TM Toyota crash scenarioIf US Market goes down, $52 is good level to place buy limit order on Toyota Motors!
Stockmarketanalysis
Nifty Levels & Strategy for 03/Oct/2022Dear traders, I have identified chart levels based on my analysis, major support & resistance levels. Please note that I am not a SEBI registered member. Information shared by me here for educational purpose only. Please don’t trust me or anyone for trading/investment purpose as it may lead to financial losses. Focus on learning, how to fish, trust on your own trading skills and please do consult your financial advisor before trading.
NIFTY
Nifty was clearly trending after RBI's policy. Every dip was bought. This relief rally was much awaited by traders. Those who waited patiently for RBI's policy got rewarded heavily. PCR shifted from oversold to buying zone within a day. Those who worked level by level also got benefitted heavily by reversing their trades after SL got hit on short side. Short covering lifted Nifty to 300 plus points from day's low. ATM bullish positions are build and short covering happened in ITM calls clearly indicating strength on bullish side. It will be interesting to see if relief rally will be sold again. WORK LEVEL-BY-LEVEL WITH STRICT SL.
NIFTY SCORECARD DATED 30/SEP/2022
NIFTY IS UP BY 276 POINTS
Name Price Previous Day Change % Change
Nifty 17094 16818 276.25 1.64%
India VIX 19.97 21.30 -1.33 -6.27%
OPTION STATISTICS BASED ON 06/OCT/2022 EXPIRY DATA
Max OI (Calls) 17500 (Open Interest: 4488900)
Max OI (Puts) 16700 (Open Interest: 4867300)
PCR 1.16 (PCR is in buying Zone)
Nifty Calls:
ATM: Long Buildup, OTM:Long Buildup, ITM:Short Covering, FAR OTM:Short Buildup
Nifty Puts:
ATM: Short Buildup, OTM:Short Buildup, ITM:Long Liquidation, FAR OTM:Short Buildup
Shall we look for buy on dips opportunity after initial gap-up & sell on rise with strict SL at higher levels? Yes, I think so. What do you think?
Please do share your comments. Let us work & win together. Have a very happy, healthy & profitable day ahead!
Bank Nifty Levels & Strategy for 03/Oct/2022Dear traders, I have identified chart levels based on my analysis, major support & resistance levels. Please note that I am not a SEBI registered member. Information shared by me here for educational purpose only. Please don’t trust me or anyone for trading/investment purpose as it may lead to financial losses. Focus on learning, how to fish, trust on your own trading skills and please do consult your financial advisor before trading.
BANK NIFTY
Bank Nifty was clearly trending after RBI's policy. Every dip was bought. Those who waited patiently for RBI's policy got rewarded heavily. PCR shifted from oversold to buying zone within a day. Those who worked level by level also got benefitted heavily by reversing their trades after SL got hit on short side. Short covering lifted Bank Nifty to 1000 plus points from day's low. ATM bullish positions are build and short covering happened in ITM calls clearly indicating strength on bullish side. It will be interesting to see if relief rally will be sold again in 2nd half. WORK LEVEL-BY-LEVEL WITH STRICT SL.
BANK NIFTY SCORECARD DATED 30/SEP/2022
BANK NIFTY IS UP BY 984 POINTS
Name Price Previous Day Change % Change
Bank Nifty 38632 37648 984.20 2.61%
India VIX 19.97 21.30 -1.33 -6.27%
OPTION STATISTICS BASED ON 06/OCT/2022 EXPIRY DATA
Max OI (Calls) 41000 (Open Interest: 2106075)
Max OI (Puts) 37500 (Open Interest: 1833250)
PCR 1.08 (PCR is in buying Zone)
Bank Nifty Calls:
ATM: Long Buildup, OTM:Long Buildup, ITM:Short covering, FAR OTM:Long Buildup
Bank Nifty Puts:
ATM: Short Buildup, OTM:Short Buildup, ITM:Short Buildup, FAR OTM:Short Buildup
Shall we look for buy on dips opportunity after initial gap-up & sell on rise with strict SL at higher levels? Yes, I think so. What do you think?
Please do share your comments. Let us work & win together. Have a very happy, healthy & profitable day ahead!
USOILThis is my primary count on USOIL. Seems likely that we test $66-$70 for the intermediate wave 4 & confirm the higher low & also support on the monthly ema's 50,100,200 before the final pump to $300 plus.
