BANK NIFTY & NIFTY Wednesday 13 May 2020 Daily Chart Analysis (Morning update 8:00 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 9430 (time 8:00 am,13 may 2020 ),Which is 2.78% positive. As per current sgx level we can see huge 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 then Total open intrest on calls side around 44 lakh and puts side 29 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 68.76% on put side and 66.60% on call side, Which means From Total OI data its shows negative sentiments but same time from IV data we are seeing neutral condition.So today from option chain data we can’t conclude anything because call writers are already trapped.
Similarly we can look for nifty option chain data. With that data also we are getting neutral 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 we are expecting huge gap up opening today in our market. Which means bank nifty may open around 19500-19700.
1st possible scenario,If bank nifty able to break 19450-19550 support then we can see fall up to 18800-19000.
2nd possible scenario if bank nifty able to sustain above 19750 then we can expect 20000-20050 level 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 huge gap up around 9400-9450.
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 9350-9400 we can see fall upto 9200-9250.
2nd possible scenario if nifty able to sustain above 9450-9500 then we can see up move upto 9600-9650.
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 slightly negative side,because some where we are seeing selling pressure in global market.
Tabrez Ansari
CEO @ TechWorld Day Trader
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