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Support and Resistance

BankNifty levels - Oct 09, 2024Utilizing the support and resistance levels of BankNifty, along with the 5-minute timeframe candlesticks and VWAP, can enhance the precision of trade entries and exits on or near these levels. It is crucial to recognize that these levels are not static, and they undergo alterations as market dynamics evolve. The dashed lines on the chart indicate the reaction levels, serving as additional points of significance. Furthermore, take note of the response at the levels of the High, Low, and Close values from the day prior. We trust that this information proves valuable to you. * If you found the idea appealing, kindly tap the Boost icon located below the chart. We encourage you to share your thoughts and comments regarding it. Wishing you successful trading endeavors!
NSE:BANKNIFTY
by sacxe
Nifty levels - Oct 09, 2024Nifty support and resistance levels are valuable tools for making informed trading decisions, specifically when combined with the analysis of 5-minute timeframe candlesticks and VWAP. By closely monitoring these levels and observing the price movements within this timeframe, traders can enhance the accuracy of their entry and exit points. It is important to bear in mind that support and resistance levels are not fixed, and they can change over time as market conditions evolve. The dashed lines on the chart indicate the reaction levels, serving as additional points of significance to consider. Furthermore, take note of the response at the levels of the High, Low, and Close values from the day prior. We hope you find this information beneficial in your trading endeavors. * If you found the idea appealing, kindly tap the Boost icon located below the chart. We encourage you to share your thoughts and comments regarding it. Wishing you success in your trading activities!
NSE:NIFTY
by sacxe
BankNifty Intraday Support & Resistance Levels for 08.10.2024On Monday, BankNifty opened with a gap up, reaching a high of 51,784.80, but couldn't hold its gains and dropped 1,590 points from the peak, hitting a low of 50,194.30. It finally closed at 50,478.90, down by 983 points from the previous session. The Weekly Trend (50 SMA) has shifted to sideways from positive, while the Daily Trend (50 SMA) has turned negative. BankNifty briefly broke the key daily demand zone (below 50,369.40), but managed to close within it. If it breaks and sustains below 50,369.40, we could see a further decline towards 49,959 and possibly lower. Demand/Support Zones: Near Demand/Support Zone (Daily): 50,369.40 - 51,420.15 (current price inside the zone) Far Demand/Support Zone (Daily): 49,654.65 - 49,959.25 Far support: 49,282.65 (61.8% Fibonacci level) Supply/Resistance Zones: Near Supply/Resistance Zone (15m): 52,254.70 - 52,358.35 Near Supply/Resistance Zone (Daily): 52,817.80 - 53,235.25 Far Supply/Resistance Zone (75m): 53,763.20 - 53,945.10 Far Supply/Resistance Zone (75m): 54,152.50 - 54,338.70 Keep a close watch for key levels today, as a break below the demand zone could trigger further downside.
NSE:BANKNIFTY
by PriteshPal
Nifty Intraday Support & Resistance Levels for 08.10.2024On Monday, Nifty opened with a gap up and touched a high of 25,143, but the momentum couldn’t hold. It fell sharply, dropping 449 points from the top and hitting a low of 24,694.35. Nifty eventually closed at 24,795.75, losing 218 points from the previous session. Despite briefly breaking below the key support of 24,753, it managed to close above it. If Nifty breaks this level again, we could see further declines toward 24,636 or even 24,420. However, Nifty is also near the 61.8% Fibonacci level (24,804.25), so if it holds above 24,753, we may see a short-term bounce. The Weekly Trend (50 SMA) remains positive, while the Daily Trend (50 SMA) has turned sideways. Demand/Support Zones: Near Demand/Support Zone (Daily): 24,753.15 - 25,130.50 (current price inside the zone) Far Demand/Support Zone (Daily): 24,522.95 - 24,636.35 Far Demand/Support Zone (Daily): 24,099.70 - 24,196.50 Far Demand/Support Zone (Weekly): 23,893.70 - 24,419.75 Supply/Resistance Zones: Near Supply/Resistance Zone (15m): 25,420 - 25,485.05 Near Supply/Resistance Zone (Daily): 25,739.20 - 25,907.60 Far Supply/Resistance Zone (Daily): 26,151.40 - 26,277.35 Stay cautious as we approach these critical levels!