So currently looks like we are in the 4th of the 3rd about to start the 5th of the 3rd and then correct into the HTF 4th wave before starting the last push to the 5th into 2027.
Barclays has no bulls at all. Yet.Barclays - 30d expiry - We look to Buy at 140.42 (stop at 134.98)
Price action continued to range between key support & resistance (140.00 - 175.00) and we expect this to continue.
We are trading at oversold extremes.
Short term momentum is bearish.
Early pessimism is likely to lead to losses although extended attempts lower are expected to fail.
Support is located at 140.00 and should stem dips to this area.
Support could prove difficult to breakdown.
With signals for sentiment at oversold extremes, the dip could not be extended.
Our profit targets will be 154.48 and 159.48
Resistance: 150.00 / 155.00 / 160.00
Support: 144.00 / 140.00 / 135.00
Daily perspective
Disclaimer – Saxo Bank Group. Please be reminded – you alone are responsible for your trading – both gains and losses. There is a very high degree of risk involved in trading. The technical analysis , like any and all indicators, strategies, columns, articles and other features accessible on/though this site (including those from Signal Centre) are for informational purposes only and should not be construed as investment advice by you. Such technical analysis are believed to be obtained from sources believed to be reliable, but not warrant their respective completeness or accuracy, or warrant any results from the use of the information. Your use of the technical analysis , as would also your use of any and all mentioned indicators, strategies, columns, articles and all other features, is entirely at your own risk and it is your sole responsibility to evaluate the accuracy, completeness and usefulness (including suitability) of the information. You should assess the risk of any trade with your financial adviser and make your own independent decision(s) regarding any tradable products which may be the subject matter of the technical analysis or any of the said indicators, strategies, columns, articles and all other features.
Please also be reminded that if despite the above, any of the said technical analysis (or any of the said indicators, strategies, columns, articles and other features accessible on/through this site) is found to be advisory or a recommendation; and not merely informational in nature, the same is in any event provided with the intention of being for general circulation and availability only. As such it is not intended to and does not form part of any offer or recommendation directed at you specifically, or have any regard to the investment objectives, financial situation or needs of yourself or any other specific person. Before committing to a trade or investment therefore, please seek advice from a financial or other professional adviser regarding the suitability of the product for you and (where available) read the relevant product offer/description documents, including the risk disclosures. If you do not wish to seek such financial advice, please still exercise your mind and consider carefully whether the product is suitable for you because you alone remain responsible for your trading – both gains and losses.
VIX Feels Like a Smoldering Volcano 🌋 Post-2020 Parabolic MoveThe consolidation pattern in the $VIX goes back to June 2020 after the initial COVID flash-crash scenario.
From June '21 to November '21, you started to see a bottoming formation turning into a new uptrend , subtle as might've been. The uptrend has chopped around in this rising channel since the end of 2021 up until the recent false breakdown during August 2022.
This head fake has allowed the $VIX to retake the bottom of the channel and continue up and up after every headline the market fears. Despite the approach of overbought levels, the bear market rally on Wednesday, September 28 gave volatility room to run.
It appears probable a consolidation pattern around 36-38 will level off the relative strength as of late, occurring for the month of October when the market could stage a short-term rally. Coincidentally, this will set up the $VIX right into the midterm elections...
To be clear, sirens won't start popping off on $SPY $QQQ and $DIA until a decisive, sustained move over 36.79 occurs. If that happens, a move to 47.20 seems like a no-brainer.
Notably, that is a test of the top of the rising channel , confirming 2 technical scenarios with the midterm elections as the catalyst for the next leg.
Keep your head on a swivel and keep an eye on the volatility of $VIX $TLT and $DXY for directional signposts in the broader market. Also, it's important to remember Jerome Powell and other Fed officials, Russian tensions, Europe energy or monetary headlines, and CPI could all eliminate this hypothesis.
VIX Feels Like a Smoldering Volcano 🌋 Post-2020 Parabolic MoveThe consolidation pattern in the TVC:VIX VIX goes back to June 2020 after the initial COVID flash-crash scenario.
From June '21 to November '21, you started to see a bottoming formation turning into a new uptrend , subtle as might've been. The uptrend has chopped around in this rising channel since the end of 2021 up until the recent false breakdown during August 2022.
