BANK NIFTY & NIFTY Monday 11 May 2020 Daily Chart Analysis
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SGX NIFTY STATUS
SGX nifty closed at 9313 on Friday,Which is 0.62% positive. SGX nifty very important parameter in order to identify gap up/gap down opening. As per current closing we can see slight gap up opening. But same need to see in morning also, 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 33 lakh and puts side 23 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 53.88 on put side and 48.23 on call side, Which means From Total OI data and IV data we can say bank nifty sentiments are negative.
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 char I have market important Support and Resistance and few trend line as shown in video. Since bank nifty trading in range of around 600 point from last 3 trading days, also it formed triangle pattern as shown in video.
As per sgx nifty closing we are expecting slight gap up opening. Which means bank nifty may open around 19450-19550.
1st possible scenario,If bank nifty able to break that triangle pattern down side which is around at 19300-19350 then we can see fall up to 18600-18800.
2nd possible scenario if bank nifty able to sustain above 19750 then we can expect again 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 we can see same triangle patterns formed as of bank nifty.
In nifty all important support and resistance I have marked as shown in video.
1st possible scenario if nifty able to break that triangle pattern down side which is around 9250-9200 we can see fall upto 9000-9100.
2nd possible scenario if nifty able to sustain above 9300-9330 then we can see up move upto 9400-9450.
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 in negative side.
Tabrez Ansari
CEO @ TechWorld Day Trader
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