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Niftybank

Nifty bankNiftybank even after opening gapdown tries to sustain itself in green and closed above yesterday's closing price. As per our last post we have continued to put our view for upside in BANKNIFTY. (Resistance of 41000 is yet to reach) Some noticing points that I want to clarify are: Nifty bank is consolidating in a fix range which after its range breakout will give a sharp movement to any of the sides. For Short term trade (weekly options) support is 40050/39800/39550 if it goes downward direction. If this consolidation phase continues then we can put our resistance at or near 41000-41350; while support could be set above 39850. (For swing opportunity) Thanks. Disclaimer: This post is for educational purpose only. Please consult your financial advisor before investing. Boost my post if you like.
NSE:BANKNIFTY
by TripuraInvescorp
2
Nifty bankNifty bank was dragged from today's high of 41900 to near 40400 level forming 3 black crows pattern which is clearly spotted under 30 minutes timeframe after that Hammer pattern is formed but it is not forming at the bottom of the trend. So we can't precisely conclude that it will show a positive momentum but still we can hope for that in tomorrow gap up opening. Nifty banks immediate support can be taken at 40350-39500 And resistance at 41000-41400-41600. Some important points which can boost the trend towards north:- Adani entreprises FPO fully subscribed. Good news from budget which helps to pump cash in equity stocks for long term investors. Disclaimer: These are my personal views on the market. Please take investment advise from your financial advisor before investing. Like and boost up my post for more such curated views on indices and stocks.
NSE:BANKNIFTY
by TripuraInvescorp
Nifty 30 Jan 23 to 3 FEB 23 Short ,Medium and Long TermNifty 30 Jan 23 to 3 FEB 23 Short ,Medium and Long Term Nifty closed at 17605 ( Prev close 18057) Nifty in Deep Red Zone due to Hindenberg report Adani Stocks befor FPO and budget. Q3 Results didnt entralled the investors to the expectation so far, except Banking sector results. Banking sector posted good performance(results) as mentioned in last 2 weeks analysis but the bank index didnt moved much due to the Indian Market Slow down worry. Expect infra push continues in budget. Currently market is eagerly waiting for budget to prevent any deep fall. Wait for the market to dip to the support levels mentioned below. Overall Strategy: Negative till budget & accumulate on dips w.r.t the strict support level given below. Long Term looks attractive. Market may fall from 2-4 % from current level Nifty short term Nifty was following range bound action for the last month as specified despite budget expectation. Due to the Adani report, market fell down 2.2 % last week. If it breaks below 17435 (Oct22 High Shown in dark Red line) then next support will be 17290 ( MA 200) / 17000. Index will be in broader range with high volatality 17250- 17800 till budget. Investors can Partial profit booking (30%) stocks can be initiated and add value stocks for Long Term when market dips to the above support level. Medium term target 18250 followed by 18900 is achievable as overall macro economic data is good and now purely depends on the push to be given by budget. If the budget is not meeting the expectation then the Market Range will be 16750 ( Sep 22 low) - 18250 levels. Long term target 19500 still in intact. Nifty Bank Index is continuing under oversold zone, Adani stocks exposed stocks like SBI, ICICI, LIC will be consolidating little and opportunity to buy. other bank Stocks like Axis Bank, Kotak Bank, Ujjvan Small Fin bank and BOB looks promising. If nifty moves towards 19500, Nifty Bank will definitely might move to 46500 level from current 42506 little better % than nifty . sectors like Defence, Infra stocks will be concentrated in budget especially HAL, BDL, Ircon, PNC Infra are good to buy on dips ( 5-10% Correction) incase market fall. Auto looks promising - Maruti, M&M , Tata Motors are good to buy. Other stocks - Bajaj Finance ( 5-10% Correction), Infosys, Hind Unilever, Tata Elxsi, KPIT looks promising. Buy on Dips.
