NIFTY AND BANKNIFTY ANALYSIS FOR 22-AUG-2023

Hello Traders ,

Welcome to the exciting world of share market, in this post we will discuss about some important data points for today trading ,

NIFTY50 TECHNICAL ANALYSIS :

Nifty50 in multi Timeframe chart:

Nifty50 30min Timeframe chart:

In 30min TF , Nifty was clearly in sideways zone ( 19280 to 19440 )

and witnessed a death crossover in EMA ,

based on chart ,

Resistance - 19400 to 19450

Support - 19270 to 19320

after broken on either side we will take a directional trade , until focus on only sideways trend .

Weekly Open Interest data for Nifty50[Aug 24th Expiry ]

as per the open Interest data , 19400 ce has huge OI , so , 19400 is the resistance for this week , and 19300 pe has average OI , so , my view based on the chart and OI data , nifty will be swing between the 19200 to 19500 range .

as I posted yesterday , no change in my view , we already did the trading as I mention in yesterday post ,on the expiry day ,I will show you how much profit /loss done on this strategy .

overall my view is sideways to bearish trend ,

traded on 21-aug-2023

buy 19400 PE - 150 -1 lot

selling 19300 PE -93 -1 lot

strategy name is Bear put spread .

BANKNIFTY TECHNICAL ANALYSIS :

In Bank Nifty I am not speak anything , chart speaks

Bank Nifty 30min timeframe analysis :

This chart shows BN is in distribution phase , so , expecting sideways market until broken the current distribution high or low ..

Resistance - 44100

Support -43700

Weekly Open Interest data for Bank Nifty[Aug 24th Expiry ]

as per the OI data , 44000 has huge OI on both CE &PE , but , PE has slightly higher then the CE , OI data indicates also sideways trend ...

for this sideways trend , try iron condor strategy .

thanks for read my blogs,

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