This head fake has allowed the TVC:VIX to retake the bottom of the channel and continue up and up after every headline the market fears. Despite the approach of overbought levels, the bear market rally on Wednesday, September 28 gave volatility room to run.
It appears probable a consolidation pattern around 36-38 will level off the relative strength as of late, occurring for the month of October when the market could stage a short-term rally. Coincidentally, this will set up the TVC:VIX right into the #MidTerms...
To be clear, sirens won't start popping off on AMEX:SPY , NASDAQ:QQQ , and AMEX:DIA until a decisive, sustained move over 36.79 occurs. If that happens, a move to 47.20 seems like a no-brainer.
Notably, that is a test of the top of the rising channel , confirming 2 technical scenarios with the midterm elections as the catalyst for the next leg.
Keep your head on a swivel and keep an eye on volatility of TVC:VIX , NASDAQ:TLT , and TVC:DXY for directional signposts in the broader market. Also, it's important to remember Jerome Powell and other Fed officials, Russian tensions, Europe energy or monetary headlines, and CPI could all eliminate this hypothesis.
Nifty Levels & Strategy for 30/Sep/2022Dear traders, I have identified chart levels based on my analysis, major support & resistance levels. Please note that I am not a SEBI registered member. Information shared by me here for educational purpose only. Please don’t trust me or anyone for trading/investment purpose as it may lead to financial losses. Focus on learning, how to fish, trust on your own trading skills and please do consult your financial advisor before trading.
NIFTY
Today's gap-up was sold in no time and once again, Nifty closed in red & below 50 DMA. Nifty is still trading above 100 DMA level. Nifty continued to remain in oversold zone and looking weak ahead of RBI policy/rate hike on 30/Sep/2022. We are expecting RBI rate hike upto 0.5% and majority of the global factors is already priced in. Tomorrow's move will be based on RBI's rate hike & post hike commentary.
NIFTY SCORECARD DATED 29/SEP/2022
NIFTY IS DOWN BY -41 POINTS
Name Price Previous Day Change % Change
Nifty 16818 16859 -40.50 -0.24%
India VIX 21.30 22.10 -0.79 -3.59%
OPTION STATISTICS BASED ON 06/OCT/2022 EXPIRY DATA
Max OI (Calls) 17000 (Open Interest: 3914500)
Max OI (Puts) 15000 (Open Interest: 2845650)
PCR 0.77 (PCR is in bearish zone)
Nifty Calls:
ATM: Short Buildup, OTM:Short Buildup, ITM:Short Buildup, FAR OTM:Short Buildup
Nifty Puts:
ATM: Short Buildup, OTM:Short Buildup, ITM:Long Buildup, FAR OTM:Short Buildup
Please do wait & watch for RBI's policy and commentary. Tomorrow, once again trading is likely to be volatile only. Price-action on chart will be give you the correct picture. Work level by level to avoid big surprises.
Please do share your comments. Let us work & win together. Have a very happy, healthy & profitable day ahead!
Selling Euronav Breakdown.Euronav - Intraday - We look to Sell a break of 15.73 (stop at 16.81)
We are trading at overbought extremes.
A higher correction is expected.
A break of the recent low at 15.75 should result in a further move lower.
Bespoke support is located at 16.00.
Short term momentum is bearish.
Although we remain bullish overall, a correction is possible with plenty of room to move lower without impacting the trend higher.
Our profit targets will be 13.31 and 13.01
Resistance: 17.00 / 17.70 / 18.50
Support: 16.00 / 15.00 / 14.00
Disclaimer – Saxo Bank Group. Please be reminded – you alone are responsible for your trading – both gains and losses. There is a very high degree of risk involved in trading. The technical analysis , like any and all indicators, strategies, columns, articles and other features accessible on/though this site (including those from Signal Centre) are for informational purposes only and should not be construed as investment advice by you. Such technical analysis are believed to be obtained from sources believed to be reliable, but not warrant their respective completeness or accuracy, or warrant any results from the use of the information. Your use of the technical analysis , as would also your use of any and all mentioned indicators, strategies, columns, articles and all other features, is entirely at your own risk and it is your sole responsibility to evaluate the accuracy, completeness and usefulness (including suitability) of the information. You should assess the risk of any trade with your financial adviser and make your own independent decision(s) regarding any tradable products which may be the subject matter of the technical analysis or any of the said indicators, strategies, columns, articles and all other features.
