NIFTY CHART

 Both indices opened at the support level of the current swing max downside at 78.6% once break today's low 

NIFTY and BANK NIFTY CASH LEVELS

Nifty Chart

 Nifty cash 24641.80 CASH, NSE index / indices

Sustained above and close above 24705  will be good for Bulls

NIFTY CHART

NSE INDICES / INDEX NIFTY 24619

The Nifty index, with the given details, is showing some key technical levels and chart patterns. Let's break down the analysis:

Key Observations:

1. Negative Divergence on the Hourly Chart:

   • Similar to Bank Nifty, the Nifty index is exhibiting negative divergence on the hourly chart. This means the price is likely making higher highs while momentum indicators (like RSI or MACD) are forming lower highs, which signals weakening momentum. This could indicate that the price might struggle to maintain the current upward trend or could potentially move lower in the near term.

2. Support Zone (24590-24550):

   • The immediate support for Nifty is seen in the 24590-24550 range. A decline in this support area will be a crucial level to watch. If the price holds above this range, it could still indicate consolidation or a sideways movement. However, a breakdown below this support could suggest further downside.

3. Downside Targets:

   • If Nifty fails to hold above 24590-24550, the index could likely test lower levels. The identified downside targets are:
     • 24311 (near-term support level),
     • 24063 (deeper support zone),
     • 23666 (longer-term support level).
   • These levels provide potential downside targets in case the negative divergence continues and the index starts to decline.

4. Expected Sideways Movement with Negative Bias:

   • Based on the negative divergence and the support range, the overall expectation is for the index to move sideways, but with a negative bias. This suggests the market could consolidate within a range, with the downside risk being more prominent than the upside potential.

Key Levels:

• Immediate Support: 24590-24550.
• Next Downside Targets: 24311, 24063, and 23666.
• Resistance for Upside Move: Any significant rally would need to break through the recent highs to invalidate the negative bias, but with negative divergence in play, the expectation leans towards the downside or sideways.

Conclusion:

Given the negative divergence on the hourly chart, Nifty is likely to face downside pressure if it fails to hold the immediate support zone at 24590-24550. A break below this level could lead the index to test lower targets, with potential downside support levels around 24311, 24063, and 23666. However, the broader market could also move sideways with this negative bias, and any bullish reversals would require a clear break above the current resistance.

NEGATIVE DIVERGENCE 

Negative divergence is a technical analysis concept used to identify potential reversals in a price trend. It occurs when the price of a financial instrument moves in one direction (often higher), but a technical indicator—such as the Relative Strength Index (RSI), Moving Average Convergence Divergence (MACD), or Volume—moves in the opposite direction (often lower).

Here’s how to identify a trend with negative divergence:

---

1. Choose an Indicator

• Common indicators for spotting divergence include:
  • RSI: Measures the speed and change of price movements. Divergence with RSI is widely used.
  • MACD: Tracks the relationship between two moving averages of a security’s price.
  • Stochastic Oscillator: Compares a particular closing price to a range of prices over a specific period.

---

2. Examine the Price Trend

• Look for higher highs in price (indicating an uptrend).

---

3. Compare with the Indicator Trend

• Check if the indicator is making lower highs during the same period when the price is making higher highs.
• For example:
  • Price forms a new high, but RSI or MACD forms a lower peak.

---

4. Confirm Negative Divergence

• Ensure the divergence is clear and not marginal.
• It’s more reliable when:
  • It occurs near overbought levels (e.g., RSI > 70).
  • The divergence spans multiple peaks.

---

5. Look for Additional Signals

• Combine with other technical signals like:
  • Reversal candlestick patterns (e.g., shooting star, bearish engulfing).
  • Trendline breaks.
  • Reduced volume on price highs.

---

Example:

1. Price Action: A stock’s price rises to $100 (high 1), pulls back, then rises again to $110 (high 2).
2. RSI Indicator: RSI is at 75 during high 1 but only 68 during high 2, despite the higher price.
3. Divergence: This indicates a weakening momentum and potential reversal.

Negative divergence signals that an uptrend may lose strength and could reverse. However, it’s not a guaranteed reversal indicator, so confirm it with additional tools or patterns.

