Bankex Analysis for 09-09-2024: Support & Resistance Levels
On September 6, 2024, the BSE Bankex index experienced a significant decline, closing at 57,292.63, down by -1.93% or 1,127.43 points. The index opened at 58,240.65, reached a high of 58,282.20, and fell to a low of 57,122.40 during the day.
Top Gainers and Losers:
Among the top losers in the Bankex index were State Bank of India (SBI), which fell by 4.41%, closing at ₹782.60. Canara Bank also saw a significant drop of 4.45%, closing at ₹103.40. On the other hand, HDFC Bank dropped by 0.5%, closing at ₹1,637
Support and Resistance Levels:
Support Levels: Put writing is dominant at 57,000, which acts as a crucial support. This suggests a likely range of 57,000-58,500 for Bankex, with traders keeping a close eye on these levels.
Resistance Levels: Open interest (OI) analysis highlights maximum call writing at the 58,500 level, indicating a strong resistance.
Technical Data Points:
Max Pain: 57,600
PCR (Put-Call Ratio): 0.53 Bearish
IV (Implied Volatility): 12.98 as of the closing on 06-09-2024.
Technical Indicators for Bankex:
RSI: The Relative Strength Index for Bankex is hovering around 45, indicating a neutral zone but with a slight bearish tilt due to recent declines.
MACD: The Moving Average Convergence Divergence shows a bearish crossover, signaling further downward momentum in the short term.
Pivot Points: Pivot levels for the upcoming session are crucial. A breach below the 57,000 mark could lead to further weakness, while holding above could trigger a recovery.
Gann Prediction:
Based on Gann theory, Bankex might hover around its pivot levels, and if the index maintains support near 57,000, it could potentially recover towards 58,000. A failure to hold this level might result in more downward movement in the short term.
The Bankex has faced downward pressure recently, with September 6 marking a significant decline. Open interest suggests that 57,000-58,500 will be key levels ahead of the weekly expiry on September 9. Technical indicators are flashing caution, and while the index shows signs of nearing oversold territory, traders should remain cautious, particularly with resistance looming at higher levels.
Disclosure: The publisher of this idea is not a SEBI registered analyst. The information shared here is solely for educational purposes and should not be interpreted as financial advice. Always consult with a qualified financial advisor before making any investment decisions. The publisher does not endorse social media shares on any platform.
Top Gainers and Losers:
Among the top losers in the Bankex index were State Bank of India (SBI), which fell by 4.41%, closing at ₹782.60. Canara Bank also saw a significant drop of 4.45%, closing at ₹103.40. On the other hand, HDFC Bank dropped by 0.5%, closing at ₹1,637
Support and Resistance Levels:
Support Levels: Put writing is dominant at 57,000, which acts as a crucial support. This suggests a likely range of 57,000-58,500 for Bankex, with traders keeping a close eye on these levels.
Resistance Levels: Open interest (OI) analysis highlights maximum call writing at the 58,500 level, indicating a strong resistance.
Technical Data Points:
Max Pain: 57,600
PCR (Put-Call Ratio): 0.53 Bearish
IV (Implied Volatility): 12.98 as of the closing on 06-09-2024.
Technical Indicators for Bankex:
RSI: The Relative Strength Index for Bankex is hovering around 45, indicating a neutral zone but with a slight bearish tilt due to recent declines.
MACD: The Moving Average Convergence Divergence shows a bearish crossover, signaling further downward momentum in the short term.
Pivot Points: Pivot levels for the upcoming session are crucial. A breach below the 57,000 mark could lead to further weakness, while holding above could trigger a recovery.
Gann Prediction:
Based on Gann theory, Bankex might hover around its pivot levels, and if the index maintains support near 57,000, it could potentially recover towards 58,000. A failure to hold this level might result in more downward movement in the short term.
The Bankex has faced downward pressure recently, with September 6 marking a significant decline. Open interest suggests that 57,000-58,500 will be key levels ahead of the weekly expiry on September 9. Technical indicators are flashing caution, and while the index shows signs of nearing oversold territory, traders should remain cautious, particularly with resistance looming at higher levels.
Disclosure: The publisher of this idea is not a SEBI registered analyst. The information shared here is solely for educational purposes and should not be interpreted as financial advice. Always consult with a qualified financial advisor before making any investment decisions. The publisher does not endorse social media shares on any platform.
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