📖 Introduction
The BankNifty & Nifty IT Dashboard is a specialized TradingView indicator designed for traders focusing on Banking and Information Technology sectors of the Indian stock market. This powerful tool monitors 20 stocks simultaneously - 12 banking stocks and 8 IT stocks - providing comprehensive sector-wise analysis in real-time.
Why This Dashboard?
- Sector Focus: Banking and IT are two most traded sectors in NSE
- 20 Stocks Coverage: Complete visibility of major index components
- Real-time Signals: Automated BUY/SELL/HOLD signals for each stock
- Sector Sentiment: Aggregate market mood for Banking and IT separately
- Professional Design: Clean, color-coded interface for quick decision making
📊 Stocks Covered
🏦 Bank Nifty Stocks (12):
- SBIN - State Bank of India
- HDFCBANK - HDFC Bank
- ICICIBANK - ICICI Bank
- AXISBANK - Axis Bank
- KOTAKBANK - Kotak Mahindra Bank
- PNB - Punjab National Bank
- BANKBARODA - Bank of Baroda
- INDUSINDBK - IndusInd Bank
- FEDERALBNK - Federal Bank
- IDFCFIRSTB - IDFC First Bank
- CANBK - Canara Bank
- AUBANK - AU Small Finance Bank
💻 Nifty IT Stocks (8):
- TCS - Tata Consultancy Services
- INFY - Infosys
- HCLTECH - HCL Technologies
- WIPRO - Wipro
- TECHM - Tech Mahindra
- LTIM - LTIMindtree
- PERSISTENT - Persistent Systems
- COFORGE - Coforge
⭐ Main Features
🏦 Banking Sector Focus
12 major banking stocks with complete technical analysis - from large-cap to mid-cap banks
💻 IT Sector Coverage
8 leading IT companies tracking the technology sector momentum
📈 Real-time Metrics
LTP, Change%, RSI, Trend, EMA status, VWAP position for each stock
🎯 Smart Signals
Automated BUY/SELL/HOLD signals based on EMA and VWAP confluence
🔄 Sector Sentiment
Aggregated sentiment showing if Banking or IT sector is bullish/bearish
🎨 Professional UI
Dark theme with color-coded cells for instant visual feedback
🖥️ Dashboard Components Explained
Column-by-Column Breakdown:
| Column | Description | Color Coding |
|---|---|---|
| 📊 SYMBOL | Stock ticker symbol | White text on dark background |
| 💰 LTP | Last Traded Price (Current Price) | Cyan color for emphasis |
| 📈 CHn% | Percentage change from previous day close | Green (>2%), Light Green (0-2%), Light Red (0 to -2%), Red (<-2%) |
| 🎯 RSI | 14-period Relative Strength Index | Red (≥70 Overbought), Green (≤30 Oversold), Gray (30-70 Normal) |
| 📉 TREND | Price vs 20-period SMA | Green (🚀 UP), Red (📉 DOWN) |
| 🔄 EMA | Price position relative to EMA 20 | Green (Above), Red (Below) |
| 💎 VWAP | Price position relative to VWAP | Green (Above), Red (Below) |
| 🎯 SIGNAL | Final trading recommendation | Green (🟢 BUY), Red (🔴 SELL), Gray (⚪ HOLD) |
Sector Sentiment Bars
At the bottom of the dashboard, two sentiment bars provide aggregate sector analysis:
- Bullish Momentum: When Buy signals > Sell signals
- Bearish Pressure: When Sell signals > Buy signals
- Neutral Range: When Buy signals = Sell signals
📈 Technical Indicators Details
1. RSI (Relative Strength Index)
Length: 14 periods (default, customizable)
Purpose: Identifies overbought and oversold conditions
| RSI Range | Condition | Trading Implication |
|---|---|---|
| RSI ≥ 70 | Overbought (OB) | ⚠️ Consider profit booking or avoid new longs |
| RSI 30-70 | Normal Zone | Follow trend-based signals |
| RSI ≤ 30 | Oversold (OS) | ✅ Potential buying opportunity for reversal |
2. Moving Averages (MA/EMA)
The dashboard uses multiple moving averages for different purposes:
- SMA 20 (Trend): Used in TREND column - Price > SMA20 = Uptrend
- EMA 20: Used in EMA column and for signal generation
- EMA 50: Plotted on chart (Purple line) - Medium-term trend
- EMA 200: Plotted on chart - Long-term trend indicator
3. VWAP (Volume Weighted Average Price)
VWAP represents the average price weighted by volume - essentially the "fair value" of the stock for the day.
