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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
BANKNIFTY [28th July 2020]The day ended with a classic profit-booking selloff, with both FIIs and DIIs being net sellers. The index took support at 21800 finally and closed above it. It is now at the lower end of the trend channel and Stochastics on the hourly chart continued to remain in the oversold zone throughout the day. There is a fair possibility for the market to try and bump up above 22000 once. Technically, on the daily chart, the index remains a sell for the near term. On the upside, the index might try and test 22050. If it manages to sustain above 22000 and is followed through with volume-based buying, the index will try and move to 22200 and 22400 ultimately. On the downside, there is good support at 21500. A sign of consolidation at 21500-21600 could be taken as a signal of accumulation and one can look to go long at these levels for 21800-22000. However, a strong breach of 21500 will take the index down to 21000, a major support. The week's expiry range should remain between 21000-22000.
NSE:BANKNIFTY
by scalp3r240
BANKNIFTY [23rd July 2020]The DIIs are using every new high in the market to offload their positions while the FIIs seem to keep the market buoyant by buying at lower levels. Interesting to note that 22700 was used as a pivot point at the day’s lows quite frequently when the market ultimately took support there and retraced back 200 points in the last half hour indicating a strong accumulation zone around 22700-22500 zone. Further, Banknifty Future has bottomed out and given a positive crossover and there is a divergence in Stochastics lows on the spot chart, pointing towards a north-bound journey tomorrow. On the upside, resistances lie at 23000-23080. Any signs of weakness at these levels can be taken as a signal to go short for 22700. Below 22700, the market can correct up to 22400. If the market holds comfortably above 23100, one can look to go long for 23560. On the downside, the market might once again use the opportunities to buy at 22700-22500-22400 levels for 23000. In case 22400 is breached decisively, the index should find support at 22040. The expiry range for tomorrow should remain between 22500-23500.
NSE:BANKNIFTYLong
by scalp3r240
BANKNIFTY [20th July 2020]The index witnessed a healthy correction last week although it recovered sharply after briefly touching 21000 when it was supposed to correct to at least 20800 (38.2% from the top). The week ended with volume-based buying in the last hour and the Stochastics on the Daily chart is not only at an extremely oversold zone, with a positive crossover now and the MACD maintaining the positive trend, but also has a divergence in its lows as compared to the chart. The banking index has underperformed quite contrastingly as compared to Nifty and a technically negative bias in USDINR gives more reason to go long in the index. On the upside, 22040 should be taken out swiftly in the coming week to use the momentum to take the index up to 22400-22500. In case the market feels extra bullish, coupled with more short covering, the index could move up to 23000 as there is no major resistance beyond 22500. On the downside, the consolidation range of 21800-21650-21500 should prove to be good support points as it took some time for the index to break out of these levels. One can look to go long at these levels, if the market gives an opportunity to. The broader range of the index for next week's expiry should remain between 21500-22500. * Note : The levels mentioned above should be used as approximation.
NSE:BANKNIFTYLong
by scalp3r240
BANKNIFTY [17th July 2020]The expiry was rangebound but held 21000-21150 decisively, closing the day back within the trend channel. A strong buy by DIIs, a weakening Dollar, a double bottoming out of Stochastics on the hourly chart and maintaining the rising trend channel, all point towards a retracement against the recent fall of roughly 2000 points on the index. So, one can expect a retracement of at least 1000 points from 21100. By that logic, the index should be trading above 22000 in the coming week. On the upside, the 2 weeks' EMA is placed at around 21800 beyond which a major hurdle lies at 22040. If the index manages to breach 21800 with volume, one can look at going long for a target of 22040 to 22480 ultimately. On the downside, there are multiple supports within 100 points range which are placed at 21000-20900-20800. In case the trend channel is broken again, with a gap down and a dead cat bounce, the index can correct up to the above levels, and a decisive breach of 20800 would further lead to corrections of up to 20500-20100. The broader range of next week's expiry should remain between 21000 and 22500. * Note :- The levels mentioned above should be used as approximation.
NSE:BANKNIFTYLong
by scalp3r240
BANKNIFTY [16th July 2020]The index failed to breach 22000 in the first half and ended the day flat with a 400 point sell-off in the last hour. However, it is interesting to note that the index closed within the trend channel. Hourly and Daily Stochastics are still negatively biased and has some more room to bottom out. The week's expiry could close with a tight rangebound consolidation day, which is ideal for option writers. However, beyond certain levels, one can ride the momentum. On gap up, the usual levels, 21650-21800 will be tested. In case 21800 is being held, one can go long for a target of 22040. If the index sustains above 22000, a short covering rally will take the index to 22500. On gap down, the trend channel would've been broken and the opening should be below 21200. In case there is a pullback but the index fails to breach and sustain above 21250, the index might very well head for 20800 (38.2% fib retracement). Ideally the index should take support at 20800 and close the day above 21000. However, in case the panic selling snowballs, beyond 20800 there is no real support until 20100. I will pass on speculating the expiry range for tomorrow. * Note : The levels mentioned above should be used as approximation.
NSE:BANKNIFTY
by scalp3r240
BANKNIFTY [15th July 2020]The index opened with a gap down paving way for both FIIs and DIIs to sell (net) across all segments. We are currently going through a much anticipated correction. I have maintained a rising trend channel keeping today's low as the lower end since the index is yet to retrace up a little before resuming its downward journey. Given that the Stochastics on the hourly chart is at an extremely oversold zone (although there is plenty room for it to bottom out on the daily chart, thereby confirming more downside to come), there could very well be a slight retracement tomorrow. On the upside, the index can move towards 21800, beyond which it should try and test 22040. These levels should give good shorting opportunities. On the downside, below 21200, the index can correct up to 20800 (38.2% fib retracement from the top of recent rally) and finally try to bounce back above 21000 towards the end of the day. The broad range of this week's expiry remains between 21000 and 22000. * Note : The above levels should be used as approximation.
