BANK NIFTY & NIFTY Thursday 11 June 2020 Daily Chart Analysis
(Morning update 8:30 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 10095 (time 8:10 am, 11 JUN 2020) Which is -0.16 % negative. As per current sgx level we can see slight gap down or flat 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 (11JUN2020) then Total open intrest on calls side around 59 lakh and puts side 57 lakh which means it shows call writers are more as compared to put writers.
Further if we look at Implied volatility at ATM (at the money), we will find 39.39 % on put side and 76.98 % on call side, Which means From Total OI its looks slight negative sentiments & IV data shows positive sentiments.
Similarly we can look for nifty option chain data. With that data also we are getting same sentiments.
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 or flat opening today in our market. Which means bank nifty may open around 20950-21150.
1st possible scenario,If bank nifty able to break 20950 support then we can see fall up to 20750,20500,20350.
2nd possible scenario if bank nifty able to sustain above 21300 then we can expect 21500,21750 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 or flat around 10070-10120.
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 9980-10000 we can see fall upto 9920,9880.
2nd possible scenario if nifty able to sustain above 10180 then we can see up move upto 10250,10300.
You can see investing.com chart of nifty 50 by clicking nifty 50 image.
Conclusion
By looking at all parameters and data points, I am sharing My personal view towards slight negative direction.
Note: In nifty below 10000 level we will turn into bearish and above 10170 bullish.
Tabrez Ansari
CEO @ TechWorld Day Trader
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