Banknifty intraday trading on 20-09-2021

 As depicted in below image, you can trade accordingly

1. If Banknifty (15 minute candle) crosses 37950 level then you can buy 38000 CE for 100 points or more, trail the stoploss with the up move.

2. If Banknifty (15 minute candle) crosses 37450 level then you can buy 37500 PE for 200 points or more, trail the stoploss with the down move. My suggestion is to avoid trading for PUT or downside movement, it may be a trap because Banknifty trend is Bullish.

3. Avoid trading in the range between 37950-37450, because it is a trap zone, but you can do scalping trade for 5% +, only.

 

 

 

Banknifty is again in parallel channel:

Banknifty weekly analysis of 20-09-2021 to 24-09-2021

Banknifty Daily View (a day a candle): 

Banknifty is trading above 37500 levels, exactly at 37800. But in the last trading day it resists 38100 levels and goes down to 37450 levels. Banknifty may consolidate for few days between 38050 and 37450 levels. If breaks either 38050 levels then we can see blasting up move of 700-800 points or breaks 37450 levels then we can see downfall of 750-850 points.

 

 

Banknifty Weekly View (a week a candle): 

On weekly basis, Banknifty is trading above the BLUE trend line and has Bullish view in short term. It seems that Banknifty will go up to 40000-42000 levels in the near short term (this month or the next month i.e. October). The maximum Call OI has developed on the levels of 38000 levels, if Banknifty trades above it then we can see drastic short covering which will take the Banknifty to 39000 levels in the next week. Banknifty will be only Bearish when it breaks the RED trend line i.e. 36500-36000 levels.

 

Various trading styles in stock market

  

1. Positional Trading Style: This is a long term trading style for which a stock market instrument is taken for few months or years for good gains of 50% to 100% or more.

2. Swing Trading Style: This is a short term trading style for which a stock market instrument is taken for few days or weeks for expected profit of 5% to 10% more more.

3. Day Trading Style: This is also known as intraday trading for which a stock market instrument is taken for a day (no carry forward position) for 1% to 2% or more gains.

4. Scalp Trading Style: This is an extremely short term based trading style for which a stock market instrument is taken for few seconds or minutes to get good gains.

Banknifty Weekwise and Monthwise candle analysis

 Bank Nifty a candle a week overview: Creating wedge pattern (Click here to read...). BLUE line is resistance of 37000 levels and RED line is support trend line. 4-5% correction is due in as per Nifty 50 as it has runned too much.

 

 

 Bank Nifty a candle a month overview: Creating wedge pattern (Click here to read...). BLUE line is resistance of 37000 levels and RED line is support trend line.

 

Banknifty weekly analysis and intraday trade setup for Monday 13-09-2021

BankNifty weekly overview:

Banknifty rejecting the levels of 36500 (major support) and 37000 (major resistance). Banknifty is just consolidating after breaking the levels of 36500 (upside) or breaking the parallel channel upside. 

But it is still facing the resistances on 37000 levels. For the major up move Banknifty has to close a DAY-candle above 37000 and give a follow-up candle (a green candle above 37000 and closing above the high of the previous day candle), then Banknifty will give 1000-1200 points intraday.

But if it breaks the 36500 levels below (which is I am expecting, any day), then give a follow up candle closing below 36000 levels, then panic selling will be starting which will bring Banknifty to 35000-34500 levels in intraday.

 

Banknifty intraday trading chart for 13/09/2021. 

For intraday 36800 level upside is acting as a major resistance (GREEN LINE) and 36500 levels downside is acting as a major support (RED LINE).

The trend lines (BLACK LINE and RED LINE) are making a wedge pattern (Read here...). Breaking the BLACK LINE with 15 minute candle will make it bullish. And breaking the RED LINE with 15 minute candle will make it bearish but there are many supports between 36000 and 36500 (like 36400 and 36200).