Bank Nifty Support and Resistance Levels
Bank Nifty Support and Resistance level, bank nifty trade is in the channel.
Bankniftyview
BANKNIFTY Trading Strategy for 15th May, 2024 | Expiry TradeNSE:BANKNIFTY Trading Strategy for 15th May, 2024 | Bullish Reversal confirmed.
✅ Breakout from lower end of rising channel at daily chart.
✅ Breakout from Falling wedge patter at 15 min Time Frame
Trading Strategy :-
✅ Initiate CE trade if Banknifty crosses and sustains (min 30 mins) above 48000 - 48070
✅ Target - 48258/48461
✅ Initiate PE trade if Banknifty crosses 47800-47750
✅ Target - 47607/47429/47099
Look at the chart for more information
Do share your thoughts on the analysis. Lets decode the charts together.
A steeper slope to climb!The "Channel bottom visit" we were referring to a few days ago, is done and the Level we marked " TO be protected" on 2nd May has been visited and protected (No close below that). We got the ritualistic bounce off there and now what ? The way back up to the top of the channel is not going to be an easy one and looks less probable. Was this bounce, induced by Amit Shah? If so, Banks will need a reason better than that to sustain the upward momentum. Not able to look up as of now. Shorting on upticks would be my mindset going into trade today.
Bank nifty Falling Channel Breakout Index managed to to close in green for the first time in this month, it bounced off from the intraday lows to close meaningfully green, Break of previous candle high of 47868 would bring us the following levels on the index in no time -
1st target - 48250
2nd target - 48660
3rd target - 49000/050
Long traders should stay cautious if the index starts reversing downside and starts sliding below 47450/500 levels!
(+/- 50 points every mentioned levels)
Nifty and BankNifty UpdateHello Traders,
Kindly checkout the latest update on Nifty and BankNifty. As we told in start of the month that Nifty have major support of 21780 and BankNifty have majot support of 47033. Today Nifty have almost tested the support and pumps up while BankNifty have fully tested the support and pumps up.
Crucial support level. This is the support we have been waiting for since 2nd of May. Now that we have made daily candles that look a lot like reversal candles to me, I am absolutely sure about being unsure on what to to. Will perhaps let Bank Nifty decide for herself on a moon first. Till then, I have a seat with the audience.
Weak weak ?Will the banks be able to close this week above these crucial levels is the big question. Them Bank Nifty remains the lone crusader who never gave into this bloodbath.
Caught in a tight zone Bank Nifty is stuck in a difficult zone from where it has a lot more to fall than NIFTY before we can say it's with the bears.
Ritual pendingIf the ritual we mentioned yesterday plays out, a PUT buy in Bank nifty could be the trade of the year. But again Bank Nifty is also at a crucial FVG level. And to the bottom of the channel, it has a long way to go.
Bulls on slippery slope. The last time Bank Nifty tried going up without testing the bottom of this channel was in Jan 2024. Look at what happened then. We opened to a large Gap down and completed the ritual. That ritual is pending in Bank Nifty. If that is the case, we will see a sting into the bottom before we continue higher.
Limited up side Bank Nifty again is more resilient than NIFTY. It is seen respecting the Daily FVG and looks ready consolidate with a positive bias. Just the hammer created on the top of a rally caps the up side. Hope sellers take a breather before they swing back into action.
Battle of StraddlesThe FVG has been respected and this implies we are ready to fly. All will depend on the nerves of 49500 straddle writers. What steel their nerves are made of. If they run, Bank nifty runs to 50k. Now 50K is a psycho level and so are the sellers there. Overall I am bullish.
Bigger the consolidation better the breakout #BankNiftyBank Nifty was in a uptrend channel on 3hrs Chart / after good consolidation know Breakdown / Bank Nifty almost 5% down from the peak. if bank nifty behave sideways for a week and invite sellers then uptrend will continue. Market is supreme . Plan your trade as per Behaviour.
Only for educational purposes .
Was never with the bears.Bank Nifty was never bearish the whole time. There is every possibility that 49300 will be protected this week. Every dip in the morning should be seen as a chance to buy calls. Unless some extraordinary selling comes in the market, Bank Nifty should either consolidate or fly. The only negative is the bearish day candle formed yesterday. The top of which will be the SL for Call writers.
BANKNIFTY Short Looks Good HereKarma Oscillator turns red which confirms the potential movement.
Price crosses below the Astra line.
Bank Nifty Short TermPlease note : Bank nifty has given cup and handle pattern breakout. There is a high probability that 53300 level can be achieved. Subject to 48000 level is not broken.
DISCLAIMER : THIS IS FOR EDUCTIONAL PURPOSE ONLY
banknifty banknifty after breakout all timr high its rally going 4.70 percentage so 51000 banknifty reach chance
Now what ?Bank nifty in in no man's land. The close of tomorrow's candle will give us some level to mark. There seems to be decent absorption at 49580. But how strong these shorters are will be have to be seen tomorrow. Ideally a HANDLE will have to be formed for a healthy up move. Now, how big a handle?
KOTAK Bank is going to blast Upside !! Kotak Bank is around Long term Support !!
Stock is consolidating since 2020 and has given No returns so far
In a rangebound market one should always Buy around the support !!
Stock is forming base around 1600-1650 level.
Also Stock is around EMA support and on RSI Support on a Weekly Timeframe
All these indicating Technically Stock is at good Support
Disclaimer : We are not SEBI registered analyst. Do your own research before taking any investment decision.
Never turned to Bears!Bank Nifty in fact never turned bearish. Also the sellers who are at 49000 do not seem as strong as the ones at 22800 for Nifty. On the whole, looks like if the market flies to the moon, Bank Nifty could land in Mars.
Banknifty Intraday Levels : 29-Apr-24Banknifty closed below earlier supply zone & taken Trendline support so wait for Breakout or rejections at zones
Bullish > 48570
Bearish< 48050
All views for Educational Purpose do your own analysis before initiate trades.
The real hammerThe real hammer happened in BNF spot. And BNF never crossed over to the bearish territory. It s time to go retest the previous high Unless the Mauritius guys re waiting to sell at a better price.
Half full or half empty ?Bank nifty on the other hand has to move up a little lesser than nifty and close the day to stay UN bearish in the larger view. But when I look at it through a bear's lens, this is more of a larger stretch of plain slope for the lady to slide down. SHort SHort SHort. .... Unless KOTAK bhai or LIC bhai is ready with BUY's.
