles Darwin
NSE:BANKNIFTY
by scalp3r240
BANKNIFTY [21st December 2020]** PLEASE NOTE THAT ALL LEVELS MENTIONED ARE SPOT ** Good evening! 30800 is proving to be a pain once again but it is interesting to note that the index managed to close above its near-term trend support, and its 1 wk avg @ 30640 now, suggesting 30600 would act as a crucial decider on the downside while a sustenance above 30800 will take the index beyond 31000. However, as of now, Stochastics is pointing downwards and a swift test of 30000 cannot be ruled out. In case of a GAP-UP , one can go long if the index takes support @ 30800 for targets of 30930-31030. Any weakness around 31000/30800 should be used as a shorting opportunity for targets of 30800-30600-30500. In case of a GAP-DOWN , one can short if the index breaches 30600 for targets of 30500-30350-30200. If the index takes support at any of the mentioned targets, one can reverse & go long for targets mentioned earlier. ** Please Like/Comment with your critical inputs. I might learn a thing or two :) **
NSE:BANKNIFTY
by scalp3r240
BANKNIFTY [16th December 2020]The sell-off in the morning by DIIs was more in volume compared to the buying by FIIs in the latter half of the day. This has formed a hanging man pattern on the daily timeframe which should lead to a correction as this bearish signal comes after the bearish engulfing pattern formed on the 25th of November. With the stochastics at an overbought zone, and the Dollar trying to breach 74, one can short if any signs of weakness is visible tomorrow. LONG , if the index sustains above 30750 for targets of 3100-31250-31800 . In case of a gap-down, one can go long if the index takes support around 30500. SHORT , if the index breaches and trades below 30500 for targets of 30200-29900 . In case the market fails to recover above 30000 (trend support) we might witness a correction in the markets.
NSE:BANKNIFTYShort
by scalp3r240
BANKNIFTY for 15th December 2020Another indecisive, rangebound day allowing option writers to hog on time value for the 4th day (including weekend). However, given that the US Fed meeting is coming up, we are more likely to see volatility in the next couple of days. USDINR is trading with a negative bias but it is worthy of noticing that it is currently in an oversold zone, as per Stochastics, and has taken support @ 73.60 previously. If it manages to make a double bottom around 73.60 tomorrow, we may then see a rally in the Dollar, which would translate to a correction in our indices. As of now, BankNifty has shown resilience at immediate support levels. Its 1 wk avg lies around 30500 now, which should act as a sacrosanct support. However, all bearish views would be negated if the index breaches 31000. LONG , if the index sustains above 30800 for targets of 31000-31250-31800 . In case of a gap-down, one can go long if the index takes support around 30600. SHORT , if the index breaches 30500 for targets of 30200-29900-29600 . In case of a gap-up, one can look to short if the index shows weakness around 30800 or 31000-31050 with a trailing SL .
NSE:BANKNIFTY
by scalp3r240
BANKNIFTY for 11th December 2020The index respected its 1 wk avg., now pushed up to 30300 , aided by voluminous buying in the last hour by FIIs as the index kept drifting lower throughout the day. Stochastics is in a perfect oversold zone giving plenty of room for upside, although a slow-paced upward movement would mean a lost opportunity for buyers. One can expect a resumption in the uptrend in the coming days, all depending on its behavior around 31000 . LONG , if the index sustains above 30600 for targets of 30800-31000 . A decisive breach of 31000 could lead the index to 31800. In case of a gap down, one can also initiate a long if the index takes support around 30450. SHORT , if the index trades below 30700 for targets of 30600-30450-30200 . A breach of 30200 would confirm an oncoming, and much awaited, correction. In case of a gap-up, any weakness around 30800 or 31000 should be used as a shorting opportunity .
NSE:BANKNIFTY1!
by scalp3r240
Union Bank of India has some strong technical indications.There are just too many factors indicating the uptrend. The 25.60 is a vital fractal by williams and the level and is being taken out. The Senkou Span B will observe a steep fall as the values starting 4th Sept (being the 52nd day in the past) will be wiped out. Senkou Span A being the average of Tenkan sen and Kijun sen will rise resulting into a Kumo Twist. Tenken Kijun cross is a bearish sign and has been retested on 13th Nov with a bounce off the Kijun sen at 24.50. Chikou Span breakout from price is evident on 14th October and is free from resistances. Bullish RSI divergence from 25th Sep to 16th October. MACD and Stochastics are just on my setup for it to look more professional; they are playing along though.