Please also be reminded that if despite the above, any of the said technical analysis (or any of the said indicators, strategies, columns, articles and other features accessible on/through this site) is found to be advisory or a recommendation; and not merely informational in nature, the same is in any event provided with the intention of being for general circulation and availability only. As such it is not intended to and does not form part of any offer or recommendation directed at you specifically, or have any regard to the investment objectives, financial situation or needs of yourself or any other specific person. Before committing to a trade or investment therefore, please seek advice from a financial or other professional adviser regarding the suitability of the product for you and (where available) read the relevant product offer/description documents, including the risk disclosures. If you do not wish to seek such financial advice, please still exercise your mind and consider carefully whether the product is suitable for you because you alone remain responsible for your trading – both gains and losses
YM1! DAY TRADIN STRATEGYHow can we use simple indicators to trade??
I Use 1 minute Chart of Mini dow futures contract
the add #supertrade indicator
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$spx $ES_F $DJIA $DJ_F $COMPQ $QQQ $SPY
SPX Daily TA Neutral BullishSPXUSD daily guidance is neutral with a bullish bias. Recommended ratio: 52% SPX, 48% Cash.
* BOUNCE WATCH . Chicago Fed President Charles Evans mentioned yesterday that FFR will likely top out around March of 2023 . DXY, US Treasuries and VIX are finally down today while Equities, Futures, Commodities, Cryptos, EURUSD and GBPUSD are all up. I think it's safe to say that this price action is in large part a technical correction due to DXY being a bit overbought. Key Upcoming Dates: Final US Q2 GDP revision at 830am EST 09/29; August US PCE price index at 830am EST 09/30; S&P US September Manufacturing PMI at 945am EST 10/03; September Employment Situation at 830am EST 10/07.*
Price bounced off of $3658 minor support (level has been revised since last TA) and is currently trending up at ~$3718, the next resistance is the lower trendline of the descending channel from August 2021 at ~$3800. Volume is currently High (low) and on track to break a six day streak of seller dominance if it can close today's session in the green. Parabolic SAR flips bullish at $3850, this margin is mildly bullish. RSI is currently trending up at 36 after bouncing off the uptrend line from August 2015 at ~32, the next resistance is at 38. Stochastic crossed over bullish in today's session and is currently trending up at 13 as it approaches a test of 18 resistance. MACD remains bearish but is currently trending sideways at -100 as it is begins to form a trough, it is still technically testing -76.22 minor support and the uptrend line from March 2020 (~-80). ADX is currently trending up at 27 with no signs of peak formation as Price tests this critical minor support ($3658), this is neutral at the moment.
If Price is able to continue the bounce then it will likely retest the lower trendline of the descending channel from August 2021 at ~$3800 as resistance . However, if Price breaks down below $3658 minor support , it will likely retest $3517 minor support for the first time since November 2020. Mental Stop Loss: (two consecutive closes below) $3658.
SPY Move finishedThe SPY has basically hit its target from our last call. We are nearing major support and I don't see a new setup atm. I think we may go a bit lower into support before making a relief bounce. We could fall through as well but I think it more likely we get relief. I will be looking for the next setup for confirmation.
Goldman Sachs Group Analyze 🦀!!!Goldman Sachs Group succeeded in making a Bearish 🦀Crab🦀 Harmoni Pattern near the resistance line.
I expect that Goldman Sachs Group will lose at least 15% of its value.
The 🎯target🎯of this downtrend can continue at least to the trend line.
Goldman Sachs Group Analyze (GSUSD), Timeframe 1H⏰(Log scale).
Do not forget to put Stop loss for your positions (For every position that you want to open).
Please follow your strategy, this is just my Idea, and I will be glad to see your ideas in this post.
Please do not forget the ✅' like '✅ button 🙏😊 & Share it with your friends; thanks, and Trade safe.
Reliance at critical supportReliance which amounts to 10.1% weightage in the nifty 50 index is at its critical support!
The stock is going through a long distribution phase and has touched its support multiple times to weaken it.
Any movement below this would mean a significant downfall in the stock price.
Stay alert!
$DOWI #US30 Watch This Level For A Possible BounceTraders and Investors,
With the dollar strength the indices have been taking a beating. US30, US500 and US100 have been following the same pattern but the leading one is still Dow Jones (US30).
