BANK NIFTY & NIFTY Monday 23 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 10357 (time 8:15 am, 23 JUN 2020) Which is 0.27 % Positive. 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 (23JUN2020) then Total open intrest on calls side around 65 lakh and puts side 52 lakh which means it shows call writers are less as compared to put writers.
Further if we look at Implied volatility at ATM (at the money), we will find 49.21 % on put side and 52.88 % on call side, Which means From Total OI & IV data its looks 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 up opening today in our market. Which means bank nifty may open around 21800-21950.
1st possible scenario,If bank nifty able to break 21500-21550 support then we can see fall up to 21220, 21000.
2nd possible scenario if bank nifty able to sustain above 22050 then we can expect 22250,22550 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 up around 10340-10370.
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 10280 we can see fall upto 10220, 10180.
2nd possible scenario if nifty able to sustain above 10410 then we can see up move upto 10460,10490.
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 positive direction.
Note: If Nifty and Bank nifty not able to break yesterday’s high which is around 10393 in nifty & 22077 in bank nifty then it could be sideways market today.
Tabrez Ansari
CEO @ TechWorld Day Trader
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