Hii Traders 😊
Welcome to BANKNIFTY chart analysis for 24th Sep 🔺
🛑 Caution
◽ I don't give much preference to technical indicators those were lagging indicators and I don't believe anyone of them . And use just for confirmation purpose and i trade only basis of levels that is Resistance and support levels and through market profile ( and I don't use market profile for execution of trade) if you are technical indicator trader you don't need to read further 😊
Show me that successful profitable trader who traded based on only technical indicators
🛑 Today Bulls were took the market in control and lead to towards all time high and closed with gaining of 790+ points
🛑 What's the major reason to this bull ❓
Well,
U.S. Fed Holds Interest Rates Stable, Hints Tapering May Start Soon ( means Currently there's no changes in interest rate)
The U.S. Fed keeps interest rates steady for now but indicated that rate hikes might happen sooner than expected. More members now see the first interest rate hike occurring in 2022 if progress continues as expected
This is the reason beyond Market Run Fed now keep interest rate steady and it rise the rate sooner than expected
◽ What will happen if rise in interest rate ❓
( As I know if I'm wrong kindly correct me) if increase in interest rate then money follow will get reduced and as money follow decreases consumer products price decreases and it maintains inflation rate .
Interest will hike only when rise in inflation or expected to be rise inflation so Thier by they can control money follow
How money follow will increase inflation ❓
Well,
Just imagine interest what we paid for
credit card decreases and we will take benefit from that as much as possible and we are spending more money than usuall and we are paying more money for Products and goods it will increase in the inflation rate ( which means our country currency value decreases let take one example just assume that you bought an shoe at 100 Rupees (in Indian currency ) yesterday and same company same shoe will cost 102 rupees today which means inflation reduce currency value by 2 Rs ) I hope that u get it if I'm wrong kindly let me know comment section 😊
◽ Change interest rate means inflation is increasing so they were try to manage inflation rate by increasing in interest rate which will keep money follow under control ( if interest rate for credit cards increasing would like to spend more money ? So like this they control money follow )
🛑 Now let move on to analyse the market levels for 24 th SEP and I have given market levels were worked as I told that (you check in profile if whether I'm wrong or right)
🎯 Key levels to watch out for day trader ( support and resistance zone for only for intraday traders and intraday purpose )
🛑 Major resistance zone for BankNifty is at 37800-37850 where at this point BankNifty tried to breakout level in other words it is the level acting as supply zone where shorter's get active and shorting the market
◽ If market breakout resistance zone ie. 37800-37850 then we can see Target of 38000🎯
You can ask me
◽How can you tell 38000 will be the 1stTarget ❓
Well,
If I'm can't see perfect Target level in chart then I will going to see option chain for Target setting ( I will look at that strike where more sellers are shorted and position holding I will choose that one as mine target because shorters were like institutional traders who have more money they will short the market they were more shorting at one particular OTM strike then they were expecting that market will can trade until that point but it will not breakout that in other words we can take that strike as resistance also here we already know resistance I'm setting target or I'm looking to where I have exit like this option chain will help me )
◽ Stop loss for this level is 37730 here market get bounce back from this level and if look at past 4th trading session where market get support at this point by pivot point control region if it breakdown this level Banknifty will be weaker so I'm setting mine stoploss here
◽Banknifty can shown some more weakness if traded below 37250
◽ if huge gap up happens the don't take a trade let the market correct because market Dont like gaps whether it may be huge gap up or gap down so let market get correct for some time then take the trade if breakout the mentioned level or it can bounce from their ( After bounce let wait to candel close above the resistance level then take a trade don't forget About stoploss )
🛑 Major support level for BankNifty
◽ Support level for nifty lies at 37000-36950 this the region of yesterday's value area means major valume is lies their so it acting as support zone or also called demand zone where buyers get active and drove the market upside
◽ Also this level can called as virgin CPR support area means It pivot point region based on yesterday value area where in active trading session market doesn't touch the that level (those levels or pivot control point are called virgin CPR )
◽ Market successfully breakdown this level then we can take a trade with stop loss level ie.37250 ( opening level for the previous day if nifty started trading above this level we can say nifty will be strong and can drive the price upside so this crucial STOP LOSS level )
◽ If breakdown happens we will achieve the Target of 36600🎯
🛑 Key levels to watch out for nifty futures
➡️ Resistance zone is at 37950-38000if it breakout this level with simultaneously breakout have to happen in Banknifty spot market also then go long on bank nifty futures
◽Target 1 will be 38200
◽ Stoploss is 37900
➡️ Support zone is at 37500-37450
If it breakdown this level we can short the market
◽ target will be 37250
◽ Stoploss is at 37600
🛑 Summary
◽ Resistance level for CE buyers /option buyers is at 37800-37850
◽ support zone to buy PUT / PE is at 37000-36950
◽ Nifty will be weaker on intraday basis below the 37250
Thanks for reading 😊
I hope that it will help a lot and I'm wrong kindly comment mine mistake surely I will correct it
If you like it do follow for more and give reputation which will boost mine confidence to do more.
