BankNifty_Weekly Analysis!BankNifty! Weekly Analysis
Last week a big Bearish Candle have broken the kind of Dragon Fly Doji, which signals the beginning of long down trend. The First support near 50000 and the second near 48000.
Bankniftyshort
BankNifty 2200+ Points Profit AchievedBankNifty 2200+ Points Profit Achieved
Quick update about this short trade I took on 27th September, 2024
Almost 2200+ points done already.
The last two trades have been the most profitable trades I ve ever had in BankNifty.
A total profit of around 4900+ points !!
MASSSIVE!!!!
BankNifty Levels For 1st August-2nd AugustImportant support and Resistance Levels For BankNifty.
When Market touches the level, the price action plays important roles.
For More Learning Reach out to us.
BankNifty Finally Reversal?BankNifty, after a massive rally of 2400+ points on the CE Buying side, now looks ready for a nice short opportunities (PE Buying side).
I close my CE position today in a good profit and opened a PE buy position. Usually after such big moves, market becomes range-bound. And that, only next week can tell.
So, stay tuned, dont forget to enjoy your weekend.
Trust me, we deserve it.
Double Top, Next Target is Trendline Bottom.Down Trend start, because Banknifty did not closing above previous top or resistance level and it formed Double Top. So we expect market coming down, next Target is Trendline Bottom.
And also Nifty 50 did not Breakout the Channel Pattern, Trendline also Breakout, SGX or GIFT also Breakout Trendline.
I want to help people to Make Profit all over the World.
Nifty Bank Index - BANKNIFTYThe chart depicts the 4-hour price movement of the Nifty Bank Index on the NSE. Here is an analysis and summary:
Analysis:
1. Possible Double Top: The chart indicates a potential double top pattern around the 49,300 level, which is a bearish reversal signal.
2. Current Price Movement: The price has recently declined from the double-top region, suggesting a potential pullback.
3. Support Levels:
- 50% Retracement: The price might find support around the 48,590 level, which is the 50% Fibonacci retracement level.
- 61.8% Retracement: A stronger support is expected around the 48,320 level, the 61.8% Fibonacci retracement level.
4. Target:
- If the index respects these retracement levels and rebounds, the 100% target is projected at 50,500, suggesting a potential uptrend continuation.
Forecasted Movement:
- Short-term: The price might continue to decline towards the 48,590 level, and possibly to the 48,320 level.
- Reversal Potential: If the price finds support at these levels, a rebound is likely, leading to an upward movement towards the 50,500 target.
- Bullish Scenario: The chart shows a potential bullish scenario if the support levels hold, leading to a rise back towards and possibly beyond the recent highs.
Summary:
The Nifty Bank Index chart shows a potential double top formation indicating a bearish reversal. However, if the index finds support at the 50% (48,590) or 61.8% (48,320) Fibonacci retracement levels, there is a potential for a bullish reversal aiming for the 50,500 target. It is crucial to monitor these support levels for potential buying opportunities and confirmation of the upward trend resumption.
Rising Wedge BankniftyRising Wedge Banknifty on Daily Time Frame Downside Targets near 42200 Bera put or call spread Strategy use Do Your Analysis BEfore Take Trade
Banknifty monthly updateHi Traders
Here i'm sharing my view on banknifty for this month, this harmonic pattern made only based on data reading for jan month.
[INTRADAY] #BANKNIFTY PE & CE Levels(13/11/2023) Today will be gap up opening in BANKNIFTY . After opening if banknifty sustain above 44050 level then possible upside rally of 400-500 points upto 44450 Level. Any Major downside only expected in case banknifty starts trading below 43950 level.
BANKNIFTY--Which is Support,Demand or Resistance ??The neckline broken strongly...
the trendline broken strongly....
Price opens gap down and moved to down side drastically.
Now we have 2 options, where to look for short again.
1. Neckline or
2. Trendline.
So in order to reach these 2 points, price has to reversal,
so from which zone we can expect a reversal.
If we see on bottom side,
today price has taken the support from 44800 level, and price is exactly closed in a strong fall area 45100.
