PostMortem on BankNifty Today & Analysis of 31 Mar 2023
So the fiscal year comes to a close today, but today is the start of April series for banknifty. The first weekly expiry falls on 06 April& the monthly expiry is on 27 April. Hoping that you all had a good financial year 2022–23 and your trading dreams came true.
For me - I could say with some what confidence that one of my dream came true. The dream to publish a book.
"183 days of Post-mortem on Bank Nifty: Daily Analysis & Chart Reading in Simple English" which is available on amazon kindle
I strongly recommend you to checkout my compilation of the daily reports from 04 Jul 2022 to 29 Mar 2023 in this 630 page e-book. The cost of the book is less than 50 paisa/day analysis.
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Today's
BANKNIFTY
was totally on fire, with a breakaway gap-up open at 40231 (much above the resistance level of 40131. The first candle itself was strong and in the subsequent candles we had a rising slope with literally no pull back.
More or less this was expected, if you refer the last day's report there was mention on the huge surge in traded volumes. Usually that results in a change in sentiment or even just tips the scale in either bulls/bear's favor.
Today's chart however did not take out the crucial 40704 resistance - this might be the only thing that the bears can cheer about. 40704 why? It is because thats the higher end of range above which the 1hr TF will lack bearishness - we will discuss that shortly.
No other element of technical elements was there in the chart today due to lack of pull back or profit taking. It was a one way slope - so even if I comment on something, it wont be accurate.
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15mts TF has broken out of range as part of today's price action. The breakout now gives a tint of bullishness to the 15mts chart. Further trades has to be above the swing high we hit today for continuation.
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1hr chart has all green candles today - another miracle. Which makes me think is today's price behavior partly because of the news/event on Reliance & Jio-Financials?
Are the banks happy that Jio-Financials will make the existing credit pie larger? More people will start taking loans due to a possible disruption?
Since 1hr TF did not cross above the 40704 or 40880 levels there is still hope for the bears that the range bound trade may continue. Above that we may start looking away from bearish & range bound opportunities & turn bullish.
For me - I could say with some what confidence that one of my dream came true. The dream to publish a book.
"183 days of Post-mortem on Bank Nifty: Daily Analysis & Chart Reading in Simple English" which is available on amazon kindle
I strongly recommend you to checkout my compilation of the daily reports from 04 Jul 2022 to 29 Mar 2023 in this 630 page e-book. The cost of the book is less than 50 paisa/day analysis.
---
Today's
BANKNIFTY
was totally on fire, with a breakaway gap-up open at 40231 (much above the resistance level of 40131. The first candle itself was strong and in the subsequent candles we had a rising slope with literally no pull back. More or less this was expected, if you refer the last day's report there was mention on the huge surge in traded volumes. Usually that results in a change in sentiment or even just tips the scale in either bulls/bear's favor.
Today's chart however did not take out the crucial 40704 resistance - this might be the only thing that the bears can cheer about. 40704 why? It is because thats the higher end of range above which the 1hr TF will lack bearishness - we will discuss that shortly.
No other element of technical elements was there in the chart today due to lack of pull back or profit taking. It was a one way slope - so even if I comment on something, it wont be accurate.
---
15mts TF has broken out of range as part of today's price action. The breakout now gives a tint of bullishness to the 15mts chart. Further trades has to be above the swing high we hit today for continuation.
---
1hr chart has all green candles today - another miracle. Which makes me think is today's price behavior partly because of the news/event on Reliance & Jio-Financials?
Are the banks happy that Jio-Financials will make the existing credit pie larger? More people will start taking loans due to a possible disruption?
Since 1hr TF did not cross above the 40704 or 40880 levels there is still hope for the bears that the range bound trade may continue. Above that we may start looking away from bearish & range bound opportunities & turn bullish.