BANK NIFTY

 BANKNIFTY 53407.8  CASH INDEX / INDICES / NSE

Bank Nifty is currently facing resistance in the 53732-53750 zone, as indicated by its recent price action and the presence of negative divergence on the hourly chart. Let's break down the key observations and technical analysis:

1. Negative Divergence on the Hourly Chart: Negative divergence occurs when the price of an asset makes a higher high, but the corresponding indicator (e.g., RSI, MACD) forms a lower high. This suggests that the momentum is weakening, and the price might not be able to sustain the upward movement.

2. Recent Price Action:

   • The Bank Nifty attempted to break the 53732-53750 resistance zone on two separate occasions:
   • 
     
     • The first attempt reached a high of 53775, but it closed lower at 53733.
     • The second attempt saw a high of 53749, with a closing price of 53648.
     • 
       
   • These failed attempts to sustain above the resistance level indicate that the sellers are actively defending this area.

3. Retracement Resistance: The price action around 53732-53750 represents the current swing retracement resistance. If the price fails to break through this level decisively, there could be a pullback or a continuation of the downward trend.

Key Levels:

• Resistance Zone: 53732-53750, with the highs of 53775 and 53749 acting as significant barriers.
• Support Levels: Any breakdown below the recent closing prices of 53648 could bring the price closer to the next support levels. A strong move below these levels could signal a deeper retracement or a continuation of the downtrend.

Conclusion:

Given the negative divergence and the repeated failure to break the resistance zone, the Bank Nifty may face downward pressure if the 53732-53750 resistance continues to hold. Traders may look for signs of weakness around this zone for potential short positions, while a break above 53750 could invalidate this bearish scenario, leading to a potential upside move. Keep an eye on the hourly chart for any signs of further divergence or shifts in momentum.

Negative divergence is a technical analysis concept used to identify potential reversals in a price trend. It occurs when the price of a financial instrument moves in one direction (often higher), but a technical indicator—such as the Relative Strength Index (RSI), Moving Average Convergence Divergence (MACD), or Volume—moves in the opposite direction (often lower).

Here’s how to identify a trend with negative divergence:

---

1. Choose an Indicator

• Common indicators for spotting divergence include:
  • RSI: Measures the speed and change of price movements. Divergence with RSI is widely used.
  • MACD: Tracks the relationship between two moving averages of a security’s price.
  • Stochastic Oscillator: Compares a particular closing price to a range of prices over a specific period.

---

2. Examine the Price Trend

• Look for higher highs in price (indicating an uptrend).

---

3. Compare with the Indicator Trend

• Check if the indicator is making lower highs during the same period when the price is making higher highs.
• For example:
  • Price forms a new high, but RSI or MACD forms a lower peak.

---

4. Confirm Negative Divergence

• Ensure the divergence is clear and not marginal.
• It’s more reliable when:
  • It occurs near overbought levels (e.g., RSI > 70).
  • The divergence spans multiple peaks.

---

5. Look for Additional Signals

• Combine with other technical signals like:
  • Reversal candlestick patterns (e.g., shooting star, bearish engulfing).
  • Trendline breaks.
  • Reduced volume on price highs.

---

Example:

1. Price Action: A stock’s price rises to $100 (high 1), pulls back, then rises again to $110 (high 2).
2. RSI Indicator: RSI is at 75 during high 1 but only 68 during high 2, despite the higher price.
3. Divergence: This indicates a weakening momentum and potential reversal.

Negative divergence signals that an uptrend may lose strength and could reverse. However, it’s not a guaranteed reversal indicator, so confirm it with additional tools or patterns.

Bank Nifty

Bank Nifty 53603.6 CASH NSE

 48636-42105 EXACTLY reversed from 61.8% Create some swing trades for the TARGET of 53860

and 261.8% at 59203+.  20/9/2024 Touched 54066 and closed at 53793, closed below 53860.

Retraced up to 50194 from 53793

5/12/2024 Again touched 53888 and closed at 53603, below 53860

Extended issue first retracement 57437.  