If tomorrow again opens a gap down and continuously fall, and breaks 44800 level
we have to look at 2 places for buy,
one is 44600 level and
another one previous strong resistance may acts as support 44500 and pushes the price upwards.
price closed at 45100 previously it is a strong supply,
so on continuous move it pushes the price more towards downside.
If price reaches any of these 2 places look for buy,
Look for sell @neckline or trendline. No retest is observed in this places.
Note:: Price may break the trendline or Neckline and moves upwards again to reach the ATH.
So careful here.
BNF : Short PositionNSE:BANKNIFTY is at its resistance line. One can take short position but keep a strict stop loss
BANKNIFTY--Consolidation + Upside = Fall ??Observations::
If we see on daily time frame, price has broken the previous resistance at 44200 level, with a strong consolidation.
price moved to the upside with strong consolidation.
let us consider this as a consolidation + upside == Fall.
price is not giving any sort of retest to the previous resistance 44200 level.
If we observe a pullback towards the previous resistance, price will fall until 44200 level.
If we see a slow pullback towards 44200 we can observe a bullishness again.. from 44200.
If there a chance of huge fall from upside...
we don't have a chance of buy opportunity again from 44200 level.
price will continuously fall happens below 44200 levels,
this time 43400 level will also break. Be cautious.
On bottom side price created a demand zone @43800,will push the price towards 44200.
Here 2 possibilities, if price falls below 44200 level,43800 gives support..
if the previous resistance acts as resistance price fall happens from 44200 again.
but if the same level acts as demand will observe again a bullish up to ATH.
BANKNIFTY--Rise or Fall ??Observations:: ((This part continuation to Consolidation + Down = Up))
---After a strong consolidation + downside = Upward Is Done.
--->> The Base is again acting as a resistance so price fall is done.
---->>now price is nearly at its demand zone,43400 if this zone breaks or not??
the possibility of breaking this zone is more until price is below 43700 range.
that is the range previously a strong rise is observed...its clear demand zone.
today price broken the demand zone and retested the same zone and closes below that zone.
if this same zone acts as resistance price can easily breaks this bottom demand @43400.
But before breaking this zone, we will observe a consolidation or strong fall is going to happen below these zones.
from the last 3 days a trending market is observed, no sign of range is observed.
if Demand zone @43400 will resist below and @43700 demand acts as supply will resist above we will observe a ranging market again.
if price strongly break this zone @43400, we have a next strong zone @43100-43000 is possible.
in the middle 43300 will gives us pullback. Will see what happens tomorrow in the live.
BANKNIFTY--Gap Down or Gap Up ??observations::
After a strong fall price is in consolidation,
price is in a range more than two days and today witnessed a pullback is observed...
If it is a pullback, tomorrow we will observe a bearishness again....
If we see still the strong supply zone is located at 44300 levels..
If tomorrow price opens gap up and showing bullish pressure will be on buyside until 44300-44350 levels
if the supply zone @44200-44160 range acts as support price will again touch ATH.
If price opens, Gap down, we will look at 43700 area for buy side.. where previously gap up is observed
If price is showing strong bullish pressure @ this level will go for buy on pullback.
After Gap down, no buying pressure and again showing consolidation...
will be on sell side for targets of 43400 levels.
and we will look for buyside at 43400 levels.
If price again Strong bullish from bullish gap levels...and moving above levels..
will be on buyside until the supply zone..@44300-44350.
BANKNIFTY--Retest or Fall ??Observations::
Price has broken the trendline...strongly
now we have to see it will continue to drop or will retest the trendline...
if we see the chart,
trendline retest if possible test area is 44200 or strong fall area @44350 level.
If we see on bottom side...strong reversal is observed with gap @43700 and is still not at finished.
if price fall continue we can observe this gap be finsihed soon.
if Price is going to test the supply zone @44350 to fall again
If tomorrow price is range between 44000 and 44160 levels and goes up look for sell.@ Supply Zone.
BANKNIFTY--Bullish Gap or Bearish Gap??observations::
We have resistance in the range 44270-44255,
if failed to resistance price will reach 44340-44310 range.
we will observe some consolidation in this area 44250-44360 range.
we have support @44150-44140 range ,if failed will go for short.
we have bearish gap @44450 range...
if price breaks the resistance @above zones.. will observe gap may fill...
we have bullish gap left @43880-43900 range.. will again push the price to higher levels.