- Price > VWAP: Bulls are in control, buyers are profitable
- Price < VWAP: Bears are in control, sellers are profitable
- Price bouncing off VWAP: Acts as dynamic support/resistance
- Institutional Use: Large traders use VWAP to benchmark their execution prices
4. Volume Analysis
While not displayed in the dashboard, volume analysis happens behind the scenes:
- Volume Average: 20-period average volume calculated
- Volume Spike: Detected when volume > 2x average
- Purpose: Used for signal confirmation (though not currently in final signal logic)
🎯 Signal Generation Logic
BUY Signal Conditions:
A 🟢 BUY signal is generated when BOTH conditions are met:
Stock: HDFCBANK
LTP: ₹1,645
EMA 20: ₹1,630 → Price is Above (✓)
VWAP: ₹1,635 → Price is Above (✓)
SIGNAL: 🟢 BUY
SELL Signal Conditions:
A 🔴 SELL signal is generated when BOTH conditions are met:
Stock: AXISBANK
LTP: ₹1,095
EMA 20: ₹1,110 → Price is Below (✓)
VWAP: ₹1,105 → Price is Below (✓)
SIGNAL: 🔴 SELL
HOLD Signal Conditions:
A ⚪ HOLD signal appears when conditions are mixed:
- Price > EMA 20 BUT Price < VWAP (Conflicting signals)
- Price < EMA 20 BUT Price > VWAP (Conflicting signals)
- Neither clear BUY nor clear SELL setup exists
Stock: SBIN
LTP: ₹785
EMA 20: ₹780 → Price is Above (Bullish)
VWAP: ₹790 → Price is Below (Bearish)
SIGNAL: ⚪ HOLD (Wait for clarity)
Signal Reliability:
Not all signals are equal. Here's how to filter high-probability setups:
| Signal Quality | Conditions | Action |
|---|---|---|
| High Probability |
- Signal matches sector sentiment - RSI in normal zone (30-70) - Trend column also shows same direction - Volume spike present |
✅ Take the trade with full position size |
| Medium Probability |
- Signal present but sector sentiment neutral - RSI near extremes but not overbought/oversold - Trend column shows opposite direction |
⚠️ Take with 50% position size or wait |
| Low Probability |
- Signal contradicts sector sentiment - RSI at extreme (>70 for BUY, <30 for SELL) - Multiple conflicting indicators |
❌ Skip the trade |
📊 Chart Indicators
Plotted Lines on Main Chart:
- EMA 20 (Amber/Yellow): Fast-moving average for short-term trend
- EMA 50 (Purple): Medium-term trend indicator
- VWAP (Cyan): Intraday institutional reference level
- EMA 200 (Green/Red): Long-term trend - Green when price above, Red when below
Chart Labels (RSI Alerts):
The indicator automatically places labels on the chart when RSI reaches extremes:
- ⚠️ OB Label: Appears when RSI crosses above 70 (Overbought zone)
- ✅ OS Label: Appears when RSI crosses below 30 (Oversold zone)
- OB Labels: Consider booking profits on existing longs or tightening stop loss
- OS Labels: Watch for reversal opportunities, but confirm with other indicators
- In Strong Trends: RSI can stay overbought/oversold for extended periods
Chart Background Tint:
A subtle dark background tint is applied to reduce eye strain during extended trading hours.
