Nifty & Banknifty analysis

[sundar]

BankNifty 20-02-23 analysis - 41973 is the resistance, 40883 is the support and the important resistance for today is 41433, if BankNifty opens gap up and continues to trade upside don't plan any trade let the market moves towards the upside, once BankNifty tests the 41433 price levels or if BankNifty tests 41560 price levels and starts moving down BankNifty can give a very good move towards the downside if BankNifty comes down after opening 40888 will as support also this trend line is acting as support so BankNifty can take support at this levels and makes an up move. if the market moves up that time one trade can be planned with a small SL but should be careful because the market might turn around from the FIBO resistance levels. in case BankNifty sustains above 41560 levels the trend will be going to change so buy-side trades can be planned but again 41973 will be strong resistance in BanKnifty.

[sundar]

Nifty 20-02-23 analysis - in Nifty 18130 is the resistance, 17884 is the support and 18000 is the 0.5% FIBO is the important resistance, so in case Nifty opens a gap up and starts forming a green candle wait for the movement, do not plan to buy in a moving market let the market test 18013 resistance level, so once Nifty faces resistance and starts moving towards the downside plan for a sell trade, in case Nifty breaks 0.5% resistance need to wait how the market behaves at 0.618 levels if nIfty rejects 0.618 level also Nifty can fall down to the support levels. if Nifty comes down after a gap-up opening let the market comes to the support level and observe the price behavior at the support zone if Nifty takes support and breaks 0.236 levels it can move to the next resistance but again stop loss should be very less because the market is negative, when to try to find buying opportunity in a negative market do not expect a big target and keep a small SL so that it can be manageable RR ratio.

[sundar]

BankNifty 21-02-23 analysis
                 In BankNifty 40600 is the support zone, and the trend line is acting as a resistance, if BankNifty slow and steadily moves upside at this trend lie market can face resistance so 0.382 level is the important resistance in BankNifty today, even if the market breaks the trend line after a consolidation until it breaks and sustains above 0.5% no trade should be planned upside. if BankNifty opens flat or gap down and moves downside then after a consolidation it breaks the trend line along with 0.236 resistance one trade can be planned buy side but we can not expect a big move so with small risk reward positions should be closed, in case BanKnifty moves till 0.5% and faces resistance at this level market might come down so that time we can plan for a sell trade with price action confirmation. 40900 to 40600 BankNifty might go sideways today also can create volatility so if you're planning to trade in this range keep the SL and expect small targets.

[sundar]

Nifty 21-02-23 analysis
              Nifty - 17800 to 17820 is the support zone, yesterday market closed near the support zone, and today market might trade within the PDH and PDL range itself so a consolidation market is expected today. if Nifty opens flat and comes down and then takes support at the 17800 level Nifty might move towards the upside until Nifty breaks the 0.236 level no trade should be planned, once the Nifty breaks the 0.236 levels resistance market might try to test 0.5% which is 17900 resistance and then again market might reverse to the support levels. if Nifty opens gap up upside move might continue till 0.5% level and from there market might reverse. in today's market both sides opportunities can be seen so when the market is at support levels try to find buying opportunities if the market moves up and comes down near the resistance levels try to find selling opportunities.

[sundar]

Banknifty 22-02-23 analysis - yesterday market took support twice at this trend line so if Banknifty opens flat races resistance and breaks the trend line, Banknifty might give a decent move towards the downside, if Banknifty opens flat and trades within the range of the trend line and 0.236 level resistance do not enter any trade because both levels are important. if Banknifty breaks the 0.236 level market might make move to 0.5% which is the previous swing high, and from there market might take a turn.  if the sellers are aggressive market might move below 40530 so 40200 will be the next support for BankNifty.

[sundar]

Nifty 22-02-23 analysis trading in a channel pattern, yesterday it took rejection twice at the trend line and moved downside since the next support for Nifty is at 17740, Nifty might come down to test the lower channel, so if Nifty opens flat and breaks the 17800 support and makes a price action market might go in a downward direction if Nifty opens flat and starts moving upside it has to break 0.236 levels first if Nifty sustains above this level we can expect the market to move for stop loss hunting towards the upside. in case Nifty gives a fake breakdown and starts moving upside also we can expect the market to test above the resistance levels. else if Nifty can take rejection at any of the FIBO levels if buyers are not aggressive.

[sundar]

BankNifty 24-02-23 analysis - 40100 is the key resistance level in BankNifty so if BankNifty opens below this range and faces resistance at the trend line it can take support at the bottom trend line so if BankNifty takes support at the bottom trend line and then breaks teh resistance which is 40100 BankNifty will test all the resistance levels above. in case BankNifty opens gap up 40250 is the resistance so it might retrace back at this level, so if BankNifty retraces back and gives a breakout above 40250 we can expect market to test 40450 level. if BankNifty opens gap down it will try to come back to inside the range because 39800 will act support so no sell trade should be planned.

[sundar]

Nifty 24-02-23 analysis
                  In Nifty 0.236 level is the first resistance, if Nifty opens flat or gap up market might reverse from this level, If Nifty breaks this level next this trend line will act as resistance so we can expect an upside move once 0.236 level is broken. if Nifty opens the gap down and breaks the 17450 support level, the market can attract sellers and reverse from this level, so one buying opportunity can also be found here. If Nifty opens gap up and faces resistance at the 0.236 level and starts moving downside, once it breaks 17520 level market might turn bearish below this level so Nifty can test 17450 or 17400. in case Nifty opens gap up above 17600 the level then starts moving upside wait until the market tests the trend line resistance so that once Nifty takes resistance at the trend line we can expect a down move.