BANKNIFTY SHORT
Price has formed a Fresh Monthly Demand @ Rs. 42015 and has to retrace into it,
for now We have a downward structure formed and Price should respect the Daily Supply.
BANKNIFTY--Trending or Ranging??Observations::
--->>Price is in Range
Strong Resistance @44160-44080 acts as strong support, will observe a trending Bullish Expiry.
If the same again acts as Resistance will observe Trending bearish expiry, if all this wants to happen price has to break 44250-44200 level. otherwise again range bound.
------>> Facing resistance in the zone 44460 Yesterday showing some bearish pressure
,and today price again closed in the same zone.
price is taking the support @44250-44200 range.
If this range is broken, we can expect the bullish gap be filled, pullback is needed.
After finishing the gap, if the support zone @ 44250-44200 is acting as a resistance,
Tomorrow is expiry, if price again rejected by 44160-44080 zone,
price strongly fall until 43400 keep look at this level.
If the same zone acts as support again will observe a new bullish momentum.
we don't have a clear Targets and stop loss points, above All time High, so taking trades without confirmation is risky.
Note::
Clearly we have previous strong resistance @44160-44080 level,
If acts as support will go for buying up to 44250, 44450 only, above that we don't have any obstacles to resist.
But keep in mind key level @44250-44200, if this level rejects, then only fall may happens.
Price is ranging in 300 points only.
BANKNIFTY@ Breakout or Consolidation??observations::
--------->>Price is still in the range only, 44200- 43600 range only. we cannot predict the next momentum until price breaks this range.
------->>until keep in the buy side from 43400 and sell side from 44200 levels.
Use the principle range bound market, buy @ support and sell @ Resistance.
If we see the same chart in different way it looks like this,
Broken the trendline and retest of the trendline and falls below the resistance.
again rise from the support @43400 levels.
Until price breaks out of the range, we can clearly consider the BANKNIFTY is bullish in higher timeframes. so we are looking for buy opportunities only.
If we see clearly today price exactly closed @ resistance previous support may acts as resistance, and if price falls to below levels @43400 again will go for buying, because price is in range, for target of 44200 only.
if price breaks and gives retest will go for sell. Fake breakdowns and fake breakout may also happen.
BANKNIFTY-Look for sell at 43100-43250 Note :
fake breakouts may happens at this level, be careful at this level.
Buy plan:
if price breaks 43100 and pullback to 43000 levels then go for buying up to 43210,43300,43470.
Sell Plan: Look only for sell at these levels.
if 43000 breaks and observe a fake breakout and falls below to this level and again 43000 level acts as resistance go for selling targets are 42800,42700,42620.
we have Strong support at 42400-42350 levels.
Consolidation Levels : 43100-42800
BANKNIFTY : on daily supportBANKNIFTY closed is near major daily support level. Once it break we may see next daily support in coming days.
Levels of daily, hourly & 15min timeframe marked on chart for today. Follow Price action & trend
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Disclaimer
I am not sebi registered analyst
My studies are Educational purpose only
Please consult with your Financial advisor before trading or investing
I may be 100% wrong as its my personal trade.
First Learn and then remove "L"
Banknifty Ready To 1000 Point Down Move 30/01/2023NSE:BANKNIFTY
Banknifty break all support level , i found strong support - 39410
Banknifty try to go down 1000 Point and touch 39410 level then consolidate 3-5 days then banknifty next move .
BANKNIFTY Prediction for 12th December(Monday)I already mentioned important points on chart.
If market opens GAP DOWN / FLAT my view will be BEARISH.
You can sell once the price again reaches supply zone.
If the price rejects from supply zone, expecting market to create new swing low.
If the price opens GAPUP/ starts trading above previous Day's high, You should ignore this analysis.
NOTE:
This Idea is according to my understanding of market especially BankNifty.
And do your own analysis, take positions according to your Risk Appetite.
HAPPY TRADING....