💼 Trading Strategies
Strategy 1: Sector Momentum Trading
Best For: Intraday and swing traders
Timeframe: 5-minute to 1-hour charts
Strategy 2: RSI Divergence + Signal Confluence
Best For: Swing traders looking for reversal entries
Timeframe: 1-hour to Daily charts
Strategy 3: EMA Crossover with Sector Filter
Best For: Position traders and beginners
Timeframe: Daily charts
Strategy 4: Relative Strength Stock Selection
Best For: Traders managing multiple positions
Concept: Trade stocks showing stronger momentum than sector peers
- Identify Sector Trend: Check if Banking or IT sentiment is BULLISH or BEARISH
- Compare Stocks: Within bullish sector, find stocks with:
- Highest positive % change
- 🟢 BUY signal
- RSI between 50-65 (momentum without overbought)
- Above all EMAs (20, 50, 200)
- Position Sizing: Allocate more capital to strongest stocks (leaders)
- Portfolio Approach: Build basket of 3-4 strongest stocks instead of single position
Banking Sector: 🚀 BULLISH MOMENTUM (9 BUY, 2 SELL, 1 HOLD)
Top Picks (by strength):
1. HDFCBANK: +2.8%, RSI 58, BUY signal ← Strongest
2. ICICIBANK: +2.3%, RSI 55, BUY signal
3. AXISBANK: +1.9%, RSI 52, BUY signal
Action: Take positions in top 3, with 40% capital in HDFCBANK, 30% in ICICIBANK, 30% in AXISBANK
🛡️ Risk Management Rules
Position Sizing Rules:
- Maximum Risk Per Trade: 1-2% of total capital
- Maximum Sector Exposure: 30% of capital in Banking + 30% in IT = 60% total
- Single Stock Limit: Maximum 10% of portfolio in any one stock
- Signal-Based Sizing:
- High probability setups (sector + signal + RSI aligned): Full 2% risk
- Medium probability: 1% risk
- Experimental trades: 0.5% risk
Stop Loss Guidelines:
| Strategy Type | Stop Loss Placement | Typical Distance |
|---|---|---|
| Intraday (5-15 min) | Below/Above VWAP or EMA 20 | 0.5-1% from entry |
| Swing (1 hour - Daily) | Below/Above EMA 50 | 1.5-2.5% from entry |
| Position (Daily+) | Below/Above EMA 200 | 3-5% from entry |
| RSI Reversal | Below/Above recent swing point | 2-3% from entry |
Daily Risk Limits:
- Maximum Daily Loss: 6% of portfolio - If hit, stop trading for the day
- Maximum Consecutive Losses: 3 trades - Take a break, review strategy
- Profit Protection: If up 4%+ in a day, don't give back more than 2%
- Overtrading Prevention: Maximum 5 trades per day per sector (10 total)
Profit Management:
⚙️ Configuration & Settings
Input Parameters:
| Parameter | Default Value | Range | Purpose |
|---|---|---|---|
| RSI Length | 14 | 5-30 | Shorter = More sensitive, Longer = Smoother signals |
| MA Length (Trend) | 20 | 10-50 | Defines trend timeframe for TREND column |
| Volume Avg Length | 20 | 10-50 | Baseline for volume spike detection |
| Volume Spike Multiplier | 2.0 | 1.5-3.0 | Threshold for identifying unusual volume |
| Buy Threshold | 7 | 1-20 | Future use for master signal generation |
| Dashboard Size | Normal | Tiny/Small/Normal/Large | Text size adjustment for readability |
Customization Tips:
For Intraday Trading:
For Swing Trading:
For Position Trading:
Dashboard Position:
The dashboard is positioned at bottom-right by default. To change:
- Open the Pine Script code
- Find line:
var table dash = table.new(position.bottom_right, ...) - Change to:
position.top_rightorposition.bottom_leftetc.
✨ Best Practices
Morning Routine (Before Market Opens):
- 9:00 AM - Check Global Cues:
- US markets (S&P 500, NASDAQ) - affects IT sector
- Asian markets (Nikkei, Hang Seng)
- SGX Nifty futures
- 9:05 AM - Load Dashboard:
- Open 5-minute BankNifty or Nifty IT chart
- Load this indicator
- Note overnight changes in dashboard
- 9:10 AM - Sector Analysis:
- Count how many stocks are showing positive change
- Identify potential leaders (highest % change)
- Note any stocks at RSI extremes
- 9:15 AM - Market Opens:
- Wait for first 15 minutes (avoid opening volatility)
- Watch how sector sentiment bars develop
During Trading Hours:
9:30 AM - 11:30 AM (Morning Session):
- Most active period for banking stocks
- Best time for momentum trades
- Watch for breakout signals
11:30 AM - 1:30 PM (Lunch Hour):
- Lower volumes, choppy moves
- Avoid new positions unless very strong signals
- Good time to review existing positions
1:30 PM - 3:15 PM (Afternoon Session):
- Second most active period
- IT stocks often show movement (US timezone correlation)
- Good for swing trade entries
3:15 PM - 3:30 PM (Closing):
- High volatility
- Square off intraday positions
- Avoid new entries
End of Day Review:
- Performance Analysis:
- How many dashboard signals did you take?
- What was your win rate?
- Did you follow your stop losses?
- Dashboard Accuracy Check:
- Which signals worked best?
- Were there false signals? Why?
- How accurate was sector sentiment?
