BANK NIFTY & NIFTY Tuesday 26 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 9147 (time 8:00 am, 26 MAY 2020) Which is 0.72 % Positive. As per current sgx level we can expect 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 (28MAY2020) then Total open intrest on calls side around 60 lakh and puts side 33 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 54.52 % on put side and 42.40 % on call side, Which means From Total OI & IV data we are getting negative sentiments.
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(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 gap up opening today in our market. Which means bank nifty may open around 17500-17600.
1st possible scenario,If bank nifty able to break 17450-17500 support then we can see fall up to 17200,17000,16750.
2nd possible scenario if bank nifty able to sustain above 17650-17700 then we can expect 18000,18250 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 gap up around 9100-9150.
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 9050 we can see fall upto 8950, 8900.
2nd possible scenario if nifty able to sustain above 9150-9180 then we can see up move upto 9200,9250.
You can see investing.com chart of nifty 50 by clicking nifty 50 image.
By looking at all parameters and data points, market will fall after breaking Nifty 9050 level & if able to hold above 9180 then we can see up move. I am sharing My personal view towards sideways to negative direction.
CEO @ TechWorld Day Trader
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