NSE:NIFTYShort
by karthikss
Nifty 23 Jan 23 to 27 Jan 23 Short ,Medium and Long TermNifty 23 Jan 23 to 27 Jan 23 Short ,Medium and Long Term Nifty closed at 18027 (Prev close 17956) As highlighted in prev weeks nifty is in sideways movement. Q3 Results didnt entralled the investors to the expectation, except Banking sector results. Banking sector good performance(results) was expected as mentioned in last 2 weeks analysis but the bank index didnt moved much. Expect infra push continues in budget. Currently market is eagerly waiting for budget. Wait for the market to dip to the support levels mentioned below. Partial profit booking (20-30%) stocks can be initiated in portfolio stocks and add value stocks. Overall Strategy: Neutral till budget & accumulate on dips w.r.t the support level given below. Nifty short term Index will be range bound from 17775-18260 till budget. If it breaks below 17775 major support (Shown in dark blue line -Aug 22 & Feb 22 High), then next major support 17564 ( Fibinoccai 0.318 New)/ at 17435 (Oct22 High Shown in dark Red line). Need to cross firmly above sustain above 18260 to reach initial target of 18350(Jan22 High shown in dark Green color) /18440 and 18550 in the coming weeks. Medium term target 18900 as long as market above 16800/17000 levels. Long term target 19500. Nifty Bank Index is still under oversold zone, Stocks like Axis Bank, Kotak Bank, Ujjvan Small Fin bank and BOB looks promising. If nifty moves towards 19500, Nifty Bank will definitely might move to 46500 level from current 42506 little better % than nifty.
NSE:NIFTY
by karthikss
Nifty bank in a new pattern formationNiftybank was in consolidation zone from last 2 days between 42200-41850. It was the sign where major chunks of old positions were booked and from today onwards new position for next expiry are buildup and in a view of chart we could depict that a W-pattern is under formation which shows its immediate resistance near 42700(+/- 50). Usually we try to give positional outlook on BANKNIFTY to eliminate confusion in a shorter timeframe.
NSE:BANKNIFTYLong
by TripuraInvescorp
NiftyBank trend for tomorrowToday a V- shaped recovery has been seen in Niftybank from previous day's low of 41900 today it stand near 42500approx and it moves beyond that and went upto 42700. If this upward trend sustains above 42700 for tomorrow then it will hit 43000++ and will show strong momentum. But it has reversed somewhat today which shows a clear indication of inverted head and shoulder pattern on a 15 min timeframe which says if it crosses below 42300 and sustains below that then niftybank will hit 41900 and fall below that which will ruin everyone's portfolio to some extent. So, basically what I am trying to say is that opening and the market momentum after half day will clear our confusion. Moreover DIIs buying in cash market was more than the sellings by FIIs today.
NSE:BANKNIFTY
by TripuraInvescorp
2
Nifty bankAs we can see Nifty Bank is forming a 3 black soldier pattern on a daily timeframe showing support at 42000. The downward trend will continue as per the formation of next candle on 9th Jan. Before that it seems the market will hold its bearish trend which will go upto 41500. But if it forms a Doji Pattern on next candle then there will me a massive reversal in trend which tends Nifty bank to move upward to reach 44000. Will review on Monday. Boost up my post if it is helpful and insightful.
NSE:BANKNIFTYShort
by TripuraInvescorp
2
Nifty 09 Jan 23 to 13 Jan 23 Short ,Medium and Long TermNifty 09 Jan 23 to 13 Jan 23 Short ,Medium and Long Term Nifty closed at 17859 ( Prev Close 18105) with touching peak 18232 recovered from low 17806. Nifty formed double bottom chart pattern in back to back week. Oversold zone as per RSI (37) , Stochastics (27) & MACD is in red zone (-91) and Reversal sign might be achieved in this week. Nifty short term Index will be range bound from 17750-18550 till budget. Need to cross firmly above sustain above 18000 followed by 18260 to reach initial target of 18330/18440 and 18550 in the coming weeks. If it falls below the current level, the next support is at 17782/17566/ 17472 fib 0.618 retracement. Medium term target 18900 Long term target 19500 and then to 20500. Nifty Bank Index is also under oversold zone, Stocks like Axis Bank, Kotak Bank, Ujjvan Small Fin bank and BOB looks promising. Budget / Budget Expectation will take fresh high above 18550 or take it below 17750.
NSE:NIFTY
by karthikss