NSE:UNIONBANKLong
by shrknt2580
BANKNIFTY [28th October 2020]The index has managed to respect its 50% retracement level (to ATH) @ 24365, led by substantial FII buying. The index had already broken beyond the long-term downward trend channel a few days back and is now trading in a rangebound upward trend channel. There is a high possibility of the index moving up further in the near-term where the DIIs will look to offload. Although Stochastics is at an overbought zone, the dip could be bought until it finds support at its 1 week’s avg @ around 24500. LONG , if the index sustains above 24600 for targets of 24820-25050-25230 . Ideally one should go long, positionally (for the last target), around 24500 if opportunity is found. SHORT , if the index trades below 24600 for targets of 24500-24350-24000 . Ideally one should wait to short around 25200, but a sign of weakness around 24800 should be enough signal.
NSE:BANKNIFTY
by scalp3r240
BANKNIFTY [7th October 2020]I am having to shift the upper trend lines everyday. The index not only closed above 22400 as I had expected yesterday, it also closed above its 50% retracement level of its recent fall @ 22800. All signs are a 'go' for the index for further rally in the coming days but I am expecting a steep fall for a number of reasons. But purely on the technical front, the Stochastics is showing a mild divergence in its recent highs as compared to the charts. This fall could be swift, as should be the buying, following the sell-off, at a critical support level. LONG , if the market opens and sustains above 22900 for a target of 23060 (critical resistance level). Beyond 23100 gates would be open for 23200-23500. In case of a gap-down, one can go long if the index takes support anywhere between 22400-22600 . SHORT , if the index slips below 22800 for targets of 22600-22500-22400 (critical support level). In case of a gap-up, short around 23050 if the index fails to breach, and sustain, above 23100 for targets of 22800-22600 .
NSE:BANKNIFTY
by scalp3r240
1
BANKNIFTY [6th October 2020]The index might consolidate around 22080-22250 but the dip should be bought as 1 week's avg. is @ 22000 currently with a positive SAR bias and the Stochastics is approaching an oversold zone. The sell-off today by DIIs was not backed by much volume. A closing above 22400 will confirm a resumption in the bull-run. On the contrary, if there is a dip, 22000 will be tested, which should act as a pivot point for the near-term trend. LONG , if the index sustains above 22400 for targets of 22800-23080 . In case of gap-down, one can go long if the market sustains above 22250 for the levels given above . SHORT , if the index slips below 22250 for targets of 22080-21900 , where one should go long for 22250-22400.
NSE:BANKNIFTY
by scalp3r240
BANKNIFTY [5th October 2020]There is a fair chance of the index retreating a little to try and close the gap-ups for a number of reasons. However, technically, the Stochastics is at extremely overbought zone and 22400 is a tough one to breach. LONG , if index sustains above 22400 for targets of 22750-23090 . Any weakness at 22400 should be a signal to short. SHORT , if index fails to sustain above 22400 for targets of 22030-21800 ( one week's average @ 21650, which will be pulled up by the gap up opening expected today ).
NSE:BANKNIFTYShort
by scalp3r240
BANKNIFTY tomorrow [18th September 2020]The index failed to sustain above 22400 (critical level; 38.2% retracement from ATH ), which is also where it's 1 week's MA lies. Given, NASDAQ is down over 2% at the time of writing this, and FIIs & DIIs having been net sellers for the day, its likely that the market would open with a gap down. However, the index has multiple supports - Near bottom trend channel; Stochastics extremely oversold with divergence in lows; SAR @ 22100. In case 22100 is breached decisively, one can short. LONG , if index takes support @ 22150-22200 for 22400|22600|22800. SHORT , if the index breaches 22100 for 21900|21600|21400.
NSE:BANKNIFTY
by scalp3r240
BANKNIFTY next week [14th-18th September 2020]The index tested 22200 making a double bottom and closing back above the lower end of the trend line from Thursday's low, and at the upper end of the trend line from last week Friday's high - led by FIIs buying for the second day in a row. A closing above 22500 ( Pivot ), together with a positive stochastics, signals a further up-move in the coming week. A minor gap-up opening on Monday should breach the immediate upper trend line and will push the index to test 23000. Perhaps 22200 will serve as the bottom for the near term . LONG , if the index opens with a gap-up and sustains above 22550-22600 for 22700|22900|23080. In case the index manages to sustain above 22900 (critical resistance level) on Monday, it will resume its upward journey towards 23080|23200|23300|23500. Ideally, one should look to go long around 22450 if the index tries to test 22400 and sustains above it. SHORT , only if the index breaches 22200 (critical immediate support level) for 22080|21930|21600 and ultimately 21400.