Implies stiff resistance at 53900 for the TARGET 57437-59203+ [previous charts 261.8% [positional]

Nifty CHART

CASH  Nifty 24457.20

The recent swing exactly bounced from 61.8% 

Indicates for minimum 38.2% of 23.6% 

Already closed above 38.2% implies a good support range of 24370-24300

for the TARGET 25098-25105 range.  

nifty analysis, nifty, nifty chart, NSE, rsi, MACD, EMA, Candle stick, Fibonacci, Trend, TRADING

Banknifty Analysis

 BANKNIFTY CASH 52055.60

Banknifty Support 51900 for 52918+

Traded below 51900 will lead to a negative zone for 51700 and 51300

last 4-5 hours on closing basis bank nifty protected by 51900 on closing basis

Nifty Analysis

NIFTY 24131.10 [Cash nifty NSE]

 LATEST swing generates resistance at 24163 for 24570+

Good support at 23897 for 23763

As per Fibonacci, 180% may be stiff resistance, So sideways with negative bias 

for the whole day

MACD suggests that support for any trade below 24000 will lead to next support 23897 and 23763

Negative divergence on the daily chart also, so any holding long will protect with proper / convenient Stop loss

Banknifty Analysis

NSE BANK NIFTY CASH

Banknifty 52500 is major resistance to a trend change. For the past three days, it has tried to close above this level. 

NIFTY ANALYSIS

CASH NIFTY NSE,

Nnifty analysis daily with a recent swing for intra and

 higher time frame levels for positional

 Recent swing 21281-26277 38.2% at 23189

(that is why mentioned in the 14/11 analysis 

23260 to 2318 max downside

EXACTLY REVERSED from 23260

Recent swings 38.2% at 24368

So The upside mentioned 24388 

Actual High  24354 only

Nifty Chart Analysis

 Important levels for profit booking, nifty and banknifty cash levels 

Nifty 14-11-2024

 Regarding Nifty analysis, Everybody is now talking about RSI overbought/oversold, 200 EMA, positive divergence, and Fibonacci 61.8% of the current swing 78.6% further lower at 23260+, ATR resistance and supports, and so on.

But Archived Swing 24753-26277 swings 180% at 23533. check [yesterday's low at 23509 closed at 23559, today's low at 23484 closed at 23532], Maintain 23500
21281-26277 swings 61.8% at 23189 [so below 23500 will lead to 23260-23189 range, expect max downside here]

Bank nifty 13-11-2024

 

Stiff resistance 51500(C) and 50200 good support

Consolidation  7/10/24 to 12/11/2024

with levels 52500 to 51262 and 50900

The only positive on Banknifty is holding 

current swings 38.2% on the weekly chart

Nifty 13-11-2024

 Already issued the Chart with I H&S pattern with TGTs on 17/10/2024

from 24756 with neckline 24700 for 24340-23590 23051

So 23170-23051 is a good support to bounce 

On 04-11-2024 low 23816 closed at 23995

Mentioned Earlier 25400 for 24400 and below 24400  below Weak for 23865-23800 - 23560

breach  all the levels 4 consecutive lows below 24337 also  (38.2%)

of the swing 26227-21281

So, it is a rare case to bounce from 50% at 23754-23560

So,  Minimum 61.8% at 23170 of the current swing and 

Maximum 78.6% at 22339 of the current swing

CASH Bank Nifty chart Analysis for 08-11-2024

 

Banknifty CASH 51916.50

Current Banknifty Sswing 50194-52577 bounced from 61.8% (51104) 3 times and 

bounced from 78.6% at 50703, one time,  both good support  for the TGT 53215-54049+

As like 24440 nifty key for bank nifty 51600(C)

Nifty Chart intra and one week levels 08-11-2024

 

Nifty CASH 24199.30 

NIFTY Swing current 24537-23818 50% at 24117, swing bottom at 23818 [base now, must hold]

Minimum downside at 24092 61.8% maximum 23971  78.6%  for upside bounce 24729 max 24981

Banknifty 50933.4

Lower top trend line and Negative break out trend line at the same place at 51195

Close above this level is good for 51500+ then possible for LTH 

 

Banknifty 50985.70

Lower top trend line resistance at 51256

so long only on closing basis above this level
 

 Nifty 24811.50

Negative divergence Hourly CHART

so be cautious on intra longs 

Long only above 24830(C) basis

 Banknifty 50685

======================================

Support at 50542-50400 range current swing's 38.2%

Lower top Trend line resistance at 50900 [breakout neck line]

for the target 51597-51600

Fresh entry range above 51150 only and 

with out risk close above 51600, close above this level is good for LTH

 Nifty 24770

======================================

Resistance range 24746-24777 for 24826-845

Any GAPUP around 24826-845 range is for profit booking and 

risk takers short also with sl 24860(C)