NSE:NIFTY
by PriteshPal
Nifty 50 Reversal: Critical Levels and Sign of a Possible ReboudThe Nifty 50 index has been showing signs of weakness recently, as indicated by the red candle formations and the current price trending below crucial Fibonacci retracement levels. As of today, Nifty has been testing the support zones near the 0.618 Fibonacci level (24,402.75), which could serve as a pivot for a potential reversal. Let's dive into the factors suggesting a possible market bounce from here. Technical Overview 1. Fibonacci Retracement Levels: The price has pulled back from the recent highs around 26,272.50 and is hovering near the 0.618 retracement level at 24,402.75. A break below this level could lead the index toward the next key level at 23,893.70, the 100% retracement mark. On the upside, if the price manages to hold the 0.618 level, the next resistance would be the 0.5 level at 25,083.10. 2. Moving Averages: The 200-day moving average is still trending upward, signaling long-term bullish momentum. However, the 50-day moving average is flattening, indicating indecision in the medium term. The current price is hovering between the 50-day and 200-day moving averages, suggesting that the upcoming price action could be critical in determining the next major move. 3. MACD Analysis: The MACD histogram has turned negative, and the MACD line is crossing below the signal line. This is typically a bearish signal, but it’s worth noting that we are nearing oversold conditions, and a bullish crossover could be on the horizon if buyers step in at these key support levels. 4. RSI Divergence: The RSI is currently around the 36.77 level, nearing oversold territory. Historically, RSI readings below 40 in this range have often preceded significant rebounds in Nifty 50. Watch for bullish divergence as the RSI nears this key level, as it may indicate that downward momentum is weakening and that buyers could soon gain control. Institutional Flows Recent data suggests that Foreign Institutional Investors (FIIs) have been net sellers of Indian equities, particularly with large sell-offs in the cash segment amounting to ₹-8,293.41 crores on October 7, 2024. However, Domestic Institutional Investors (DIIs) have stepped in with a net purchase of ₹13,245.12 crores. This balance between FII selling and DII buying has helped stabilize the market, but FII futures purchases have added some positive momentum. Key Takeaways: Support Zone: The 0.618 Fibonacci retracement level (24,402.75) is a critical support. A strong bounce from this zone could lead to a reversal. Indicators: Oversold RSI levels suggest that the selling momentum is overextended, and we could see a shift in market sentiment. Institutional Activity: DII buying is providing much-needed support to the market, and FII futures activity shows some signs of optimism. Conclusion: Traders should watch for signs of a reversal, especially if the price holds above the 24,400 zone. Confirmation will come from a break above the 25,083 level, which would signify a change in short-term trend dynamics. A failure to hold current levels, however, could lead the index to test the 23,893 mark.
NSE:NIFTY
by strategystack
Navigating the Bullish Surge: A Cautious Approach to InvestingThe Indian markets are experiencing an extraordinary rally, with major indices soaring to unprecedented heights. This surge is undoubtedly enticing for retail traders and investors eager to capitalize on the momentum. However, the pressing question remains: Are these elevated levels truly the right time to enter the market? Perhaps not. To gain insight, we can turn to a diagram by Dr. Jean-Paul Rodrigue that illustrates the typical stages of a market bubble. When we overlay this framework onto the current landscape of Indian indices, it becomes apparent that we may be on the brink of significant market movement—potentially in the coming weeks. History has shown us that markets can swing from euphoric bullishness to sharp corrections. Notable examples include the catastrophic crash of 2008 and the rapid declines during the COVID-19 pandemic in 2020. While we may not face declines as drastic as those events, it’s essential for retail traders to be proactive in safeguarding their investments. One effective strategy to mitigate downside risk is to consider purchasing long dated put option. A put option provides the holder with the right to sell the underlying asset without the obligation to do so. This means that if the market experiences a downturn—whether in the immediate future or after a few weeks or months—the put option can yield significant profits during a substantial decline. On the flip side, if the market continues its upward trajectory, the put option will gradually lose value and may eventually become worthless as indices continue to set new records. The key takeaway here is to keep your investment strategy straightforward and avoid unnecessary complexity. This is merely one of many strategies available for investors looking to protect their portfolios. Final Thoughts: As we navigate these exciting yet unpredictable market conditions, it’s crucial to remain vigilant and informed. While the allure of all-time highs is compelling, prudent risk management is essential for long-term success in investing. Disclaimer: All investments carry inherent market risks. This article is not a recommendation; please conduct your own analysis before making any trading or investment decisions.
NSE:NIFTYEducation
by VishalSubandh
Nifty Intraday Analysis for 07th October 2024NSE:NIFTY Index closed near 25015 level and Maximum Call and Put Writing near CMP as below in current weekly contract: Call Writing 25500 Strike – 54.69 Lakh 25400 Strike – 45.57 Lakh 25200 Strike – 32.84 Lakh Put Writing 25000 Strike – 34.67 Lakh 24500 Strike – 33.52 Lakh 24800 Strike – 21.70 Lakh Index has resistance near 25300 – 22500 range and if index crosses and sustains above 26100 level then may reach near 25600 - 25700 range. Index has immediate support near 24850 – 24750 range and if this support is broken then index may tank near 24600 – 24500 range.
NSE:NIFTY
by RKMAURYA
Banknifty Intraday Analysis for 07th October 2024NSE:BANKNIFTY Index closed near 51460 level and Maximum Call and Put Writing near CMP as below in current weekly contract: Call Writing 53000 Strike – 31.85 Lakh 52500 Strike – 22.36 Lakh 52000 Strike – 20.25 Lakh Put Writing 50500 Strike – 15.76 Lakh 51000 Strike – 13.40 Lakh 51500 Strike – 11.99 Lakh Index has resistance near 53200 – 53300 range and if index crosses and sustains above 53300 level then may reach near 53600 – 53800 range. Index has immediate support near 51100 – 51000 range and if this support is broken then index may tank near 50600 - 50500 range.
