(38) Morning Update 8:30 am BNF & NF daily chart analysis
BANK NIFTY & NIFTY Thursday 16 July 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 10616 (time 8:20 am, 16 JUL 2020) Which is -0.32 % negative. As per current sgx level we can expect 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 (16JUL2020) then Total open interest on calls side around 90 lakh and puts side 50 lakh which means it shows call writers more as compared to put writers.
Further if we look at Implied volatility at ATM (at the money), we will find 30.63 % on put side and 46.53 % on call side, Which means From Total OI its Shows negative sentiments.
Similarly we can look for nifty option chain data.
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 flat opening today in our market. Which means bank nifty may open around 21300-21400.
1st possible scenario,If bank nifty able to break 21310 support then we can see fall up to 21150, 21030,20850.
2nd possible scenario if bank nifty able to sustain above 21550 then we can expect 21720,21910 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 flat around 10600-10650.
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 10580 we can see fall upto 10520, 10480.
2nd possible scenario if nifty able to sustain above 10690 then we can see up move upto 10780,10820.
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: Keep eye on Nifty 10500 level and in Bank Nifty 21000 level, After breaking this we can get once again clear down fall.
Tabrez Ansari
CEO @ TechWorld Day Trader
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