(38) Morning Update 8:30 am BNF & NF daily chart analysis
BANK NIFTY & NIFTY Wednesday 19 August 2020 Daily Chart Analysis
(Morning update 8:45 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 11427 (time 8:35 am, 19 Aug 2020) Which is 0.14 % posotive. As per current sgx level we can expect slight gap up 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 (20AUG2020) then Total open interest on calls side around 60 lakh and puts side 64 lakh which means it shows call writers less as compare to put writers.
Further if we look at Implied volatility at ATM (at the money), we will find 31.34 % on put side and 33.25 % 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 slight gap up opening today in our market. Which means bank nifty may open around 22200-22350.
1st possible scenario,If bank nifty able to break 22000 support then we can see fall up to 21850, 21740.
2nd possible scenario if bank nifty able to sustain above 22360 then we can expect 22440, 22510 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 can gap up around 11380-11420
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 11340 we can see fall upto 11280, 11240.
2nd possible scenario if nifty able to sustain above 11440 then we can see up move upto 11480,11520.
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 order to up move continuation nifty should sustain above 11450, if fails then it may fall again.
Tabrez Ansari
CEO @ TechWorld Day Trader
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