BANK NIFTY & NIFTY Thursday 21 May 2020 Daily Chart Analysis
(Morning update 8:15 am)
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SGX NIFTY STATUS
SGX nifty is very important parameter in order to identify gap up/gap down opening. SGX nifty trading around 9023 (time 8:00 am, 21 may 2020) Which is -0.66 % negative. As per current sgx level we can see slight gap down opening today in our market. you can watch current status of SGX nifty by clicking the SGX nifty image.
NIFTY,BANK NIFTY OPTION CHAIN ANALYSIS
If we look at Bank nifty option chain data (22MAY2020) then Total open interest on calls side around 51 lakh and puts side 36 lakh which means it shows call writer are more as compared to put writer. Further if we look at Implied volatility at ATM(at the money) we will find 37.79 % on put side and 66.88 % on call side, Which means From Total OI we are getting negative sentiments and same time from IV data its shows positive clues.
Similarly we can look for nifty option chain data. With that data also we are getting same scenario. You can see Option chain data by clicking Nifty 50 & Bank Nifty image.
BANK NIFTY CHART ANALYSIS
On Bank nifty(spot), 5 minute chart I have market important Support and Resistance and few trend line as shown in video.
As per sgx nifty level we are expecting slight gap down opening today in our market. Which means bank nifty may open around 17700-17800.
1st possible scenario,If bank nifty able to break 17450 support then we can see fall up to 17200,17000.
2nd possible scenario if bank nifty able to sustain above 18050 then we can expect 18350,18550 levels upside.
You can see investing.com chart of bank nifty by clicking bank nifty image.
NIFTY 50 CHART ANALYSIS
Similarly if we look at nifty 50 (spot), 5 minute chart, today it will open slight gap down around 9000-9050.
In nifty all important support and resistance I have marked as shown in video.
1st possible scenario if nifty able to break its support down side which is around 8950-9000 we can see fall upto 8900,8850.
2nd possible scenario if nifty able to sustain above 9080 then we can see up move upto 9150,9200.
You can see investing.com chart of nifty 50 by clicking nifty 50 image.
Conclusion
By looking at all parameters and data points, market will fall after breaking Nifty 8950 level & if able to hold above 9050 then we can see up move. I am sharing My personal view towards slight negative direction.
Note: Due to weekly expiry we can see both side moves so respect your levels.
Tabrez Ansari
CEO @ TechWorld Day Trader
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