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Banknifty & Banknifty Future

Last updated : 16 May 2019

Nifty Bank Index (also know as Banknifty Index) comprises of the most liquid and large Indian Banking stocks. It provides investors and market intermediaries a benchmark that captures the capital market performance of Indian Banks. The index comprises of maximum 12 companies listed on National Stock Exchange of India (NSE). HDFC Bank, ICICI Bank, Kotak Mahindra Bank, State Bank of India, Axis Bank, Indusind Bank, Yes Bank, RBL Bank, Federal Bank, Bank of Baroda are main bank nifty index stocks. To trade in this index, exchange introduced trading though Banknifty Future. Code for Banknifty Future is Banknifty. Currently lot size for Nifty is 20. (Time to time lot size changed by exchange, so please check it once before taking any action).

Latest View on Banknifty

16 May 2019 : Banknifty closed at 28855.30 up by 238.85 points. Banknifty made low of 28525.45 then in last hour we have seen sharp recovery in market and Banknifty moved to day high 28947.60 and finally closed at 28855.30. It was the weekly expiry day for Banknifty and we have seen very volatile session in last 2 hours. Banknifty weekly 28800 call moved to above Rs. 50 from day low 60 paisa. Banknifty weekly 28700 call moved to 150 from 7. In previous post, we mentioned that 28500 to 28600 is importnat support level for Banknifty and again we have seen bounce back in Banknifty from lower levels. Now next 2 weeks market will be volatile, it will not follow any technicals so trade as per trend and with strict stop loss cause high volatility will be there.

15 May 2019 : Banknifty closed at 28616.45 down by 212.75 points. Banknifty could not crossed yesterday high and after ups and down again in second half we have seen selling in Banknifty. It made low of 28555.15. Still as per chart 28400-28600 strong support zone. For tomorrow resistance for Banknifty at 28800 then next hurdle 29000. Support for Banknifty 28500 then 28380.

14 May 2019 : Banknifty closed at 28829.20 up by 169.25 points. Banknifty moved to day high 29058.30 from day low 28582.60. In yesterday post, we mentioned that 28500-28600 is strong support zone for Banknifty and we can see U turn in market from lower levels. Banknifty crossed 29000 level but we have seen profit booking in market in last hour and it closed almost 200 points down from intraday high. Banknifty May Future contract made high 29198 after making low of 28700 in morning fall, and closed around 28990. We suggested today buy in Banknifty Future at 28800 level and profit booked at 29075 and buy given in Banknifty weekly 28800 call at 188 for target 388. Profit booked at 355 later it made high of 387.05, almost close to target. For tomorrow, today's high that is 29058 may work as resistance level for Banknifty and today's low 28582 will be support for Banknifty.

13 May 2019 : Banknifty closed at 28659.95 down by 380.55 points. Banknifty crossed 29000 level after negative opening, but could not sustain above 29000 level and step by step we have seen selling pressure in market and Banknifty made low 28621.10. Banknifty Future made high 29080 in morning session and closed at 28768. For Banknifty 28400-28500 is crucial zone, and strong reversal chances from there levels. Banknifty Future having support around 28500-28600 level and one can make long position with strict stop loss of 28380 for big profit. Options trader can buy banknifty weekly or monthly call options of strike price 28500 to 29000.

10 May 2019 : Banknifty closed at 29040.50 up by 155.90 points. It was a very volatile session today. After positive opening we have seen some selling then again some buying and in last 30 minutes session Banknifty slipped almost 200 points from day high. After SBI results we have seen some up move in Banknifty but it was not enough and private sector banking stock like Axis Bank, HDFC Bank, ICICI Bank, Yes Bank dragged banknifty below 29000 level. This week was not good for bulls. Now 28800-29000 zone is support zone for Banknifty. Next week bulls required Banknifty to sustain above 29000 for upside and for more downfall it has to sustain below 28800 for one to two session. Banknifty Future May contract made high today 29258.80 but just in last 30 minutes it down to 29040 level. Banknifty weekly 29000 call moved to 380 but came down to 280 levels. Monday if market open positive and sustain for 30 to 40 minutes then one can go long in Banknifty Future and Banknifty weekly call options of strike price 29000 / 29100 / 29200 / 29300. For Monday, 29150-29200 is resistance level for Banknifty and 28750-28800 is support level.

09 May 2019 : Banknifty closed at 28884.60 down by 109.80 points. For tomorrow 29150 and 29300 will work as resistance, if sustain above these level then we can some more buying in market. 28800 then 28700 support for Banknifty from current levels.

08 May 2019 : Banknifty closed at 28994.40 down by 293.80 points. After a long time we have seen Banknifty closing below 29000 level. Just in last 4-5 trading session we have seen fall of more than 700 - 800 points in Banknifty index. For tomorrow 29150 and 29300 will work as resistance, if sustain above these level then we can some more buying in market. 28900 then 28700 support for Banknifty from current levels. Market in selling pressure so do not buy till no solid buy signal in chart, do not carry any future position for next trading session. Do intraday with strict stop loss.

07 May 2019 : Banknifty closed at 29288.20 down by 330.25 points. After positive opening, Banknifty made high 29835.50, but later in second half, we have seen heavy sell off in Banknifty and it made low 29244.25 and finally closed at 29288.20. Axis Bank, ICICI Bank, HDFC Bank, PNB, Bank of Baroda, Indusind Bank came down from day high and dragged banknifty to lower levels today. Banknifty May Future closed at 29405.50 after making day low 29370. For tomorrow, Banknifty has to cross and sustain above 29400 for next upmove. Till it sustain below 29400, one should avoid long position in Banknifty. From current levels, now support at 29200 and below that next support at 29000 level.

06 May 2019 : Banknifty closed at 29618.45. After opening it made low of 29528.60 and finally after ups and downs it closed at 29618.45. Banknifty able to close above its support level 29500. One should wait and watch atleast one trading session before taking any fresh action.

03 May 2019 : Banknifty closed at 29954.15 up 245.55 points. Compare to Nifty, we have seen good buying in banknifty. Banking stocks SBI, Bank of Baroda, ICICI Bank, Canara bank, Kotak Bank given boost to banknifty. Banknifty sustained above 30000 level for a long time but after 2:30 we have seen some selling in market and again it closed below 30000 level. For tomorrow 30050 and 30150 resistance level for Banknifty and 29800 / 29700 will work as support level for Banknifty. If you are option trader then one can make long position in Banknifty weekly options of 30000 call or 30300 call options if Banknifty break and sustain above resistance level. Since weekly options very volatile that trade as per market risk.

02 May 2019 : Banknifty closed at 29708.60 down by 56.20 points. After opening below 29700 (at 29699.80), sharp recovery upto 29900+ level we have seen today. But later, we have seen some volatility in Banknifty and on weekly expiry day it closed down by 56 points. If we see last 5-7 trading session that we will find that Banknifty getting pressure at 30000 level and getting good support at 29500 level. So it is very important for Banknifty to break these level for any kind of break out or break down. Volatility will be maintained in coming days as election outcome there on 23rd May 2019. For tomorrow, Banknifty support at 29660 / 29500 and resistance at 29810 / 29910.

 

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