(38) Morning Update 8:30 am BNF & NF daily chart analysis
BANK NIFTY & NIFTY Monday 3 Aug 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 11030 (time 8:20 am, 3 Aug 2020) Which is -0.67 % negative. As per current sgx level we can expect slight 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 (6AUG2020) then Total open interest on calls side around 59 lakh and puts side 41 lakh which means it shows call writers more as compared to put writers.
Further if we look at Implied volatility at ATM (at the money), we will find 33.66 % on put side and 34.50 % 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 down opening today in our market. Which means bank nifty may open around 21500-21650.
1st possible scenario,If bank nifty able to break 21450 support then we can see fall up to 21240, 21040.
2nd possible scenario if bank nifty able to sustain above 21850 then we can expect 22040, 22170 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 down around 11000-11050.
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 10980 we can see fall upto 10910, 10880.
2nd possible scenario if nifty able to sustain above 11110 then we can see up move upto 11170,11210.
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: Almost all levels are same as of Friday, Keep eye on 21450 level in bank nifty & 10980 in nifty below these level we are bearish on market.
Tabrez Ansari
CEO @ TechWorld Day Trader
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