Banknifty Daily Analysis

BankNifty Analysis for Today 7th June 2023 & Prediction for Tomorrow 8th June 2023

Hello Friends! Let us start BankNifty Analysis for today 7th June 2023 and prediction for tomorrow 8th June 2023.

BNF opened above 100 points gap-up and in the first 15 minutes only, started consolidating near 44265 level as discussed in yesterday’s analysis, but there was no opportunity to enter as still morning gap was not cleared and morning range high did not get taken out.

Instead, it started creating lower low. Even then, it was not advisable to take any short position, as market is still having bullish sentiment and it was clear from the OI data.

Position Opportunity

Opportunity for taking position came in the late 2nd half only. As you can see in the figure, BNF started taking support and moving up. Hence, here a small bullish position could be taken.

Reason for This Position

  1. Support range in 1 hr timeframe
  2. Exactly coinciding with that is Trendline Support in 1 hr timeframe

(This is a very strong point where both horizontal and trendline support/ resistance meets and market starts taking support/resistance at the same point exactly.)

  • Double bottom in 5 min timeframe.

(Please note that double bottom fails most of the times, as it is the most favourite for  sellers to hunt SL, but in this case convergence of horizontal and trendline support in 1 hr timeframe made it safe)

  • Added to these 3, is the CPR, which provided support at the exact base

Entry

As soon as it confirmed support and started moving up, entry created upon small retracement.

Target

Target on Range High

What Next?

So, let us discuss how to approach market tomorrow on expiry. Market is slowly going into total control of bulls.

So, on 8th June i.e. Thurday Expiry, wait patiently till BNF clears above 44290. Once this is cleared, upon retracement, a bullish entry can be taken with 1st target to 44464 and next target to 44600.

Since, market is in good position, a gap-down opening can be little risky. So, in case of that, wait for price action and then once it clears below 1 hr trendline, entry can be taken with a short position, as market may come down aggressively to 44040 trapping today’s buyers, but remember to keep position size small and risk reward in your favour. And be very cautious, as RBI policy is awaited tomorrow and that may create unexpected volatility in market.

*Kindly note the above figure is BankNifty in Tradingview in 1 hour timeframe.

So, friends bye for today. Will meet again tomorrow. Till then, Keep Learning, Keep Trading and Keep Winning. This is a new blog started for my own learning journey. If I get good views on this, I will share a very profitable and very reliable Hero or Zero Expiry Set up in Advanced Concept. Now, when we will be getting 4 days expiry in a week, this set up can make you good money. So, please spread the word and keep supporting. Thank you.

*In addition to the Disclaimer, I wish to submit that, all the information given here are only for education purpose and I dont give any buy or sell ideas. Investments / Trading in Stock market is subject to market risk and please consult with your financial advisor before taking any position. This blog is created only for expanding my learning through analysis and share this knowledge with my visitors. The writer will not be responsible for any profit or loss directly or indirectly due to the information given in this blog. I do not take responsibility for any information or product link in the pinned comments or in this blog. Hence, please be at your own risk while using/acting on them. Thanks for your support

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