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BankNifty Prediction for Tomorrow : 22 August 2024Bank Nifty Market Prediction for Tomorrow 22 August 2024 Bank Nifty Today's Market Update -Market went sideways. -It respected and took a support exactly on the Risological dotted Trendline and bounced back. -I am still holding my CE position -If the market takes a gap down tomorrow morning and closes below the Risological dotted line (50,447), I will consider PE side buying. SUPPORT: 50,447 RESISTANCE: 50,751 - 51,429 - 52,107 - 52,526
NSE:BANKNIFTYLong
by ProfitsNinja
BANKNIFTY Channel pattern analysis ❗ 🛑 Banknifty forming Ascending parallel channel pattern in Day frame chart ...... 🛑 Usually it forms during uptrend markets 🛑To formation of ascending channel an underlying security / stock must forms an Higher highs and lower lows 🛑 As we can see banknifty forming Higher highs and Higher lows 🛑 When we connected those higher highs and Higher lows we get an ascending channel 🛑What is higher high ❓ Well, When an stock making new high than previous high is called higher high For example , let's take an X company is trading at 11 Rs on 28th sep and Today X company Trading at 15 Rs this is called X company making Higher high 🛑What is Higher low ❓ Well, When an stock get huge short and making low that Low price is not less than previous low. In other words current low of an X company is high when compared to previous low For example, let's take an X company which is trading at 9 Rs on 27th sep and made an high of 15 Rs yesterday today shorter's entered market they short X company's share now it is trading at 13 Rs Means 13Rs low is higher than 9Rs low this is called Higher low 🛑What does Ascending parallel channel actually represents ❓ Well, when an stock or an index makes an new high and its short term correction is higher low ( means it does not go below the previous low ) In other words when buyers were aggressive take the market upwards making new high and they doesn't let market go below the previous low which means they were in the control and they were not letting sellers to control the market 🛑 Banknifty now may take support from 37250-37200 levels and it may be bounce back from the Trend line support 🛑If banknifty breakdown the Trend line support then we can expect Sideways market for some couple of days I hope that it will help a lot If like it do follow for more Have a nice day 😊
NSE:BANKNIFTY
by agasthya_d
BANKNIFTY levels for 27th Monday ❗Hii Traders 😊 Welcome to BANKNIFTY chart and Futures analysis for 27th Monday 🛑I'm sure that you will make note of these crucial levels for Monday market 🎯 Key levels to watch out for day trader 🛑 Major resistance zone for BankNifty is at 38050-38150 where at this point BankNifty tried to breakout level and if you see the Option chain data in NSE website we can see at this point more shorts were added in Friday market ◽ If market breakout resistance then we can see Target of 38300 ◽ Stop loss will be 38000 if market traded below this level then banknifty will be weaker and might be fear can continue ◽Banknifty might be shown some more weakness below 37780 ◽ if huge gap up happens above 38150 the don't take a trade let the market correct because market Dont like gaps whether it may be huge gap up or gap down so let market get correct for some time then take the trade 🛑 Major support level for BankNifty ◽ Support level for nifty lies at 37680-37600 this the region of yesterday's value area means major valume is lies their so it acting as support zone ◽ Market successfully breakdown this level then we can take a trade ◽ And we can see the Target of 36600 ◽ STOP loss will be 37830 where previous day close acting as strong support and resistance 🛑levels for banknifty will be also same ◽Go long on banknifty Futures if it breakout the resistance ◽ If banknifty traded above 38000 I'm sure that more shorts get covered in banknifty Futures ◽ Don't short the market until below the 37800 🛑 Summary ◽ Resistance level for CE buyers /option buyers is at 38050-38150 ◽ support zone to buy PUT / PE is at 37680-37600 ◽ BankNifty will be weaker on intraday basis below the 37800 Thanks for reading 😊 I hope that it will help a lot and I'm wrong kindly comment mine mistake surely I will correct it If you like it do follow for more and give reputation which will boost mine confidence to do more. have a nice day
NSE:BANKNIFTY
by agasthya_d