BANK NIFTY & NIFTY Tuesday 12 May 2020 Daily Chart Analysis
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SGX NIFTY STATUS
SGX nifty is a very important parameter in order to identify gap up/gap down opening. SGX nifty is at 9227(time around 9:45 pm), As per current sgx nifty value we can see slight gap down opening. But same need to see in morning also, 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 14th May 2020 data then Total open intrest on calls side around 47 lakh and puts side 28 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 64.57% on put side and 58.54% on call side, Which means From Total OI data and IV data we can say bank nifty sentiments are negative.
Similarly we can look for nifty option chain data. With that data also we are getting negative sentiments. You can see Option chain data by clicking Nifty 50 & Bank Nifty image.
BANK NIFTY CHART ANALYSIS
On Bank nifty 5 minute chart I have market important Support and Resistance and few trend line as shown in video. Since today nifty break it’s important support which was around 19300-19350. Now bank nifty looking week for tomorrow.
As per sgx nifty closing we are expecting slight gap down or flat opening. Which means bank nifty may open around 18900-19000
1st possible scenario,If bank nifty able to break today’s low which is around 18900-18850 then we can see fall up to 18450-18500.
2nd possible scenario if bank nifty able to sustain above 19350 then we can expect again 19750-19800 level upside.
NIFTY 50 CHART ANALYSIS
Similarly if we look at nifty 50 (spot) 5 mininute chart we can see nifty is looking strong because today 30 stocks of nifty were declines and 20 advances.
In nifty all important support and resistance I have marked as shown in video.
1st possible scenario if nifty able to break it’s important support which is around 9250-9200 then we can see fall upto 9050-9100.
2nd possible scenario if nifty able to sustain above 9250 then we can see again up move upto 9400-9450.
Conclusion
By looking at all parameters and data points, I am sharing my personal view towards sideways to negative direction.
Tabrez Ansari
CEO @ TechWorld Day Trader
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