So far:
1. It has crossed the 200 sma on the weekly timeframe so a bounce/retest is expected at some point.
2. There is an FCP zone coming around round number 29000 which can act as support
3. An extended M FCP pattern is forming and will complete around the FCP zone.
So watch this area closely to find a confirmation to go long for a bounce.
Please support this analysis by liking and sharing. 👍🙂
Rules:
1. Never trade too much
2. Never trade without a confirmation
3. Never rely on signals, do your own analysis and research too
✅ If you found this idea useful, hit the like button, subscribe and share it in other trading forums.
✅ Follow me for future ideas, trade set ups and the updates of this analysis
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Take care and trade well
-Vik
____________________________________________________
📌 DISCLAIMER
The content on this analysis is subject to change at any time without notice, and is provided for the sole purpose of education only.
Not a financial advice or signal. Please make your own independent investment decisions.
____________________________________________________
Nifty Levels & Strategy for 28/Sep/2022Dear traders, I have identified chart levels based on my analysis, major support & resistance levels. Please note that I am not a SEBI registered member. Information shared by me here for educational purpose only. Please don’t trust me or anyone for trading/investment purpose as it may lead to financial losses. Focus on learning, how to fish, trust on your own trading skills and please do consult your financial advisor before trading.
NIFTY
Nifty closed flat -9 below 50 DMA. Nifty is clearly oversold. As expected, IT stocks start showing sign of recovery from lower levels. Today, Bulls (buy on dips) as well as bears (sell on rise) got the opportunity to trade. However, volatility was quite high. Yesterday, US market closed near 2 year low and today, US markets are trading green. Shall we expect a relief rally/bounce tomorrow?
NIFTY SCORECARD DATED 27/SEP/2022
NIFTY IS DOWN BY -9 POINTS
Name Price Previous Day Change % Change
Nifty 17007 17016 -8.90 -0.05%
India VIX 21.57 21.89 -0.33 -1.48%
OPTION STATISTICS BASED ON 29/SEP/2022 EXPIRY DATA
Max OI (Calls) 18000 (Open Interest: 8663050)
Max OI (Puts) 16000 (Open Interest: 6248500)
PCR 0.57 (PCR is in oversold zone)
Nifty Calls:
ATM: Short Buildup, OTM:Short Buildup, ITM:Long Buildup, FAR OTM:Short Buildup
Nifty Puts:
ATM: Long Liquidation, OTM:Short Buildup, ITM:Long Liquidation, FAR OTM:Short Buildup
Shall we continue to look for sell on rise opportunities ????? Yes, I think so. What do you think?
1. Only at higher level after decent pull back from lower levels
2. near major resistance levels
3. near high OI in CE strikes with strict stoploss?
Shall we look for buy on dips opportunity ????? Yes, I think so. What are your views?
1. near major support levels
2. near high OI in PE strikes with strict SL?
However, it’s quite important to check & review following prior to finalize your strategy/work plan for next trading session. Market is very dynamic and overnight situation may get change.
1. Global cues based on EOD data
2. FIIs/DIIs/Big player cash & F&O data analysis
Please do share your comments. Let us work & win together. Have a very happy, healthy & profitable day ahead!
SPX Daily TA Cautiously BearishSPXUSD daily guidance is cautiously bearish. Recommended ratio: 20% SPX, 80% Cash.
* BOUNCE WATCH . Equity Indexes and Equity Futures are down, as are Commodities, GBPUSD and EURUSD... meanwhile DXY, US Treasuries, VIX and Cryptos are up. Interestingly, Cryptos have been defiant recently in the sense that they have held key supports in what can be seen as an attempt to decouple from Equities that have continued to crash as DXY keeps pushing higher. Though decoupling sounds nice in theory, until it is confirmed this is likely a delayed reaction for Equities considering that Ethereum fell ~80% from its ATH and SPX has fallen ~25% from its ATH. Key Upcoming Dates: September US Consumer Confidence Index at 10am EST 09/27 ; August US New-Home Sales at 10am EST 09/27 ; 14th GDPNow US Q3 GDP estimate at 10am EST 09/27 ; Final US Q2 GDP revision at 830am EST 09/29; August US PCE price index at 830am EST 09/30.*
Price is currently trending down at ~$3660 as it risks losing $3707 minor support, if it can't bounce here then the next support (minor) is at $3516. Volume is currently Low and on track to favor sellers for a fifth consecutive session if it closes today in the red. Parabolic SAR flips bullish at $3945, this margin is mildly bullish. RSI is currently trending down at 27.25 and is still technically testing 28.63 minor support as well as the uptrend line from August 2015 (32). Stochastic remains bearish and is currently attempting to complete a trough formation at max bottom. MACD remains bearish and is currently trending down at -92.25 as it's still technically testing both -76.22 minor support and the uptrend line from August 2015 (~-82) as support. ADX is currently trending up at 25 as Price continues to fall, this is bearish.