NSE:BANKNIFTY
by RKMAURYA
Finnifty Intraday Analysis for 07th October 2024NSE:CNXFINANCE Index closed near 23620 level and Maximum Call and Put Writing near CMP as below in current weekly contract: Call Writing 24000 Strike – 10.72 Lakh 24200 Strike – 9.80 Lakh 24100 Strike – 6.79 Lakh Put Writing 23400 Strike – 5.06 Lakh 23500 Strike – 3.05 Lakh 23600 Strike – 2.92 Lakh Index has resistance near 24000 - 24100 range and if index crosses and sustains above 24100 level then may reach near 24300 - 24400 range. Index has immediate support near 23450 – 24350 range and if this support is broken then index may tank near 23200 – 23100 range.
NSE:CNXFINANCE
by RKMAURYA
Midnifty Intraday Analysis for 07th October 2024NSE:NIFTY_MID_SELECT Index closed near 12815 level and Maximum Call and Put Writing near CMP as below in current weekly contract: Call Writing 13000 Strike – 25.49 Lakh 13100 Strike – 23.86 Lakh 12900 Strike – 10.61 Lakh Put Writing 12800 Strike – 16.24 Lakh 12600 Strike – 14.19 Lakh 12700 Strike – 13.03 Lakh Index has immediate resistance near 13000 - 13100 range and if index crosses and sustains above this level then may reach 13250 – 13300 range. Index has immediate support near 12700 – 12600 range and if this support is broken then index may tank near 12500 – 12400 range.
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by RKMAURYA
Nifty levels - Oct 08, 2024Nifty support and resistance levels are valuable tools for making informed trading decisions, specifically when combined with the analysis of 5-minute timeframe candlesticks and VWAP. By closely monitoring these levels and observing the price movements within this timeframe, traders can enhance the accuracy of their entry and exit points. It is important to bear in mind that support and resistance levels are not fixed, and they can change over time as market conditions evolve. The dashed lines on the chart indicate the reaction levels, serving as additional points of significance to consider. Furthermore, take note of the response at the levels of the High, Low, and Close values from the day prior. We hope you find this information beneficial in your trading endeavors. * If you found the idea appealing, kindly tap the Boost icon located below the chart. We encourage you to share your thoughts and comments regarding it. Wishing you success in your trading activities!
NSE:NIFTY
by sacxe
1
BankNifty levels - Oct 08, 2024Utilizing the support and resistance levels of BankNifty, along with the 5-minute timeframe candlesticks and VWAP, can enhance the precision of trade entries and exits on or near these levels. It is crucial to recognize that these levels are not static, and they undergo alterations as market dynamics evolve. The dashed lines on the chart indicate the reaction levels, serving as additional points of significance. Furthermore, take note of the response at the levels of the High, Low, and Close values from the day prior. We trust that this information proves valuable to you. * If you found the idea appealing, kindly tap the Boost icon located below the chart. We encourage you to share your thoughts and comments regarding it. Wishing you successful trading endeavors!
NSE:BANKNIFTY
by sacxe
Bankex - Oct 7Price is falling for the past few days. And now price is at support, RSI has formed divergence. Price can take support from here or move towards 58000. Pattern : Support/resistance. Range : Medium. Trend strength : Normal. Buy Above : 58560. Stop Loss : 58460. Targets : 58660, 58740, 58820, 58920 and 59000. Sell below : 58380. Stop Loss : 58460. Targets : 58300 ,58220, 58140, 58040 and 57960. Check the live market updates. Hit the like button to Rock !! Show some energy !! Note : This is my pre market analysis and my trading journal. Not a suggestion to buy or sell. You are responsible for whatever you do.
BSE:BANK
by vanathi
Midcap Nifty - Oct 7We had a volatile movement on friday and now price is trying to move up from 12800 zone. Sustaining the current levels can give a move up to 100 to 200 points upside. Buy above 12840 with the stop loss of 12800 for the targets 12880, 12940, 12980 and 13040. Sell below 12760 with the stop loss of 12800 for the targets 12720, 12680 and 12620. Check the live market updates. Hit the like button to Rock !! Show some energy !! Note : This is my pre market analysis and my trading journal. Not a suggestion to buy or sell. You are responsible for whatever you do.
NSE:MIDCPNIFTY1!
by vanathi
Stock Analysis: JK Paper Ltd (Weekly Time Frame)Breakout with Retest: 1) All-Time High Breakout: JK Paper has recently broken out of its all-time high with significant volume on the weekly chart, suggesting strong bullish momentum. 2) Retest of Breakout Level: After the breakout, the stock came back to retest the previous high, which is a classic technical move. The retest was successful, and the stock has reversed from this level. 3) Marubozu Candle: A strong Marubozu candle has formed on the weekly time frame, confirming the reversal with good volume. This type of candle typically indicates strong buying pressure with no hesitation from sellers. This setup suggests that JK Paper might continue its bullish momentum after the successful retest. Keep an eye on the stock's movement for a potential entry point.
NSE:JKPAPERLong
by TechnoTrader10