Nifty & Banknifty analysis

[sundar]

BankNifty 24-03-23 - Trend line is acting as support so if BankNifty opens the gap down it might take support at the trend line also 0.5% of FIBO is acting as support. if BankNifty breaks the trend line it might not continue the downside movement so BankNifty can support and move towards the upside and it can face resistance at 0.382 level then if BankNifty comes down and breaks 0.5% level BankNifty might move in a downward direction, 39200 will act as support. if BankNifty directly starts moving upside taking support at the trend line or 0.5% of FIBO BankNifty can face resistance at 0.236 levels so from this level if BankNifty starts moving downside we might see a good downside move. in case BankNifty starts moving downside after opening flat or gap down, after a retracement or after BankNifty retesting the price levels we can plan downside trades. if Nifty breaks 0.236 levels and sustains above this resistance we might see an upside m movement 40200 will act as resistance.

[sundar]

Nifty 27-03-23 - SGX Nifty right now is at 17000, so if can first test 0.236 levels, if Nifty takes support at 0.236 level and moves upside 17026 will act as resistance so if Nifty consolidates for some time near the trend line and gives a breakout Nifty might move upside but 17060 is acting as resistance so Nifty can face resistance at this level, if can Nifty faces resistance at the trend line and makes a downside movement 0.236 level should be broken and the market should retest the levels to confirm the downside movement in this case 16900 will act as support. if Nifty after breaking the trend line starts moving downside once the 0.382 level is broken down market might give a good downside movement. 0.236 levels will act as support. if Nifty opens near 0.236 levels and breaks the support directly once the market retests the same price levels again we can plan for a selling opportunity.

[sundar]

BankNifty 27-03-23 - Broke the trend line so if BankNifty opens gap up we need to consider that as BankNifty retested the trend line so BankNifty breaks 0.236 levels we can expect a downside move, the previous day low can be the support, after opening gap up if BankNifty makes an up move 0.382 levels will act as resistance so the market might so sideways also at this level. in case BankNifty faces resistance at 0.382 level and starts moving down once 0.236 level is broken we can plan for a sell trade BankNifty might test the support level. in case BankNifty opens below the trend line BankNifty can take support at the previous day's low and it moves up to retest the trend line so that case we can plan for a sell trade, even if BankNifty breaks 0.382 level no buy trade until if gives a breakout and gives a retracement. so after the breakout retracement or retest only on these two conditions, we can plan a buy trade.

[sundar]

BankNifty 28-03-23 - If BankNifty opens near 39630 resistance it might face resistance so if BankNifty starts moving downside from this level, BankNifty might come down and test 39490 support. if BankNifty takes support at 39490 and starts moving upside then breaks the 39630 resistance we might see an upside movement in the market, otherwise, if BankNifty breaks the 39490 support level market might slowly move towards the downside. if BankNifty breaks the 39930 resistance after the opening gap up movement might continue 39730 is the next resistance for BankNifty. in case BankNifty breaks this resistance also it might continue the movement to test 39800 or 39840. in case BankNifty faces resistance at 39730 levels and starts moving downside and breaks 39630 markets might go slow but we might see a fall in the market.

[sundar]

Nifty 28-03-23 - SGX Nifty is up by 50 points, so we might open near 17060. if Nifty continues the move after opening gap up 17090 is the resistance so Nifty might face resistance at this level. if Nifty faces resistance and makes a down move 0.5 or 0.382% of FIBO will act as support, so if Nifty takes support at these levels and breaks the resistance then the market might move up 17130 will be the resistance. in case Nifty faces resistance and breaks the 0.382 level market might come down to test the 0.236 level if the market is bearish. if Nifty breaks 17090 resistance and then comes down the also market will continue to move downside today. once 0.5% support is broken market might test 0.382 and 0.236 support levels.

[sundar]

Nifty 29-03-23 might open a slight gap up because SGX Nifty is trading at 17077. so if Nifty opens above the trend line Nifty might face resistance at the 0.382 level, if Nifty faces resistance and come downtrend line will act as support so Nifty might move upside from this and it can break 0.382 level, if Nifty breaks the resistance 0.5% will be the next resistance in Nifty, 0.5% will act as important resistance today it market breaks this level and starts moving upside we can see upside movement in the market, otherwise if Nifty faces resistance and comes down market might test all the support levels below. in case Nifty come down after opening gap up and breaks 0.236 levels, Nifty might trade in the range for some time because 16920 is acting as support, in case Nifty trades within the range for some time the starts moving upside from the support levels, we might see a rally towards the upside. in case Nifty starts moving upside once the trend line is broken we can plan for buy trade 0.5% will act as resistance.

[sundar]

BankNifty 29-03-23 formed a narrow range in 15mins time frame, if BankNifty opens above the range market will come down to retest the trend line, if BankNifty comes down and retest the trend line then starts moving upside BankNifty has to break and sustain above 39730 resistance then only we can see an upside movement in the market. if BankNifty doesn't sustain the gap up it might come within the range again so if BankNifty trades within the range we should not plan any trade because the market might go sideways, in case BankNifty come down and take support at the trend line or at 39300 levels starts moving upside from the support levels, we might a see an upside movement in the market.

