Banknifty Future Live Chart Analysis 13 July 2023

During today’s BankNifty Future Live Chart Analysis 13 July 2023, we successfully captured a substantial move of over 300 points. It is remarkable how history repeats itself in the market, presenting traders with similar opportunities. Interestingly, a similar chart movement was observed on July 11, 2023, where the market also delivered a move of 300+ points. Comparing both charts reveals their striking resemblance in terms of price action and even the timing of the move.

Such remarkable identification of patterns and opportunities is made possible through learning and practicing Elliott Wave Theory. By applying this theory, traders gain insights into market cycles and can make informed trading decisions. If you wish, you can view our trade history based on Elliott Wave Theory and Option Analysis.

Understanding the nuances of Elliott Wave Theory empowers traders to recognize repetitive patterns and capitalize on market trends effectively.

Banknifty future live chart 13 july 2023 3.30pm

15.30 PM : Banknifty future 300+ move captured

bnf 300+ move

14.20 PM : Banknifty future Live Chart Analysis made low 44814

Upon analyzing the 1-minute chart, we identified an Elliott wave count that featured a completed 5-wave impulse at today’s high of 45,133.70. Subsequently, a corrective zigzag pattern in the form of an ABC wave emerged. Our patient approach, as advised earlier at 11:45 AM, paid off as we observed selling pressure at higher levels. This presented a favorable opportunity for short positions near the range of 45,070-45,100, with the anticipation of a powerful Wave C decline.

Taking into account various tools such as Elliott wave analysis, Fibonacci levels, and volume profiling, we successfully captured a move of over 200 points. The BankNifty future reached a low of 44,814 so far, enabling us to achieve a risk-reward ratio (RRR) of 1 : 2.50 or more during the course of the intraday trade.

Trading becomes easier and fearless with the guidance of Elliott Wave analysis, which acts as a GPS for navigating the market

Banknifty Future 13 july 2023

12.00 PM : Banknifty future short triggered @45070

BNF short

11.45AM : Put writers strong fight at 45000

Put writers became aggressive and are putting up a strong fight at the psychological level of 45,000. This move we expected yesterday which came today by gap up opening.

It is worth noting that significant gains have already been captured by larger players during this gap-up opening.

Now, it is advisable to exercise patience and wait for this wave to complete its course, which will potentially provide us with favorable trading opportunities.

Banknifty 11.45am 13 july

 

10.05AM :  Banknifty Open interest Analysis:

The current market situation for BankNifty suggests a significant obstacle created by call writers near the 45,000 level, while put writers have established a strong support at the 44,800 level. This has resulted in a narrow trading range as high open interest is concentrated around the nearby strike price.

Banknifty option 13 july

After 10 am banknifty future stuck in narrow range of 150-200 points thereby premium decay happening in options. call writers created a strong hurdle near 45000 level and put writers too created a strong support at 44700 and 44800 level. Experiencing narrow range as high oi is build up in near by strike price.

Banknifty Spot Price Forecast and EOD Analysis :

To view elliott wave and price forecast go to EOD Analysis

Risk Management:

Remember, no analysis is foolproof, and risk management is paramount. Ensure you set appropriate stop-loss levels and adjust your position size based on your risk tolerance and trading strategy. Always trade with discipline and adhere to your predetermined trading plan.

Disclaimer: The information provided in this analysis is for educational and informational purposes only. It should not be considered as financial or investment advice. Trading in financial markets involves risk, and past performance is not indicative of future results. Always conduct your own research and seek professional guidance when making investment decisions.

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