Bank Nifty Analysis June 27 2024 TRADE WITH CAUTION

26 Haz

Last Analysis Review: From my previous Bank Nifty analysis on June 26, 2024, we observed that “Scenario 2” (Sell if we see a strong resistance between 52900 - 53000) partially played out accurately. Now, let’s delve into the current scenario.

Analysis: June 27, 2024

Short-Term View:

• Again Caution is advised as the market rises on sentiments ahead of the FINAL BUDGET 2024 presentation.
  
• Strong move is expected above 53000 or below 52349 in coming days
  

Long-Term View:

Despite short-term optimism, the higher time frames (e.g., 4-hour or 1-day) reveal weak technical aspects for Bank Nifty. Strong candles with small wicks may signal a fake breakout.

With price consolidation between 52350 - 53000 we can see a break out on either side.

We may expect a fake breakout above 53000 considering Budget 2024 around the corner.

Banking News

1. POSITIVE NEWS
   *

• SBI raises Rs 10,000 cr via 15-year infrastructure bonds at 7.36% coupon
  
• Unambiguous commitment needed to bring down inflation to 4% target: RBI Governor Das
  
• ICICI Bank surpasses UBS to become 18th largest bank globally
  

1. NEGATIVE NEWS

• Yes Bank restructures workforce, lays off 500 employees in cost-cutting move
  
• Farm loan waivers to negatively impact banks' asset quality: Macquarie
  

Trading Scenarios:

Scenario 1 (Gap Up):
If Bank Nifty opens above or around 52,900, watch for resistance at 53,000.
Consider buying above 53,000 with caution.

Scenario 2 (Gap Down):
If the price opens between 52,700 and 52400, Wait till it break strong support at 52360 on 30 Min time frame. With tight stop loss consider buying if price respects the support region.

Sell if a strong breakout is seen below 52349, use a tight stop loss.

Scenario 3 (Flat):
Wait until BankNifty breaks previous day high or low on 30 minute time frame before going long or short. You can take small trade if you see BankNifty range bound movement between 52400 - 52900.

But a strong move is expected above 53000 or below 52349 in coming days

✅ Bank Nifty Support and Resistance Levels:

Intraday Resistance Zone: 52,700 - 53000
Intraday Resistance 1: 52,700
Intraday Resistance 2: 53,000
Intraday Resistance 3: 53,500

Intraday Support Zone: 52,349 - 52,460
Intraday Support 1: 52,681
Intraday Support 2: 52,349
Intraday Support 3: 52,000

🔍 Bank Nifty Options to Watch (July 3):

Call Option: 52,700 CE
Put Option: 52,500 PE

Trade wisely and adapt to market dynamics! 🚀📊

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