NSE:BANKNIFTY
by scalp3r240
BANKNIFTY [14th July 2020]The index corrected over 600 points from the day's high, courtesy DII selling, although it failed to breach 22000. Stochastics is at an oversold zone and there is a fair chance for the index to open with a gap up tomorrow, following global cues, and consolidate to erode options' premiums. On the upside, the index might try to test 22400-22500-22650. They can be used as entry points for intraday shorts. On the downside, the index will go for 21800 if it successfully breaches 22040 again. If 22000 is being held, one can buy for levels given above. The expiry range remains between 21500 and 23000 as of now. * Note : Please use the given levels as approximation.
NSE:BANKNIFTY
by scalp3r240
2
BANKNIFTY [30th June 2020]After opening with a gap down, the index remained below the lower end of the trend channel but managed to close above it after last hour buying , and sustaining above 2 weeks' average successfully throughout the day. A gap down opening would confirm a continuation of the recent downtrend. A breach of 20900 would take the index down to 20500 - 20000. A gap up opening, with a strong support above 21500 should lead the index towards 22000. A positive crossover in Stochastics, while in an oversold zone, could boost the index to 22400.
NSE:BANKNIFTYLong
by scalp3r240
4
NIFTY 50 BREAKOUT TO A BEARISH RUN TOMMORROW1)CHART PATTERN Here we can clearly observe a RISING WEDGE PATTERN followed by a DOWNTREND. This indicates the chance for a BEARISH BREAKOUT tomorrow. 2)STOCHASTICS Cross over has take place from the over bought position indicating a BEARISH RUN 3)EXPONENTIAL MOVING AVERAGE The 5EMA line is COVERGING towards the 20EMA line indicating a DOWNTREND THIS ALL ARE MY ANALYSIS AND CONCLUSIONS. NB:I AM NEW TO THE MARKET FIELD WRITING THIS POST SO THAT SOMEONE CAN CORRECT ME IF THERE IS ANY MISTAKE
NSE:NIFTY
by UnknownUnicorn8024366
Gold (XAUUSD) sits at an interesting junctureThe interesting thing about the markets is that investors tend to shoot first and ask questions later. With Gold, it tends to lead this very basis. If you look at Gold and the S&P500 chart, you can see that equities reacted a bit later than gold. I think since late December, the markets were "expecting" something bad to happen. First it was the inverted yield curve, then the peak of china trade war and finally, the virus outbreak gave investors a reason to sell. Gold is at an interesting juncture at this point in time. Here’s the context. Let’s start with the monthly chart and work on the assumption that gold is in a very long term uptrend . The rally from 2006 March lows of 544 to September 11 highs of 1921 saw a gradual descent. With the Fibs, it is interesting to see how gold reversed bang near the 61.8% retracement level. There was a bit of resistance at the 38.2% Fib level. After struggling to break this since 2014, it finally happened in June 2019. The result was a powerful move to where prices are today. The level of 1680 is marked in green because it is the measured move off the ascending triangle that formed at the resistance level of 1360. A quick look at the Stochastics and you can see the very long term hidden bearish divergence. Now divergences are tricky, at best one can see price behaviour to the divergence only in hindsight. So what is the monthly chart telling us? That perhaps the rally is overdone. I’ve also plotted some median lines along the way. Watch how price reacted when it failed to reach the median or one of the outer channel lines. For the moment, the best bet is for price to continue to break above 1680 and rally towards 1800. But notice that no proper floor has formed between 1360 and the current price. Could we expect a price failure at the current median line? Switching to the daily chart, the ascending wedge is in play. The thick lines of 1550 and 1450 (rounded) are the key support levels (which should be of interest) The fib levels on the daily chart is the minimum measured move following the bullish flag formation (in blue). So there is scope for gold to break past 1680 and maybe hit 1720. Divergences are also showing up strongly and multiple times here. As such, the 1720 - 1700 level will be interesting to watch. I won’t advise what one should do here. But it looks like we are nearing the end of this prolonged rally since August 2018. Lastly, seasonality also adds to the downside bias. Safe havens like JPY and gold tend to rise into the Feb/March months before gradually descending lower. Finally, it would be an additional validation if the “sell area” between 1720 - 1700 coincides with some fundamental news. The next two weeks should be interesting as far as gold is concerned, within the larger context. So in conclusion, 1680 - 1720 is a level worth keeping an eye on for 1550 - 1450 region.
OANDA:XAUUSDShort
by justatrader
BANKNIFTY for 26th DecemberBanknifty was much stronger than Nifty on Tuesday and it made a kind of red Doji candle with lower high and higher low. Banknifty was traded in much tighter range. Please check my video posted on youtube under channel name Market Movers India for slightly more analytical content. On daily chart, Stochastics indicator is at 92 with bearish crossover done on Tuesday, which means it is in overbought zone. The RSI is not giving any such indication as yet. There are no clear cut buying or selling levels on 15 min chart. However, on Monday a buying area got made which if broken on lower side (32196) will take BNF much lower till 32017. So a sell call can be taken if BNF breaks 32195 levels and stays there for some time. A buy call on banknifty can be taken at around 32000 with a strict SL. Tomorrow being expiry, wild moves in BNF can be expected. All the best, happy tading.
NSE:BANKNIFTY
by protrader1969