BANK NIFTY & NIFTY Wednesday 27 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 9043 (time 8:10 am, 27 MAY 2020) Which is 0.24 % Positive.  As per current sgx level we can slight gap up or flat 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 64 lakh and puts side 37 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 55.17 % on put side and 62.44 % 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 or flat opening today in our market. Which means bank nifty may open around 17400-17500

1st possible scenario,If bank nifty able to break 17350-17300 support then we can see fall up to 17000,16750.

2nd possible scenario if bank nifty able to sustain above 17550 then we can expect 17750,17950  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 or flat around 8950-9000.

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 8950-9000 we can see fall upto 8900,8850.

2nd possible scenario if nifty able to sustain above 9050-9080  then we can see up move upto 9120,9150.

You can see investing.com chart of nifty 50 by clicking nifty 50 image.

Conclusion

By looking at all parameters and data points, My personal view is in slight negative direction.

Tabrez Ansari

CEO @ TechWorld Day Trader

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Tabrez Ansari

As the CEO at ‘TechWorld day Trader’ Tabrez oversees the business, and overall development. He also handles strategic planning, marketing, finance management, and digital growth. Tabrez Ansari holds a bachelor’s degree in Mechanical Engineering from Savitribai Phule Pune University (SPPU), Pune. He is a Technical Analyst & Head trader at ‘TechWorld day Trader’,Generally Trade in BankNifty Options and Also Provides Training for the same.He is also Zerodha 60 days challenge winner in EQ-FO Segment.