NSE:BANKNIFTYLong
by scalp3r240
1
BANKNIFTY tomorrow [8th September 2020]The index could not follow on with the sell-off in the second half of the day, although the Rupee depreciated comparatively significantly, and managed to close above 23000. Stochastics signals a slight pullback, up until it's 1-week avg. @ 23300. A gap-up opening above 23050 will lead the index to test 23150. A successful breach of the same will lead it to 23300 - 23500 - 23600 (a critical resistance level), with Pivot @ 23100 . A gap-down opening may lead to a test of today's low @ 22700. A breach of the same will take the index down to 22600 - 22400 (a critical support level), with Pivot @ 22800 . Note :- The index remains bearish below 23600 .
NSE:BANKNIFTYLong
by scalp3r240
BANKNIFTY [18th August 2020]The market completely reversed in the last hour at the lower end of the trend channel signaling there can be further retracement that can be expected in the coming days pushing the index higher. However, the near-term trend remains bearish. The DIIs have been selling consecutively everyday and might be looking to buy again at lower levels. So the correction might not be over just yet. 21000 will act as a deciding level in that regard. On the upside, a gap-up opening will lead the Stochastics to an overbought zone and the index might find resistance at 22900-22950. However, if it breaches and sustains above 22000 for the first half of the session, there could be testing of 22120-22250, ultimately concluding the correction. On the downside, if the resistances mentioned above are strong, one can short for 21600, which should act as pivot point for the week. Below 21600, and a breach of 21500, will resume the correction with a test of 21400 first and then 21000 ultimately. In case the index breaches 21000, it might find support at 20900-20880 and bounce back above, else gates to 20000 will be opened. Expecting the expiry range to be between 21000-22000.
NSE:BANKNIFTY
by scalp3r240
BANKNIFTY [7th August 2020]The RBI policy was taken positively in the following hour, after the initial sell-off in the first half. However, the index failed to breach the previous day's high of 21940 and cooled off to settle above 21500 and 1 week's EMA at 21630. The day closed with a classic doji, suggesting a large candle on either side, giving a clear breakout of an important level will decide the trend for the index. As of now, the Stochastics is still positive and further up move cannot be ruled out. On the upside, beyond 21865, the index will need to sustain above 21900 to move to 22050 and 22120 (50% retracement of recent fall). On the downside, below 21450, the index will try and test 21375, a breach of which will take it down to 21200 odd levels. If it fails to sustain 21200, there is a high probability that the index will move to breach 21000. A successful attempt at the latter will signal a bigger correction in the near term.
NSE:BANKNIFTY
by scalp3r240
4
BANKNIFTY [5th August 2020]The index clearly does not want to breach 21100, confirmation from a 2nd attempt today, and the rally was fueled further with minor short covering leading it to the crucial level of 21600, with a subsiding momentum. FIIs remained net buyers in both Cash and Index Futures today. The MPC meeting tomorrow will decide the trend of the market for August. In case it fails to give more than what is expected, the journey southward will continue. However, it is worthy noting that the Stochastics on the Daily chart is at an extremely oversold zone and turned slightly positive today, with a, possibly, harami pattern. Ample chances for today's momentum to continue tomorrow. I'd advise traders to be a little cautious given the sudden volatility that the index witnesses on RBI policy meets. On the upside, a decisive breach of 21650 will lead the index to 21800-22040. A positive surprise by the MPC might even take the index higher towards 22250-22400, negating the correction altogether. On the downside, the index might try and take support at 21375-21222. Below 21200, the index will try and test 21030 for the fourth time, and might very well breach it this time to complete its retracement of 38.2% to 20880. The expiry range, as of now, remains between 21000 & 22000.
NSE:BANKNIFTYLong
by scalp3r240
BANKNIFTY [4th August 2020]The index fell, rather gracefully, to 21000 (almost) as expected but managed to close above 21120 (prior support) after touching 21030, which has been tested earlier on two other occasions. However, there was some serious buying by FIIs today in Cash and Stochastics has given a positive crossover too after bottoming out and closing above 21100 in the last half hour. Given that SGX is 40-50 points up at the time of writing this, there is a fair possibility of the index to pull up a little tomorrow. The over all trend remains bearish still though. On the upside, the index might test 21250-21400 where any sign of weakness should be taken as a signal to go short. Beyond 21450 the market might test 21600. On the downside, the index might find support at 20900 (38.2% retracement from recent high) and one can look at going long for the above mentioned levels. However, if the market fails to take support at 20900, it will correct to 20500-20300-20000. Expecting this week's expiry to be between 21500 & 20500.
NSE:BANKNIFTY
by scalp3r240