If Price is able to bounce here it will have to close above $3707 minor support for it to potentially retest the lower trendline of the descending channel from August 2021 at ~$3800 as resistance . However, if Price continues to fall here then it will likely retest $3517 minor support for the first time since November 2020. Mental Stop Loss: (two consecutive closes above) $3707.
Bank Nifty Levels & Strategy for 27/Sep/2022Dear traders, I have identified chart levels based on my analysis, major support & resistance levels. Please note that I am not a SEBI registered member. Information shared by me here for educational purpose only. Please don’t trust me or anyone for trading/investment purpose as it may lead to financial losses. Focus on learning, how to fish, trust on your own trading skills and please do consult your financial advisor before trading.
BANK NIFTY
Today also Bank Nifty continued with it's correction. Overall correction in last one week is really significant. US market has also corrected significantly. Bank Nifty as well Global markets are highly oversold. FIIs have sold heavily in cash & added bullish positions in F&O. Shall we expect a bounce/relief rally in next few days?
BANK NIFTY SCORECARD DATED 26/SEP/2022
BANK NIFTY IS DOWN BY -930 POINTS
Name Price Previous Day Change % Change
Bank Nifty 38616 39546 -930.00 -2.35%
India VIX 21.89 20.59 1.30 6.31%
OPTION STATISTICS BASED ON 29/SEP/2022 EXPIRY DATA
Max OI (Calls) 41000 (Open Interest: 4596825)
Max OI (Puts) 37000 (Open Interest: 1987625)
PCR 0.55 (PCR is in oversold zone)
Bank Nifty Calls:
ATM: Short Buildup, OTM:Short Buildup, ITM:Short Buildup, FAR OTM:Short Buildup
Bank Nifty Puts:
ATM: Long Buildup, OTM:Long Buildup, ITM:Long Buildup, FAR OTM:Short covering
Shall we continue to look for sell on rise opportunities ????? Yes, I think so. What do you think?
1. Only at higher level after decent pull back from lower levels
2. near major resistance levels
3. near high OI in CE strikes with strict stoploss?
Shall we look for buy on dips opportunity ????? Yes, I think so. What are your views?
1. near major support levels
2. near high OI in PE strikes with strict SL?
However, it’s quite important to check & review following prior to finalize your strategy/work plan for next trading session. Market is very dynamic and overnight situation may get change.
1. Global cues based on EOD data
2. FIIs/DIIs/Big player cash & F&O data analysis
Please do share your comments. Let us work & win together. Have a very happy, healthy & profitable day ahead!
2X $SPY TP3 HIT +14%! (PERFECT SETUP)As we head into deeeper into a recession we will continue to participate in PUT SZN because it has arrived and will be here for a while.
International Business Machines (IBM) Analyze!!!💻International Business Machines Corporation is an American multinational technology corporation headquartered in Armonk, New York, with operations in over 171 countries.
IBM was able to make a Head and Shoulders Pattern near the resistance line and resistance zone.
IBM broke the neckline & support line at the same time, and I expect that IBM will go down at least to the support zone and Head and Shoulders Pattern's Target.
International Business Machines(IBM) Analyze (IBMUSD), Daily Timeframe⏰ (Heikin Ashi).
Do not forget to put Stop loss for your positions (For every position you want to open).
Please follow your strategy, this is just my idea, and I will be glad to see your ideas in this post.
Please do not forget the ✅' like '✅ button 🙏😊 & Share it with your friends; thanks, and Trade safe.
Bank Nifty Levels & Strategy for 26/Sep/2022Dear traders, I have identified chart levels based on my analysis, major support & resistance levels. Please note that I am not a SEBI registered member. Information shared by me here for educational purpose only. Please don’t trust me or anyone for trading/investment purpose as it may lead to financial losses. Focus on learning, how to fish, trust on your own trading skills and please do consult your financial advisor before trading.
