Thursday, 2 December 2021

Bank Nifty prediction for tomorrow -3rd December

Is today Bank Nifty bullish or bearish?

BNF was bullish as discussed in banknifty trade plan analysis for  2nd Dec. Bank future comfortable closed above 144 ema. 

The chart is bullish in the hourly time frame but still bearish in the day and week. 

Banknifty spot daily chart 

How can we predict the Bank Nifty movement?

Tomorrow's trade plan can be formulated based on Future and option data change for the last 5 days,  various values of various parameters, and multi-timeframe analysis of the chart.

Option  parameters 

PCR.               91

VIX                18

IV                    21.4 

HV ( 10 days)  25.27

Max pain         36500

Historical volatility for 10 days is higher than IV, so option writing should be avoided or minimized. 

Monthly Open interest 

  • Put option   170037
  • Call option  185051

Source: valuestock

The data shows the market is in a total bullish phase.

Multitime frame banknidty chart tradingview

Multi-time time frame CCI chart shows nifty bank future is in the super bullish zone. Usually, this break out of CCI 34 in 30 minutes above 100 is a solid bullish trend, continuing for 1 or 2 days. 
CCI multi-timeframe indicator works as a leading indicator as it shows early signs of trend change unless other moving averages and technical parameters.

Experts views on Bank Nifty

Moneycontrol portal suggests banknifty is in a robust bearish zone. 

It is bearish based on standard parameters like :

RSI, Stochastic, CCI, ADX 

Common moving average crossovers  indicates weakness

Price is trading below 12,21,34,55, and 89 ema, so all these moving averages will act as dynamic resistances for banknifty 

Bank Nifty prediction astrology

Banknifty might see a bullish move under Visaka star. 

Impact of COVID 3rd wave

Omicron detected in India, Ths will harm the market.

Bank Nifty prediction for tomorrow

I will continue with a bullish view until CCI 34 30 trades below -60. Below 36450 banknifty will be weak.

The strategy is to sell near resistance. 

Update on my monthly banknifty option strategy

Delta  -26

Theta  6000

Vega   -16500

I will add another long based on CCI values during trading hours. I avoid buying options as vix is high. 

Click the link to view the bank nifty investing home page for the most recent news and trading opportunity.

Wednesday, 1 December 2021

Banknifty trade plan for 2nd December

How did banknifty perform today?

Banknifty gave a good trending move today, as predicted in yesterday's article on the banknifty trade plan.  Banknidty closed above 100 DMA, which is a positive sign for the market.

As Per Gann's method, market change trend after 4th. 9th,16th, and 25th day. Today was the 25th day from the start of the downfall.  On 29th November, banknifty made panic low at 35327.9 whereas Gann 135 degree value was 35345. 

If the market does not break 35345 in the next one or two trading days, we can consider BNF gave a new impulse. In this case, price time square happened on 29th November.  If the uptrend continues, we can expect 38% retracement in the coming days. 

What BNF option chain shows?

Reduction in cost of carry indicates short position closed today. The market is again back to buy mode. However, the tend can be confirmed tomorrow after the market opens. 

MAX Pain is at 36300 

PCR  0.91

Banknifty future 30 min chart 

Banknidty closed above 13, 21,34,55 EMA, which is a bullish sign. 

Next dynamic resistances are 36790 (89ema), 37250 (144 ema) 37750 (233 ema) . 

There is a high probability that the market will witness a mega bull rally before the budget.

Astrological view based on NSE daily chart at 9:15

Tomorrow is Rahu star day, so we can expect huge volatility. I expect a gap up open if the international market supports the move.

Banknifty trade plan for 2nd December

  • Buy Above 36450 Tgt 36610, 36735 and 36845  
  • Sell Below 36198 Tgt 36007, 35815 and 35623 

Monthly banknifty position update

Closed 38500 CE sort and new position created at 38000 CE 

Bought Banknifty future one lot 

The overall position has a negative delta

I planned to buy another future based on market trends during market hours.


Tuesday, 30 November 2021

How I am planning to trade Banknifty on 1st Dec 2021

How did banknifty perform today?

Banknifty is very weak. It opened  35598, made high 36773, low 35532, and closed near 36000. Bank nifty daily candle shows rejection at a higher level. My system shows banknifty is in a firm bear grip in daily and hourly time frames.

Banknifty broke 200 DMA.

Future and Options data for Index and banknifty

  • FII reduced short, which is a good sign in a falling market
  • Client net long % 7.p1, FII -2.2%
  • PCR 0.82
  • IV  23.16
  • Historical volatility for 10 days 22.68
  • Historical volatility for 30 days  17.25
  • IV percentile 45.83

What is the daily and weekly chart reading?

The technical chart shows this market is "sell on rise" near the resistance zone and below VWAP in intraday.

Astroview for 1st December 

Tomorrow day lord is MARS, and the moon is at Chitra. Typically Banknifty future gives a significant trending move under this star.
I expect a bullish trending move, at least in the first half. 11 AM to 12 PM market might consolidate or go down. The market will be range-bound in the second half.

Key resistance and supports and trade level as per spot levels

Buy Above 35850 Tgt 35998, 36150 and 36323 

Sell Below 35512 Tgt 35420, 35323 and 35150 

Update on banknifty monthly position trade

Move 2 lots of 38500 CE short to 38000 dec CE

Will exit trade once VIX goes above 25