Bank Nifty For Week Starting Feb 20

Bank Nifty opened massive Gap up (674 points) after moving in narrow range for almost 7-8 days! The high was 21042 and it gave up major gains of the day and closed at 20551 registering low of 20449.

Holding 20480/20500 Bank Nifty can move towards 21100/21400. A daily close below 20400 may take bank Nifty to 19700/19500 levels.

Inside Pitchfork:

IP is showing that holding 20500 Bank Nifty can move to 21000. Below 20500 it can move down to 19700.

Gann Time & Price Square:

As per this analysis, Feb 17 and price 21020-80 is a price-time square possibility(Bank Nifty achieved high of 21042 on Feb 17 and reversed sharply). Hence possibility of 21042 being a Top is quite high. It may be short term top till start of new solar cycle on Mar 22 or could be Mid term top that may be protected for next few months.

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VIX Analysis

The daily VIX chart shows the formation of Doji candles at the bottom and reversal. The daily RSI crossed the previous resistance level of 40. The MACD signal gave bullish crossover suggesting bullish move in VIX. So the daily chart shows the possibility of VIX moving towards 28 levels in the coming days. The weekly chart shows the formation of wedge and reversal from the bottom. VIX may move towards the upper wedge line @ 29-30. So VIX suggesting the bearish mood of the market and hence the high possibility of fall in Nifty-50 and Banknifty in the coming days/weeks. VIX Gann Box: The daily Gann Box shows a reversal from the mid-zone of time factor points. The next time factor date is Jul-21. So will VIX continue to move high till Jul-21 or it will reverse from angle point? Wait and watch. Using VIX to spot Intraday Reversal on Indices: VIX is a very useful indicator to spot reversal during day trade. If the price of an index moves up and @ resistance zone watch values of VIX. If VIX s...

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BankNifty Update For Jul-09,2020 - Weekly Expiry

Banknifty opened Gap up @ 22700 and then achieved all our bullish targets of 23900/23000. But the upmove was very choppy and looked like terminating pattern and was not easy to trade. So I did not take a trade on the upside. My observation was Banknifty good up (250-300 points) while Nifty was not at all moving up and was just 10-15 points up and VIX was increasing. That was a signal that there is a high probability of reversal. (I twitted this around 12.30 pm). Banknifty continued its upmove and VIX was not falling, so I was sure that reversal is on the card from the strong resistance zone of 23900-23000/50. In yesterday's post, I mentioned about daily RSI @ resistance. That was another reason I was expecting a high probability of fall after it moved higher levels to come to at least yesterday's close levels or below. I got down-trade from almost 23000 to 22700 (got out earlier as it was intraday and not much time left though I was expecting at least 22600. It gave a much lowe...

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