BANK NIFTY TIPS

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NSE NIFTY & BANKNIFTY Outlook For Intraday Traders

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Yesterday, I published the Bank Nifty 4-hours & weekly timeframe chart. And I had mentioned updating the morning outlook for intraday traders and our subscribers. Here it is:

Is Bank Nifty Resuming Its Bearish Move?

Bank Nifty is occurring in the range between 34700 and, 33370. To get a tradable move, traders should wait for the breakdown of this range.

Traders can short below 34100 for the following targets: 33803 – 33540- 33452. In this phase of declining, traders must wait for a confirmation signal. Buyers can enter above 34700.

Is Nifty Preparing For 15950?

Nifty is forming in the range of 17500 – 16340. Price will face a consolidation if it trades between these levels. We can see big impulsive moves after the price breaks this level.

Today, We will see a gap down in nifty  with a speculative boom.
After Gap is down, if the price sustains below 16220, traders can expect the following targets: 16150 – 16036 – 15956.
Bottom always takes time to be formed. A long position is only possible above 16800.

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Can BankNifty Retest 32600 Again?

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Free nse stock index banknifty chart calls

BankNifty Is Unfolding Final Impulsive Wave Z

Bank Nifty has started its Elliott wave cycle from the extreme low of 16116. It has completed the extensive impulsive wave (3) at 41829 and started falling in descending channel.

Currently, Banknifty is forming a triple zigzag on the corrective wave (4). Price has occurred the X-2 wave and started wave Z of the triple zigzag.

According to EWT, corrective waves move in the parallel channel, and the impulsive wave breaks the channel. An uptrend can only be possible after the breakout of wave X.

Let’s zoom into the lower timeframe to study this corrective structure:

Free nse stock index banknifty 4hours chart calls

Price is forming a final leg down Z. If the price breaks the control line, traders can short for the following target levels: 34115 – 33597 – 32613.

But the price has reversed seven times on the control line. If the price sustains above the control line with strong candles, the traders can long the following targets: 35168 – 36689 – 37517.

Although the wave principle has shown a bearish structure, we should always respect the price action.

Day traders should wait for our “morning outlook” for intraday trading on nifty and banknifty futures & options.

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Nifty & BankNifty – Intraday Trend Analysis

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NIFTY
Timeframe – 1 Hour
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Nifty has formed the minor channel wherein price has made excess. This excess has driven prices into the minor channel.

The upper band of the channel indicates the supply zone. Rejection from the upper band has a strong bearish indication. In this case, nifty has the support of 17000 & 16800.

If the price breaks the upper band of the parallel channel, we can see the price can push to our pivot zone 17420. A breakout of the pivot range is a bullish indication for traders.
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BankNifty
Timeframe: 1 hour
Free nse banknifty chart calls

Bank Nifty is also facing resistance from the upper band of the parallel channel. Bank Nifty is bearish below 36420 for the support levels of 36250 – 36000 – 36800.
If the price sustains above the parallel channel, nifty can face the resistance at 36900..

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NSE NIFTY & BANK NIFTY: Case Of Night Attack

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Did you read our Nifty & Bank Nifty research report in the morning?
NSE NIFTY & BANK NIFTY ARE PREPARING FOR A PULLBACK?

NIFTY:

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Before

In our research report, we mentioned, “Nifty has broken down the lower band of channel B. If the price beaks face resistance at the lower band, the price may fall to the support level 17000 – 16912 – 16800.”

I am not an admirer of trend change without confirmation. I also added that The bull trend can only be possible during the breakout of 18121.

Free nse nifty chart calls update

AFTER

Nifty has given a pullback of 17276, but fails to break 17300. Nifty Broke down the value area at 17067, and the price has started falling for our mentioned levels. 

3:05 PM – Nifty reached the first target of 17000.
3:15 PM – Nifty reached the second target of 16912.
3:25 PM – Nifty Made a low of 16824.

BANK NIFTY

Free nse banknifty chart tips update calls

I have mentioned in clear words that, “If the price breaks down the parallel channel & sustains below 36500, it will be a bearish signal because 36500 is a pivot level.”

After the breakdown of 36500, Nifty fell by more than 570 points in just 25 minutes.
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NSE Nifty & Bank Nifty Is Preparing For Pullback

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In the previous article, I have mentioned the weakness or gap down. Yesterday, nifty opened in a gap-down of 219 points.
Click Here: NIFTY OUTLOOK: IS NIFTY PREPARING FOR 16800?

NIFTY
Free nse nifty chart calls

Today, we can expect a pullback to the current move, which will go up to the upper band of the B channel.
Nifty has broken down the lower band of channel B.

If the price beaks face resistance at the lower band, the price may fall for the support level 17000 – 16912 – 16800.

The key level for the up move is 17250. If the price sustains above the 17250, traders can expect resistance levels: 17300 – 17425 – 17466.

Don’t forget trend never moves in a straight line. It creates lows and highs. The bull trend can only be possible during the breakout of 18121.

BANK NIFTY

Free nse banknifty chart calls

Bank Nifty has completed the zigzag pattern at 38759 with 0.786% Fibonacci extension. This down move has also broken down the ABC channel.

The market never stops its cyclical move. Yesterday, Bank nifty touched the lower band of the minor parallel channel. Nifty had made the range between 36965 & 36526
If the price respects the parallel channel, traders can expect a good up move to 37150 – 37251 – 37315

If the price breaks down the parallel channel & sustains below 36500, it will be a bearish signal because 36500 is a pivot level.
However, the assumption of a positive day can be possible as the global market is +ve.

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Part 2: NSE BankNifty – Technical Analysis

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free nse BANKNIFTY futures daily chart tips

Click the below link to read today’s pre-market BankNifty Intraday Call:
NSE BankNifty: Technical Analysis

Today morning at 9 AM, I had written, “…It will try to retest 35260 – 34880 – 34600 levels this week”.

niftyfuture

It has touched the first target at 9:22 AM.
Will it touch the second target? Further information will be available soon.

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