- Next Day Preparation:
- Note stocks showing consistent BUY signals (potential multi-day moves)
- Mark stocks near RSI extremes (potential reversals tomorrow)
- Check economic calendar for next day events
Sector-Specific Tips:
🏦 Banking Sector:
- Watch RBI policy announcements (big impact on signals)
- Earnings season: Banks report quarterly, affects sentiment
- PSU banks (SBIN, PNB, CANBK) move together - if 2/3 show BUY, others likely to follow
- Private banks (HDFC, ICICI, AXIS) are leaders - watch them first
- Banking index options expire weekly - extra volatility on Wednesdays
💻 IT Sector:
- US market correlation is HIGH - if NASDAQ down, IT will be weak
- Dollar rupee movement matters - Rupee depreciation = Good for IT stocks
- Quarterly guidance is crucial - watch for TCS/Infosys commentary
- Largecaps (TCS, INFY) vs Midcaps (PERSISTENT, COFORGE) can diverge - trade accordingly
- Client concentration: US recession fears hurt all IT stocks equally
🚀 Advanced Usage Tips
1. Divergence Detection:
Sometimes individual stocks give signals opposite to sector sentiment. This can be an early indicator:
2. Volume Confirmation:
While volume spike calculation is built-in, manually verify:
- Check if stock showing BUY signal also has above-average volume
- High volume + BUY signal = Strong conviction move
- Low volume + BUY signal = Weak move, may reverse
3. Correlation Trading:
Banking and IT sectors sometimes move inverse to each other:
| Scenario | Banking Sentiment | IT Sentiment | Strategy |
|---|---|---|---|
| Rupee Weakening | ⚠️ BEARISH | 🚀 BULLISH | Long IT, Short Banking |
| Rupee Strengthening | 🚀 BULLISH | ⚠️ BEARISH | Long Banking, Short IT |
| FII Inflows | 🚀 BULLISH | 🚀 BULLISH | Long both sectors |
| Market Crash | ⚠️ BEARISH | ⚠️ BEARISH | Cash / Short both |
4. Pair Trading:
Take advantage of relative strength within sector:
5. News Event Trading:
Important events that affect signals:
- RBI Policy (Every 2 months):
- Pre-event: Banking stocks often consolidate (HOLD signals increase)
- Post-event: Strong directional moves (watch for BUY/SELL clusters)
- Quarterly Results:
- Week before results: Avoid stocks near earnings
- Results day: Wait for reaction, then check if signal confirms move
- IT Guidance Updates:
- Affects entire sector - watch for sector sentiment flip
- Positive guidance: All 8 IT stocks may show BUY simultaneously
🔧 Troubleshooting Guide
Common Issues & Solutions:
Solutions:
- Zoom out the chart - Dashboard is at bottom-right corner
- Check if indicator is actually added (should appear in indicator list)
- Try removing and re-adding the indicator
- Ensure chart has enough vertical space
Solutions:
- Check if you're using NSE symbols (not BSE)
- Verify TradingView data subscription
- Free accounts have 15-20 min delayed data - upgrade to Premium for real-time
- Market must be open or recently closed for current data
Solutions:
- Signals calculate on candle close - wait for candle to complete
- On 5-min chart, signal updates every 5 minutes
- Lower timeframes (1-min) give faster but noisier signals
- If using delayed data, signals will also be delayed by same amount
Solutions:
- Move other indicators to separate panes
- Adjust chart margins in TradingView settings
- Use "Large" dashboard size to make it more prominent
- Change dashboard position in code (edit position.bottom_right)
Solutions:
- RSI labels only appear when RSI crosses 70 (OB) or 30 (OS)
- Check if you've reached TradingView's label limit (max 500)
- Remove old labels by refreshing the indicator
- Ensure you're viewing the main chart, not a separate indicator pane
Performance Optimization:
- Slow Chart Loading: Dashboard calculates 20 symbols - this is normal. Wait 5-10 seconds after adding indicator
- Browser Memory: Close other tabs if chart lags
- Mobile Usage: Dashboard may be small on phone - use tablet or desktop for best experience
- Multiple Indicators: Don't run too many indicators simultaneously - this dashboard is comprehensive enough alone
⚠️ Limitations & Disclaimers
- Not Financial Advice: This indicator is a technical analysis tool, not investment advice
- Past Performance: Historical signals don't guarantee future results
- Risk of Loss: Trading involves risk. You can lose money, potentially more than your initial investment
- No Guarantees: No indicator has 100% accuracy. Losses are part of trading
- Educational Purpose: This dashboard is for learning and analysis, not a guaranteed profit system
- Your Responsibility: All trading decisions an