BANKNIFTY & NIFTY - Chart Analysis
https://www.tradingview.com/x/27j3QCna/
Bank Nifty (Left Chart)
30 August: There is a significant red candle indicating strong selling pressure, but the price remains above 50,500.
31 August to 1 September: There is a strong recovery with multiple green candles, showing that buyers are gaining control. The price moves above 51,250, indicating renewed interest in Bank Nifty.
2 September: The price momentum slows down with smaller green candles, suggesting some profit-taking or consolidation after the quick rally.
3 to 5 September: Minor red candles are visible, but the price remains steady around the 51,450 level. The consolidation here might indicate a potential breakout or breakdown in the upcoming sessions.
September 2024 Prediction
If Bank Nifty can sustain above 51,500, we might see another rally towards 52,000. If it breaks below 51,000, it could slide back to the 50,500 support zone.
Nifty 50 (Right Chart)
30 August: Nifty 50 shows a strong red candle, reflecting significant selling, with the price dropping towards 25,000.
31 August to 1 September: Nifty bounces back, with green candles showing recovery, moving closer to 25,250.
2 September: Similar to Bank Nifty, Nifty shows smaller green candles indicating a slow upward movement and some hesitation from buyers.
3 to 5 September: Red candles reappear, with a drop to 25,145, indicating that sellers might still be in control.
September 2024 Prediction
Nifty 50 needs to hold above 25,000 for a bullish move. If the price closes below 25,000, a downside towards 24,800 is possible. If it sustains around 25,150, a move towards 25,400 can be expected.
Conclusion
Bank Nifty: Expect consolidation or an upward move if it holds 51,500. Otherwise, watch for 50,500 support.
Nifty 50: A similar pattern of consolidation around 25,150, with a potential breakout above 25,250 or breakdown below 25,000.
In both indices, traders should be cautious of potential volatility and volume spikes, as shown in the CVD (Cumulative Volume Delta), where negative numbers indicate selling pressure.
Bank Nifty (Left Chart)
30 August: There is a significant red candle indicating strong selling pressure, but the price remains above 50,500.
31 August to 1 September: There is a strong recovery with multiple green candles, showing that buyers are gaining control. The price moves above 51,250, indicating renewed interest in Bank Nifty.
2 September: The price momentum slows down with smaller green candles, suggesting some profit-taking or consolidation after the quick rally.
3 to 5 September: Minor red candles are visible, but the price remains steady around the 51,450 level. The consolidation here might indicate a potential breakout or breakdown in the upcoming sessions.
September 2024 Prediction
If Bank Nifty can sustain above 51,500, we might see another rally towards 52,000. If it breaks below 51,000, it could slide back to the 50,500 support zone.
Nifty 50 (Right Chart)
30 August: Nifty 50 shows a strong red candle, reflecting significant selling, with the price dropping towards 25,000.
31 August to 1 September: Nifty bounces back, with green candles showing recovery, moving closer to 25,250.
2 September: Similar to Bank Nifty, Nifty shows smaller green candles indicating a slow upward movement and some hesitation from buyers.
3 to 5 September: Red candles reappear, with a drop to 25,145, indicating that sellers might still be in control.
September 2024 Prediction
Nifty 50 needs to hold above 25,000 for a bullish move. If the price closes below 25,000, a downside towards 24,800 is possible. If it sustains around 25,150, a move towards 25,400 can be expected.
Conclusion
Bank Nifty: Expect consolidation or an upward move if it holds 51,500. Otherwise, watch for 50,500 support.
Nifty 50: A similar pattern of consolidation around 25,150, with a potential breakout above 25,250 or breakdown below 25,000.
In both indices, traders should be cautious of potential volatility and volume spikes, as shown in the CVD (Cumulative Volume Delta), where negative numbers indicate selling pressure.
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