[sundar]

Nifty 31-03-23 - SGX Nifty is trading at 17250 so our market might open with a big gap up. so 17260 and 17330 will act as resistance levels today. the market can move in one direction or sideways today so if Nifty opens a gap up and faces resistance at 17260 or 17330 levels and then starts moving downside we might see a good movement in the market, if Nifty takes support at 17260 and moves upside then starts moving towards the downside facing rejection at 17330, the market might give a downside movement. if case Nifty opens at the support levels and moves up and faces resistance at 17330 and then breaks the resistance Nifty might move towards the upside 17400 will be the next resistance. in case Niftyy starts moving downside breaking 17200 levels after opening the gap up Nifty might move in the same direction so near support levels if the market gives a retracement and continues the movement market might trade in the downside direction today.

[sundar]

BankNifty 31-03-23 might open near 40380, so this level will act as important resistance if BankNifty faces resistance and starts moving downside market might come down to test the support levels, if BankNifty crosses above 40380 and BankNifty retests or retraces back market might continue the upside movement. if BankNifty faces resistance at 40380 and comes down 40180 will act as support so in case BankNifty takes support at this level do not buy and let the market again break the resistance, or in case BankNifty breaks 40180 markets might give a downside movement so 40000 will act as support.

[sundar]

Nifty 03-04-23 - If Nifty opens gap up above 17414, Nifty will come down to retest the trend line of 0.618 level, if Nifty takes support and starts moving up Nifty might move in the same direction. if Nifty opens a gap and makes an upside movement Nifty might not test the next resistance at 17530 in between Nifty can reverse to retest the support levels, so in that scenario also market will make an upside movement. if Nifty doesn't take support and breaks the 0.5% level market might come down and fill the gap created on Friday. if Nifty opens flat or gap down market might take support and can move towards the upside so today also we might see a one-direction movement.

[sundar]

BankNifty 03-04-23 - In a 1hr time frame BankNifty also respects the trend line. If BankNifty opens gap up the trend line and also 40830 are acting as resistance s if BankNifty faces resistance at this level and retraces back then if BankNifty gives a breakout we might see a good rally towards the upside. in case BankNifty faces resistance at 40830 level and comes down 40560 is acting support even if BankNifty retraces back to this level and makes an up move BankNifty might continue the upside movement. if BankNifty breaks the support level and retests the support level then starts moving downside we can see a downfall in the market's previous day's low might be tested today. if case BankNifty breaks the trend line resistance and doesn't sustain the comes down and crosses 40830 level in this scenario also we might see a movement towards the downside.

[sundar]

Nifty 05-04-23 - Forming a cup and handle pattern, let's see whether the market sustains this pattern or not. SGX Nifty is trading near 17520, so we might open ga up. if Nifty opens gap up 17520 is the resistance, so if Nifty faces resistance at this level it might come down, so if Nifty comes down and continues the downside movement when the market retraces or holds for a while and then continues the downside movement market might give a movement till the next support. 17450 can act as support. in the first half if Nifty makes a downside movement in the second half Nifty can make upside movement taking support at 17450 levels. so if Nifty take support and starts moving upside at this level also market should give retracement and then continuous the rally market might again move to the resistance level, in case Nifty breaks the support wait for the bearish confirmation if Nifty continuous the downside rally or retests the price levels market might move toward the downside to test 17400.

[sundar]

BankNifty 05-04-23 - If BankNift also opens a 150 to 200 points gap up 41100 will, act as resistance, so if BankNift faces resistance at 41100 and starts moving downside we might see a fall in the market or if BankNift breaks the resistance and then starts moving downside market might give a good downside movement. if in case BankNift try to sustain above 41100 markets might move up to 41220 resistance so if BankNift makes this kind of movement before 12 or 1 pm, we might see a downside movement in the second half, in case BankNift starts moving downside after opening gap up 40950 will be the support, the market might show some retracement at this level then BankNift might continue the downside movement, so if BankNift continuous the downside movement 40850 and 40680 will act as next support levels in BankNift. if any situation if BankNift starts the upside movement from the support levels BankNift also can give a good movement towards the upside so keep the SL and trade.

[sundar]

Nifty 26-04-23 - SGX Nifty is trading near yesterday's closing price, so a flat opening is expected. Nifty formed a channel pattern in 5 minutes time frame, if Nifty opens inside the channel pattern it might take support at 0.236 levels and move up, even if Nifty opens a slight gap down also Nifty might move inside the range itself. if Nifty breaks the channel 0.382 will act as support if Nifty try to take support at this level Nifty might move towards the upside to retest the channel. if Nifty retraces at this support and again breaks it Nifty will move down to and take support at 0.5% FIBO. in case Nifty takes support 0.236 levels and starts moving upside 17800 will the resistance Nifty might not directly break this level so it can face resistance. if Nifty opens gap down and starts moving upside breaking 0.236 resistance, it might move to test the upper channel.

[sundar]

BankNifty 26-04-23 formed a symmetric pattern and give a breakout if BankNifty retests the 42670 levels or if BankNifty makes an upside movement and retests the trend line in both scenarios BankNifty might continue the downside movement. if BankNifty if BankNifty take support at 42670 levels and starts moving upside the upper trend line will be the support if BankNifty breaks it 42870 will be the next resistance, if can BankNifty faces resistance at the upper trend line and moves down market might consolidate inside the range or BankNifty turn bearish if BankNifty breaks the 42670 support. if BankNifty in case the BankNifty starts moving down breaking the 42600 support next BankNifty might hold the 42430 support level. if the market makes a huge movement in the opening itself, the upside or downside market might also go sideways today.