(38) Morning Update 8:30 am BNF & NF daily chart analysis
BANK NIFTY & NIFTY Friday 28 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 11615 (time 8:20 am, 28 Aug 2020). 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 (3SEP2020) then Total open interest on calls side around 31 lakh and puts side 35 lakh which means it shows call writers less as compare to put writers.
Further if we look at Implied volatility at ATM (at the money), we will find 29.46 % on put side and 24.85 % 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
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 23650-23800.
1st possible scenario,If bank nifty able to break 23620 support then we can see fall up to 23500, 23420.
2nd possible scenario if bank nifty able to sustain above 23840 then we can expect 23970, 24050 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 11590-11630.
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 11550 we can see fall upto 11490, 11450.
2nd possible scenario if nifty able to sustain above 11650 then we can see up move upto 11710,11740.
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: “From last 6 days same pattern and trend we are seeing in bank nifty. Market opens bank nifty moves 100 to 150 point in 10 to 15 minutes and goes sideways for 2 to 3 hrs after that one small move of 100 to 150 points.
In case of nifty market opens falls down 30 to 50 points and then sideways after that in last hrs moves 40 to 60 points.”
Tabrez Ansari
CEO @ TechWorld Day Trader
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