(38) Morning Update 8:30 am BNF & NF daily chart analysis
BANK NIFTY & NIFTY Friday 4 September 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 11425 (time 8:15 am, 4 sep 2020). As per current sgx level we can expect 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 (10SEP2020) then Total open interest on calls side around 40 lakh and puts side 25 lakh which means it shows call writers more as compare to put writers.
Further if we look at Implied volatility at ATM (at the money), we will find 37.66 % on put side and 33.53 % on call side, Which means From Total OI its Shows 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 gap down opening today in our market. Which means bank nifty may open around 23300-23450.
1st possible scenario,If bank nifty able to break 23270 support then we can see fall up to 23180, 22940.
2nd possible scenario if bank nifty able to sustain above 23520 then we can expect 23710, 23850 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 gap down around 11390-11440.
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 11390 we can see fall upto 11330,11290.
2nd possible scenario if nifty able to sustain above 11510 we can see up move upto 11590-11620.
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.
Tabrez Ansari
CEO @ TechWorld Day Trader
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