BANK NIFTY & NIFTY Thursday 14 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 9237 (time 7:50 am, 14 may 2020) Which is -1.66% negative. As per current sgx level we can 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 then Total open intrest on calls side around 52 lakh and puts side 35 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 88.75% on put side and 86.22% on call side, Which means From Total OI and IV data its shows 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 closing we are expecting gap down opening today in our market. Which means bank nifty may open around 19200-19300.
1st possible scenario,If bank nifty able to break 18900-18950 support then we can see fall up to 18350,18200.
2nd possible scenario if bank nifty able to sustain above 19250-19300 then we can expect 19550,19750,19950 levels upside.
One import point today is weekly expiry so after morning session reversal is possible.
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 down around 9230-9270.
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 9240 we can see fall upto 9150,9100.
2nd possible scenario if nifty able to sustain above 9300-9320 then we can see up move upto 9400,9450.
One import point today is weekly expiry so after morning session reversal is possible.
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.
Tabrez Ansari
CEO @ TechWorld Day Trader
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