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Banknifty Intraday View

Munmun Chatterjee

Technical Analyst, owner of TRADEMANIAC

Mar 21 , 2023 / 09:01 AM

#banknifty •  #banknifty-view • #Bankniftyanalysis • #trademaniac •  #sharemarket •  #optionbuy •  #bankniftyStrategy • #BreakoutTrading • #swingTrading • #Intradaytrading •  #bankniftyTradeSetup •  #TrademaniacBestInstituteofShareMarket

As Bank Nifty index closed near 38.2% fibonacci level, it is possible that it will attempt to test the 50%  level.. Hence Bank Nifty may open near to 39470 and then go towards 39570. Expect a sideways movement to settle over 39550 in this case. If Bank Nifty maintains its position above 39600, it may bounce towards 39700, forming a Breakout pattern. Be cautious if Bank Nifty cannot maintain its position above 39450, it may fall till 39200.

Banknifty was quite volatile on Monday and finished 0.6% lower. It opened at 39500, dropped to 38940, and then surged to 39400.
At the afternoon session, VIX rose by 15% to 17.75, then began to decline in the last hour, ending at 16.20.
According to open interest, 39000PE was the highest OI. CE side not seen any significant OI.

Intraday:-If banknifty open gap up and immediately slip then one can short banknifty. 39285 is buying area. 39800 is supply area

 

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**Disclaimer:-I'm not a SEBI registered analyst. The chart is shared only for educational purposes.

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