How is Bank Nifty Trading in 2023 respective to Yearly Pivot? – Technical Analysis – beragampengetahuan – Beragampengetahuan

Pivot points are simple mathematical formula for calculating support and resistance in future…

For the year 2022…
Bank Nifty opened @ 35585.20, made high of 45151.80, made low of 32155.5 and closed @ 42986.45
closing the year with +7504 points gain …i.e Bank Nifty gave +21.15% return on 2022 based on yearly close of 2021

Open=35585.20
High=45151.80
Low=32155.5
Close=42986.45

Calculating the support and resitance for 2023 based on OHLC values of 2022

Yearly pivot point(YPP) = (High+Low+Close)/3

YPP = (45151.80 + 32155.5 + 42986.45 ) /3 = 39765
YBP = ( High+low )/2 = (45151.80+32155.5)/2 = 38154
YTP = (2YPP – YBP) = (239765 – 38154) = 41375.50

Just like for intraday’s daily CPR let’s say the above calculations( YTP, YPP, YBP) is yearly CPR

As Bank Nifty closed the year 2022 @ 42986.45 above yearly CPR (YTP,YPP,YBP) for 2023, the yearly CPR of 2023 likely to act as support

i.e (38154, 39765,41375) to act as support ,by the mid of March 2023 Bank Nifty reached YPP 39765 and took support

If the yearly CPR for 2023 is higher than yearly CPR of 2022 than it is considered bullish

Now,
Camarilla Reversal levels(Pivots)

YL3 = Close – (High-Low)*1.1/4
= 42986.45 – ( 45151.80 – 32155.5)*1.1/4
= 39687

YL3 = 39687( From here Bank Nifty took support by mid of march 2023)

For the year 2023, Yearly Pivot ie (mid point of Yearly CPR) ,YPP= 39765 which is apprx equal to YL3= 39687 (A confluence level of support)

YH3 = Close +( High – Low )*1.1/4
= 42986.45+( 45151.80- 32155.50) *1.1/4
= 46285

YH3 = 46285

Bank Nifty reached YH3= 46285 on 21 July 2023 and show a sharp down move -2680 point i.e -5.91% down from YH3 46285

In the previous year 2022 by end of January, Bank Nifty reversed from YH3(38820) to YL3(32143) i.e a downward rally of -6700 pts… and remained above YL3 and finally broke YH3 upside on August 2022

Below is the weekly chart of Bank Nifty which show how price reacted to yearly CPR and Yearly Camarilla pivots, from the year 2017 to 2023