[sundar]

BanKnfity 03-03-2023 analysis continues to Trade in a channel pattern, today if BanKnfity opens flat or gap down do not try to sell at these levels because 0.5% is acting as support so BanKnfity also can try to attract the sellers and starts moving to hunt their stop losses so look for buying opportunities at these levels. if BanKnfity opens gap up faces resistance at the 0.236 level then breaks the channel pattern with a small SL you can think of buying a put option but 0.5% will act as support so need to exit the trade quickly. if BanKnfity takes support at 0.5% level and then starts moving towards the upside once BanKnfity starts sustaining above 0.382 level we can think of buying a call option market can make a quick movement, in case BanKnfity takes support at the trend line and starts moving upside until it breaks 0.236 level do not plan for a buy trade because the market can attract sellers and then it can give a breakdown.

[sundar]

Nifty 03-03-2023 analysis CLosed near the support level, in Nifty trend lines are acting as support and resistance, below the trend lie 17300 is also acting as support, today if the Nifty opens flat or slight gap up then break the trend line support many of the retail traders will think to sell at this level. Still, this breakout could be a fake breakout so Nifty might take support at 17300 and can bounce back after attracting the sellers, even if Nifty breaks 17300 there is a chance Nifty to take support at the 17250 level, so at this level once Nifty breaks the support then makes an up move we can think of buying call options so that market will make a quick movement. in case Nifty opens 30 or 40 points gap up 17390 will act as resistance so Nifty might face resistance at this level and Nifty can start moving towards the downside.

[sundar]

BankNifty 20-03-23 - SGX Nifty is indicating 50 points gap down, so Banknifty might open 100 points gap down. if Banknifty opens near 39500 this level will act as support so if Banknifty takes support at this level starts moving upside until it breaks the previous day's close no buy trade is to be taken, if the previous day's close is broken and Banknifty sustains above this level Banknifty might test 39900, so if Banknifty faces resistance at this level and starts moving down Banknifty might fall from this levels so at this level sell trade can be planned. if Banknifty breaks the resistance levels do not try to buy because this is a higher levels market that might trap buyers and come down so once Banknifty faces resistance and starts moving downside and gives a pull-back we can plan a sell trade. or if Banknifty breaks the 39500 support levels and comes down 39200 will act as a support trend line that should be extended

[sundar]

Nifty 20-03-23 - 17070 is acting as support in Nifty so if Nifty opens near this level Nifty might take support so if Nifty takes support and consolidate at this level then gives a breakout market that might move upside. if Nifty breaks this support level trend line acts as support so until the range broken no buy or sell trade is to be planned, if the support trend li is broken and then if Nifty retests the trend line again and starts moving downside market might test all the support levels which are market below. in case of Nifty breaks the support level and doesn't sustain and makes an up move from 16970 we might see another rally in the market today but Nifty has to break the 17070 resistance level.

[sundar]

Nifty 21-03-23 - SGX Nifty is trading at 17100, so we might open gap up. if Nifty opens gap up near 17100 17120 is the resistance levels Nifty can face resistance at this level, if Nifty retrace back from this level and breaks the resistance we might see upside movement in Nifty. so once the 17120 level is broken 17170 and 17200 will act as resistance levels in Nifty. if Nifty races resistance at 17120 and breaks 17080 support levels and retests the support levels again we might see a fall in the market. if Nifty takes support at 17080 levels and starts moving upside no trade is to be planned until the 17120 level is broken. if Nifty breaks and sustains above 17120, market might go upside otherwise Nifty might consolidate between 17120 and 17080 levels. if in case market comes down 17020 and 16950 levels will act as support.

[sundar]

BankNifty 21-03-23 - 39600 is acting as resistance if BankNifty opens near this level BankNifty might face resistance or if BankNifty directly breaks this level do not plan for buy trade let the market sustain above 39600 resistance then if BankNifty gives a retracement buy trade can be planned. if BankNifty faces resistance at 39600 and comes down BankNifty can take support at 39400 so if BankNifty takes support at 39400 and breaks the support zone BankNifty might test the lower levels, if BankNifty comes down at 39150 will act as support. in case BankNifty. if BankNifty breaks 39600 resistance after opening the gap up and doesn't sustain and breaks the day's low in this case also BankNifty might test the support levels.

[sundar]

Nifty 24-03-23 - SGX Nifty showing 20 points gap down so Nifty might open a flat or slight gap down. if nifty opens flat trend line is acting as support so Nifty might take support at this level, if Nifty breaks the trend line 0.5% of FIBO will act as support, if Nifty breaks this support also Nifty might retrace from 0.618 levels support. in case Nifty opens gap down 0.5% will act as support so Nifty might take support and retest the trend line, if Nifty retest the trend line and starts moving downside market might give downside movement. if Nifty takes support at 0.5% and sustains above 0.382 level market might behave sideways because Nifty will start trading inside the range. even if Nifty faces resistance at the 0.236 level and comes down market might give a downside movement so 0.5 and 0.618 support levels will be tested.