Bankex Analysis for 19-08-2024: Support & Resistance Levels
On 16th August 2024, the Bankex Index showed a strong performance, closing at 57,633.81, which marked a significant rise of 1.61% or 911.86 points. The index opened at 57,156.00, reaching a high of 57,736.48 and a low of 56,816.69 during the day. This increase reflects a robust bullish sentiment across the banking sector.
Technical Indicators for Bankex:
Max Pain: 57,500
PCR (Put-Call Ratio): 1.09 Bullish
IV (Implied Volatility): 9.94 as of the closing on 16-08-2024.
Support Levels
Bankex is already in bullish domain with key support levels around 56,800 and 56,400.
Resistance Levels
If the index sustains above these levels, a pullback towards the resistance levels of 57,900 and58,400 is possible.
Top Gainers and Losers:
Among the Bankex constituents, top gainers included Kotak Mahindra Bank, which surged by approximately 3.2%, and Axis Bank, which increased by 2.7%. Conversely, IndusInd Bank and Federal Bank saw minor declines, with IndusInd Bank down by 0.5%, reflecting slight profit-booking after a recent rally.
Trade Prediction for 19th August 2024:
The Bankex Index is expected to face immediate resistance at 56,900, while the nearest support level is around 56,500. Given the bullish momentum, a potential breach above 57,800 could propel the index towards the next resistance at 58,200 to 58,400. Traders should watch these levels closely, as the index's movement will depend on broader market sentiments and any sector-specific news.
Technical Parameters:
Key technical indicators suggest a mixed outlook. The Relative Strength Index (RSI) is nearing overbought territory, indicating potential caution. However, moving averages, including the 50-day and 100-day simple moving averages (SMA), continue to provide strong support, suggesting that the overall trend remains positive.
OI Analysis:
The Open Interest (OI) data indicates a buildup in positions at higher strike prices, especially around 58,000, suggesting that traders are expecting the index to test these levels. The bullish buildup in OI, combined with positive technical indicators, points to a continuation of the upward trend, albeit with potential volatility near the resistance levels.
Disclosure: The publisher of this idea is not a SEBI registered analyst. The information shared here is solely for educational purposes and should not be interpreted as financial advice. Always consult with a qualified financial advisor before making any investment decisions. The publisher does not endorse social media shares on any platform.
Technical Indicators for Bankex:
Max Pain: 57,500
PCR (Put-Call Ratio): 1.09 Bullish
IV (Implied Volatility): 9.94 as of the closing on 16-08-2024.
Support Levels
Bankex is already in bullish domain with key support levels around 56,800 and 56,400.
Resistance Levels
If the index sustains above these levels, a pullback towards the resistance levels of 57,900 and58,400 is possible.
Top Gainers and Losers:
Among the Bankex constituents, top gainers included Kotak Mahindra Bank, which surged by approximately 3.2%, and Axis Bank, which increased by 2.7%. Conversely, IndusInd Bank and Federal Bank saw minor declines, with IndusInd Bank down by 0.5%, reflecting slight profit-booking after a recent rally.
Trade Prediction for 19th August 2024:
The Bankex Index is expected to face immediate resistance at 56,900, while the nearest support level is around 56,500. Given the bullish momentum, a potential breach above 57,800 could propel the index towards the next resistance at 58,200 to 58,400. Traders should watch these levels closely, as the index's movement will depend on broader market sentiments and any sector-specific news.
Technical Parameters:
Key technical indicators suggest a mixed outlook. The Relative Strength Index (RSI) is nearing overbought territory, indicating potential caution. However, moving averages, including the 50-day and 100-day simple moving averages (SMA), continue to provide strong support, suggesting that the overall trend remains positive.
OI Analysis:
The Open Interest (OI) data indicates a buildup in positions at higher strike prices, especially around 58,000, suggesting that traders are expecting the index to test these levels. The bullish buildup in OI, combined with positive technical indicators, points to a continuation of the upward trend, albeit with potential volatility near the resistance levels.
Disclosure: The publisher of this idea is not a SEBI registered analyst. The information shared here is solely for educational purposes and should not be interpreted as financial advice. Always consult with a qualified financial advisor before making any investment decisions. The publisher does not endorse social media shares on any platform.
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