-BankNifty Volume Indicator is created by adding all BankNifty Stocks Volume together.
-BankNifty Volume will be an important indicator in BankNifty Index technical analysis because it is used to measure the relative significance of a market move.
-The higher the volume during a Banknifty index price move, the more significant the move and the lower the volume during a Banknifty index price move, the less significant the move.
how do you explain the 4 may large red candle and then the upmove then
Trading_Khiladi
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@kapilberera, because of Strong support on 1 day,1hr time frame thats why reversal on 5 th may.you go to 1d or 1 hr timeframe and see, 4th may close was on that same support,rather due to that support price could not move further.
you really did a Great Job pal....but i request you to add the volume data of these banks according to their weightage in BANKNIFTY index..Can you please do this..?? This indicator will become more reliable after it...BTW Thanx for your effort.
swati_mohite
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the weightage of any bank in banknifty will affect on volume of banknifty.
what is your view?
Trading_Khiladi
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@swati_mohite, this indicator uses only thier volumes,it has nothing to do with other things
swati_mohite
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@Solvedtrader, but the volumes should be weighted to get true numbers or data