Today bank nifty prediction : Intraday Bounce on the Horizon?

In this comprehensive article, titled “Today Bank nifty Prediction : Intraday Bounce on the Horizon?”, we will provide an in-depth BankNifty analysis and prediction for July 12, 2023. By examining the weekly timeframe, day timeframe, and smaller timeframes, we aim to uncover key insights that will assist traders in making well-informed decisions. Join us as we delve into the fascinating world of BankNifty and explore the potential for profitable trades.

Weekly Timeframe : Rising Wedge Pattern with Dragonfly

In the weekly timeframe, we observe the emergence of a notable development – the formation of a Dragonfly Doji candlestick pattern . and the rising wedge pattern. Dragonfly Doji Positioned at the top of an uptrend near rising wedge resistance. this pattern serves as a strong reversal signal. Its appearance suggests a potential shift in market sentiment. This week Traders should closely monitor dragonfly doji’s range that is 45655 to 44845 for reversal.  It is important for traders to note that this pattern is occurring in the longer-term weekly timeframe and slowly and gradually range will narrow down till it gives breakout or breakdown from the pattern.

Weekly Trading strategy will be taking short position near the rising wedge resistance with risk management , if any bounce happens.

Banknifty rising wedge week

 

Day Timeframe: Master Long-legged doji Candle Breakdown achieved 50% target

Moving to the day timeframe, we analyze the significant events of July 4th, 2023. On this day, BankNifty formed a master long-legged doji candle with a range between 45000 and 45655. However, the bullish momentum was disrupted on July 7th, 2023, as the master candle broke down, and till date made a low of 44663. Thereby it achieved the 50% target of long legged doji breakdown .

Banknifty doji daily

30min Timeframe: Elliott Wave Structure and  Potential Reversal

Banknifty is currently moving in downside channel. In the current wave structure , we are within sub-wave 4 of wave (5).  Sub-wave 4 is a corrective wave characterized by a zigzag pattern, denoted as wave ABC. Typically, this corrective wave corrects to a minimum of 38% Fibonacci retracement , which stands at 44839, and a maximum of 61.8% Fibonacci retracement, which stands at 44335.

At present, BankNifty has already reached a low of 44663, indicating that subwave 4 has completed the minimum required correction. This suggests the potential for a reversal from either the 38% Fibonacci level or the 61.8% Fibonacci level.

Banknifty 30min wave 4c

  • Impulsive (5)th wave in progress with sub 1-2-3-4-5 waves. currently sub wave 4 is in progress.
  • Banknifty closed at 44745 level.
  • Max 4th sub wave retracement can be upto 61.8% fib level near 44335 (major support)
  • 200 sma support near 44456
  • 50 EMA resistance level near 44,988
  • Corrective waves are time consuming and minimum time requirement is upto 13th july
  • Banknifty volume profil suggest POC level near 45200 act as immediate resistance

15min Timeframe: forming Lower high Lower Low

  • BankNifty  is currently trading in a downward channel, forming lower highs (LH) and lower lows (LL) up to this point, supporting the bearish sentiment is still present at key levels.
  • Multiple hurdles exist on the upside:
    • channel Resistance confluence with 38% fibonacci level near 45042
    • Significant obstacle at the 50% retracement level of 45160 (a big hurdle).
    • Golden Fibonacci resistance near 45276.
  • Important Support exist on the downside:
    • channel support confluence with 50% fibonacci level near 44590
    • Golden Fibonacci support near 44335.
  • Play support and resistance. Avoid selling near multi support same way avoid buying near multi resistance.

bANKNIFTY 15 MIN 11 JULY

Banknifty Option chain : Highly oversold

  • Bank Nifty Options:
    • Call writers established strong resistance zone at 45,000 – 45200
    • Put writers created a support at the 44,700 and 44500 level.
    • Max Pain level observed at 44900 level
  • Market analysis:
    • The market is highly oversold be cautious at lower level.
  • Market analysis:
    • PCR at 0.61

Banknifty option eod 11july

Conclusion and bank nifty Prediction Intraday bounce on horizone?

  • Higher timeframe signals caution at higher level being dragonfly doji  in weekly timeframe, and in lower time frame to banknifty forming lower high lower low pattern which still indicates bearish sign.
  • Important support of 200 sma confluence with 61.8% fibonacci level near 44300.
  • PCR highly oversold so be cautious at lower level as bounce in intraday possible.
  • No shorting near channel support or fib support when PCR is oversold.
  • “sell on rise” If during intraday selling pressure seen near 45100-45200.
  • Buying can  be done near channel support 44700 or 44500 with bullish candle confirmation.
  • Currently market is in corrective 4th wave with zigzag abc wave . Hence, it provides opportunity for both bull and bear to play support / resistance.
  • Tomorrow too we are expecting both side move. so, For Live Market update visit : Live Update

Risk Management

  • Trading in financial markets involves inherent risks, and caution should be exercised.
  • Traders should conduct thorough analysis, set stop

Disclaimer: The information presented in this article is for educational and informational purposes only. It should not be considered as financial or investment advice. Trading in the financial markets carries risks, and individuals should seek professional guidance and conduct their own research before making any investment decisions. The author and the platform assume no responsibility for any financial losses or damages incurred as a result of following the information provided in this article.

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