(38) Morning Update 8:30 am BNF & NF daily chart analysis
BANK NIFTY & NIFTY Friday 24 July 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 11159 (time 8:30 am, 24 JUL 2020) Which is -0.61 % negative. As per current sgx level we can expect sight gap down 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 (30JUL2020) then Total open interest on calls side around 40 lakh and puts side 41 lakh which means it shows call writers less as compared to put writers.
Further if we look at Implied volatility at ATM (at the money), we will find 35.23 % on put side and 35.06 % on call side, Which means From Total OI its Shows slight positive 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
As per sgx nifty level we are expecting sight gap down opening today in our market. Which means bank nifty may open around 22850-22950.
1st possible scenario,If bank nifty able to break 22750 support then we can see fall up to 22500, 22350.
2nd possible scenario if bank nifty able to sustain above 23060 then we can expect 23180, 23350 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 sight gap down around 11130-11160.
1st possible scenario if nifty able to break its support down side which is around 11120 we can see fall upto 11050, 11000.
2nd possible scenario if nifty able to sustain above 11190 then we can see up move upto 11240,11260.
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 1: Any how if bank nifty able to sustain above 23120, and nifty 11230 then we will turn in bullish side.
Note 2: Now Bank nifty lot size changed from 20 qty to 25 qty, So we need to see impact of that also for 2-3 trading days.
Tabrez Ansari
CEO @ TechWorld Day Trader
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