have a nice day 😊
Welcome to BANKNIFTY chart analysis for 24th Sep 🔺
🛑 Caution
◽ I don't give much preference to technical indicators those were lagging indicators and I don't believe anyone of them . And use just for confirmation purpose and i trade only basis of levels that is Resistance and support levels and through market profile ( and I don't use market profile for execution of trade) if you are technical indicator trader you don't need to read further 😊
Show me that successful profitable trader who traded based on only technical indicators
🛑 Today Bulls were took the market in control and lead to towards all time high and closed with gaining of 790+ points
🛑 What's the major reason to this bull ❓
Well,
U.S. Fed Holds Interest Rates Stable, Hints Tapering May Start Soon ( means Currently there's no changes in interest rate)
The U.S. Fed keeps interest rates steady for now but indicated that rate hikes might happen sooner than expected. More members now see the first interest rate hike occurring in 2022 if progress continues as expected
This is the reason beyond Market Run Fed now keep interest rate steady and it rise the rate sooner than expected
◽ What will happen if rise in interest rate ❓
( As I know if I'm wrong kindly correct me) if increase in interest rate then money follow will get reduced and as money follow decreases consumer products price decreases and it maintains inflation rate .
Interest will hike only when rise in inflation or expected to be rise inflation so Thier by they can control money follow
How money follow will increase inflation ❓
Well,
Just imagine interest what we paid for
credit card decreases and we will take benefit from that as much as possible and we are spending more money than usuall and we are paying more money for Products and goods it will increase in the inflation rate ( which means our country currency value decreases let take one example just assume that you bought an shoe at 100 Rupees (in Indian currency ) yesterday and same company same shoe will cost 102 rupees today which means inflation reduce currency value by 2 Rs ) I hope that u get it if I'm wrong kindly let me know comment section 😊
◽ Change interest rate means inflation is increasing so they were try to manage inflation rate by increasing in interest rate which will keep money follow under control ( if interest rate for credit cards increasing would like to spend more money ? So like this they control money follow )
🛑 Now let move on to analyse the market levels for 24 th SEP and I have given market levels were worked as I told that (you check in profile if whether I'm wrong or right)
🎯 Key levels to watch out for day trader ( support and resistance zone for only for intraday traders and intraday purpose )
🛑 Major resistance zone for BankNifty is at 37800-37850 where at this point BankNifty tried to breakout level in other words it is the level acting as supply zone where shorter's get active and shorting the market
◽ If market breakout resistance zone ie. 37800-37850 then we can see Target of 38000🎯
You can ask me
◽How can you tell 38000 will be the 1stTarget ❓
Well,
If I'm can't see perfect Target level in chart then I will going to see option chain for Target setting ( I will look at that strike where more sellers are shorted and position holding I will choose that one as mine target because shorters were like institutional traders who have more money they will short the market they were more shorting at one particular OTM strike then they were expecting that market will can trade until that point but it will not breakout that in other words we can take that strike as resistance also here we already know resistance I'm setting target or I'm looking to where I have exit like this option chain will help me )
◽ Stop loss for this level is 37730 here market get bounce back from this level and if look at past 4th trading session where market get support at this point by pivot point control region if it breakdown this level Banknifty will be weaker so I'm setting mine stoploss here
◽Banknifty can shown some more weakness if traded below 37250
◽ if huge gap up happens the don't take a trade let the market correct because market Dont like gaps whether it may be huge gap up or gap down so let market get correct for some time then take the trade if breakout the mentioned level or it can bounce from their ( After bounce let wait to candel close above the resistance level then take a trade don't forget About stoploss )
🛑 Major support level for BankNifty
◽ Support level for nifty lies at 37000-36950 this the region of yesterday's value area means major valume is lies their so it acting as support zone or also called demand zone where buyers get active and drove the market upside
◽ Also this level can called as virgin CPR support area means It pivot point region based on yesterday value area where in active trading session market doesn't touch the that level (those levels or pivot control point are called virgin CPR )
◽ Market successfully breakdown this level then we can take a trade with stop loss level ie.37250 ( opening level for the previous day if nifty started trading above this level we can say nifty will be strong and can drive the price upside so this crucial STOP LOSS level )
◽ If breakdown happens we will achieve the Target of 36600🎯
🛑 Key levels to watch out for nifty futures
➡️ Resistance zone is at 37950-38000if it breakout this level with simultaneously breakout have to happen in Banknifty spot market also then go long on bank nifty futures
◽Target 1 will be 38200
◽ Stoploss is 37900
➡️ Support zone is at 37500-37450
If it breakdown this level we can short the market
◽ target will be 37250
◽ Stoploss is at 37600
🛑 Summary
◽ Resistance level for CE buyers /option buyers is at 37800-37850
◽ support zone to buy PUT / PE is at 37000-36950
◽ Nifty will be weaker on intraday basis below the 37250
Thanks for reading 😊
I hope that it will help a lot and I'm wrong kindly comment mine mistake surely I will correct it
If you like it do follow for more and give reputation which will boost mine confidence to do more.
have a nice day 😊