PostMortem on BankNifty Today & Analysis of 19 JUN 2023
Nifty50 missed ATH by 6 points, the real reason was due to bank nifty - will explain it to you today.
Banknifty made some strange price actions today. Nifty50 had a gap up opening and was roaring to break the ATH, banknifty on the other had had an inline opening and was stuck below the resistance.
The real reason N50 couldn't scale the peak was because BN was unable to cross the resistance of 44068. Unlike the last session, NiftyIT was in green till 10.00
N50 and BN had similar chart pattern today, with a fall till 11.00 and then a minor recovery till 13.00. The next fall at 13.05 got abruptly ended at 13.30 and then the next 1hr of trade made no sense to me.
Ideally there was no support zone for either BN or N50 but we failed to retest the recent swing lows. Adding to the surprise we had a super green candle at 14.35 that went up by 131pts for BN. From there we had a flattish close for BN but N50 was looking ready to fall.
On the 5mts TF N50 closed just below the resistance zone of 18762. But this is not really visible on the 15mts and 1hr TF as we ran out of time. The recovery in the last hour helped both BN and N50 cut their losses.
It all seemed like BN did not want to support N50 in creating its ATH today - will it support it later this week, lets us find out. Since tomorrow is Finnifty expiry we will have lot of positional moves esp after 14.30.
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15mts is not that bearish because the 15th June session low is still not broken. Ideally it should have been taken out today - the drop in sudden momentum after 14.30 today seemed unusual.
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1hr is not helping the bears so far, BN is below the resistance of 44068 and above the support of 43253. Ideally there should be another SR zone created at 43441, but I thought will wait for few more sessions before doing so.
A fall from these levels will definitely pump up the options premium, there was a slight indication of rise in India VIX today. 10.9 ~ 11.3 levels of VIX is too less by any standards!
Banknifty made some strange price actions today. Nifty50 had a gap up opening and was roaring to break the ATH, banknifty on the other had had an inline opening and was stuck below the resistance.
The real reason N50 couldn't scale the peak was because BN was unable to cross the resistance of 44068. Unlike the last session, NiftyIT was in green till 10.00
N50 and BN had similar chart pattern today, with a fall till 11.00 and then a minor recovery till 13.00. The next fall at 13.05 got abruptly ended at 13.30 and then the next 1hr of trade made no sense to me.
Ideally there was no support zone for either BN or N50 but we failed to retest the recent swing lows. Adding to the surprise we had a super green candle at 14.35 that went up by 131pts for BN. From there we had a flattish close for BN but N50 was looking ready to fall.
On the 5mts TF N50 closed just below the resistance zone of 18762. But this is not really visible on the 15mts and 1hr TF as we ran out of time. The recovery in the last hour helped both BN and N50 cut their losses.
It all seemed like BN did not want to support N50 in creating its ATH today - will it support it later this week, lets us find out. Since tomorrow is Finnifty expiry we will have lot of positional moves esp after 14.30.
---
15mts is not that bearish because the 15th June session low is still not broken. Ideally it should have been taken out today - the drop in sudden momentum after 14.30 today seemed unusual.
---
1hr is not helping the bears so far, BN is below the resistance of 44068 and above the support of 43253. Ideally there should be another SR zone created at 43441, but I thought will wait for few more sessions before doing so.
A fall from these levels will definitely pump up the options premium, there was a slight indication of rise in India VIX today. 10.9 ~ 11.3 levels of VIX is too less by any standards!
