(9) Morning Update 8:15 am BNF & NF daily chart analysis
BANK NIFTY & NIFTY Wednesday 20 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 8914 (time 8:05 am, 20 may 2020) Which is 1.01 % positive. As per current sgx level we can slight 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 55 lakh and puts side 30 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 80.44 % on put side and 71.19 % 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, we are expecting slight gap up opening today in our market. Which means bank nifty may open around 17700-17800.
1st possible scenario,If bank nifty able to break 17500-17450 support then we can see fall up to 17200,17050.
2nd possible scenario if bank nifty able to sustain above 18150-18200 then we can expect 18550,18750 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 will open gap up around 8880-8920.
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 8850 we can see fall upto 8800,8750.
2nd possible scenario if nifty able to sustain above 9050 then we can see up move upto 9150,9200.
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 sideways to negative direction.
Tabrez Ansari
CEO @ TechWorld Day Trader
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