BANK NIFTY
Today, Bank Nifty has corrected 1000 plus points which is a significant cut in a day and closed near major support level. It will be interesting to see whether Bank Nifty will hold this major support level or this support level will become major resistance level in case of gap-down on Monday. Please make a note that Bank Nifty is oversold therefore work carefully to avoid getting into beartrap.
BANK NIFTY SCORECARD DATED 23/SEP/2022
BANK NIFTY IS DOWN BY -1084 POINTS
Name Price Previous Day Change % Change
Bank Nifty 39546 40631 -1084.35 -2.67%
India VIX 20.59 18.82 1.78 9.45%
OPTION STATISTICS BASED ON 29/SEP/2022 EXPIRY DATA
Max OI (Calls) 41000 (Open Interest: 3487450)
Max OI (Puts) 38000 (Open Interest: 1864075)
PCR 0.54 (PCR is in oversold zone)
Bank Nifty Calls:
ATM: Short Buildup, OTM:Short Buildup, ITM:Short Buildup, FAR OTM:Short Buildup
Bank Nifty Puts:
ATM: Long Buildup, OTM:Long Buildup, ITM:Short covering, FAR OTM:Long Buildup
Shall we continue to look for sell on rise opportunities/profit booking ????? Yes, I think so. What do you think?
1. Only at higher level after decent pull back from lower levels
2. near major resistance levels
3. near high OI in CE strikes with strict stoploss?
Shall we look for buy on dips opportunity? Yes, I think so. What are your views?
1. near major support levels
2. near high OI in PE strikes with strict SL?
However, it’s quite important to check & review following prior to finalize your strategy/work plan for next trading session. Market is very dynamic and overnight situation may get change.
1. Global cues based on EOD data
2. FIIs/DIIs/Big player cash & F&O data analysis
Please do share your comments. Let us work & win together. Have a very happy, healthy & profitable day ahead!
SPX Daily TA Cautiously BearishSPXUSD Daily guidance is cautiously bearish. Recommended ratio: 15% SPX, 85% Cash.
* BOUNCE WATCH. Equities and Futures continue to plummet after a hawkish FOMC meeting has investors bracing for more rate hikes in 2023. Meanwhile, Commodities, Cryptos, DXY, EURUSD, VIX and US Treasuries are either up or flat. Very 2022. Unfortunately, with Putin's latest recruitment efforts and nuclear/chemical warfare posturing it's starting to feel like that time when Russia/Ukraine headlines may another run at being market catalysts. Key Upcoming Dates: S&P US September Manufacturing PMI at 945am EST 09/23; September US Consumer Confidence Index at 10am EST 09/27; August US New-Home Sales at 10am EST 09/27; Final US Q2 GDP revision at 830am EST 09/29; August US PCE price index at 830am EST 09/30.*
Price is currently trending down at ~$3767 as it risks breaking down out of the descending channel from August 2021 at ~$3825 if it's unable to stop going lower in today's session. Volume is currently Moderate and on track to favor sellers for three consecutive sessions if it closes today in the red. Parabolic SAR flips bullish at $4025, this margin is mildly bullish at the moment. RSI has officially broken below the uptrend line from 01/27/22 and is currently testing the uptrend line from August 2015 at 32 as support, the next support (minor) is at 28.63. Stochastic remains bearish and is currently trending down at 5 as it approaches max bottom with no signs of trough formation. MACD remains bearish and is currently trending down at -68 as it approaches -76.22 minor support which will likely coincide with a retest of the uptrend line from March 2020 (when the Fed started QE and 0%-0.25% FFR) at ~-78. ADX is currently trending up at 22 as Price continues to fall, this is mildly bearish; should ADX get above 25 and Price continue to go down, this would be very bearish and would increase the likelihood of a retest of $3500 minor support for the first time since November 2020.
If Price is able to resist going any lower in today's session and then follow that up with a Bullish Engulfing Candle in tomorrow's session, then it will likely test the lower trendline of the descending channel from August 2021 at ~$3825 as resistance . However, if Price continues selling off, it will likely retest $3707 minor support . Mental Stop Loss: (two consecutive closes above) $3825.