Before  move to 25536-25400 range some consolidation 

with profit booking is good 

swing 25078 -  23893 78.6% at 24825

swing 24472-23893 161.8% at 24830

yesterday mentioned same for the tgt 24825+

already we got 24787 high and closed at 24770

Bank nifty 50803.10

======================================

Support at 50542-50400 range current swing's 38.2%

Lower top Trend line resistance at 50900 [breakout neck line]

for the target 51597-51600

Fresh entry range above 51150 only and 

with out risk close above 51600 

 Nifty 24697.80

 ====================================== 

Resistance range 24746-24777 for 24826-845 Any GAPUP around 24826-850 range is for profit booking and risk takers short also with stop loss at 24860(C). Before moving to the 25536-25600 range, some consolidation required with profit booking is good.

Swing's 25078- 23893 78.6% at 24825

Swing's 23893-24472 161.8% at 24830

Yesterday I mentioned the same for the target 24825. Already we got 24734 high and closed at 24698. 

Stiff resistance and profit booking / short at 24825-850 range

 Banknifty 50368

STRUCKED in between 50542-49690 from 2-8-2024

same as like nifty RSI reached selling pressure

Nifty  SWING 23893-25078's 61.8% at 24625

Hourly two candle at the same place

and RSI on selling pressure with OB zone

So 24630(C) is fear zone for 24820+ with short covering

Extended swing chart of nifty

 NIFTY 24530.9 [Hourly Chart]

Swing 1

////////////////////////

Swing 24402-24141 hit 261.8% (24824) [1st Chart]

////////////////////////

In hourly  on 18th Jul high at 24829 closed at 24799 [below 24824]

In hourly  on 18th Jul high at 24837 closed at 24800 [below 24824]

In hourly  on 19th Jul high at 24854 closed at 24769 [below 24824]

All these three candles closed below 24824

If swing extended point 161.8% (24563) [2nd Chart] 

On 15-7-2024 Nifty closed above 24563 at 24567.9 with high of 24598

Swing 2

///////////////////////////////

Now check 2nd Chart 161.8% at 24831

////////////////////////////////

In hourly  on 18th Jul high at 24829 closed at 24799 [below 24831]

In hourly  on 18th Jul high at 24837 closed at 24800 [below 24831]

In hourly  on 19th Jul high at 24854 closed at 24769 [below 24831]

All these three candles closed below 24831

Implies TGT of 24467 [23.6%]

 Bank Nifty  52265.6 [Daily chart]

1 Swing 53303-51749 61.8% at 52710

//////////////////////////////////

12/7/2024 High at 52794 closed at 52544 [below 52710]

18/7/2024 High at 52782 closed at 52265 [below 52710]

2.Swing 44511-51133

///////////////////////////////////

61.8% at 47040 [5-6-2024 low at 46446 closed at 49054]  and 

78.6% at 45928 [4-6-2024 low at 46077 closed at 46928]

3 Swing Hourly chart

//////////////////////////////

swing's 51128-53303 low 51749 closed at 42207 [11-7-2024]

50% at 52216

--------------------

11-7-2024 low 51749 closed at 52270

12-7-2024 low 52171 closed at 52278

13-7-2024 low 52154 closed at 52455

18-7-2024 low 52168 closed at 52620

19-7-2024 low 52146 closed at 52265

All candles closed above 52216 [52200 strong Support]

4 Swing 51749-52784

/////////////////////////////////////

61.8% at 52148 maintained support at lows every time from 15-7-2024

So 52216-52148 Strong Support

Below this support Bank Nifty may hit at 51358-51300 range

Strong resistance 52700 for further new high on closing basis only[Chart 3]

05/7/2024 high at 52817 closed below 52700 at 52660

08/7/2024 high at 52710 closed below 52700 at 54425

12/7/2024 high at 52794 closed below 52700 at 52278

15/7/2024 high at 52662 closed below 52700 at 52455

18/7/2024 high at 52782 closed below 52700 at 52620