(38) Morning Update 8:30 am BNF & NF daily chart analysis
BANK NIFTY & NIFTY Monday 24 August 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 11410 (time 8:15 am, 24 Aug 2020) Which is 0.30 % 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 (27AUG2020) then Total open interest on calls side around 64 lakh and puts side 59 lakh which means it shows call writers more as compare to put writers.
Further if we look at Implied volatility at ATM (at the money), we will find 25.25 % on put side and 23.33 % on call side, Which means From Total OI its Shows slight 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 22320-22480.
1st possible scenario,If bank nifty able to break 22250 support then we can see fall up to 22180, 22050 & 21980.
2nd possible scenario if bank nifty able to sustain above 22520 then we can expect 22650, 22750 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 open slight 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 11320 we can see fall upto 11240, 11200.
2nd possible scenario if nifty able to sustain above 11510 then we can see up move upto 11560,11620.
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 11500 in nifty & 22500 in bank nifty, for today these levels are important.
Tabrez Ansari
CEO @ TechWorld Day Trader
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