PostMortem on BankNifty Today & Analysis of 29 NOV 2022

Looking at the price action i had given a sell short call yesterday - read here
I had to literally change the view looking at just the first candle. A mega green 5mts candle that took bank nifty 172+ points & above the swing high of yesterday. The rally did not stop until 11.05 creating a steady buying momentum.
From 11.05 to close of day it was a slow fall back to where it all started. Final close just 0.08% above yesterday's close.
In the gradual decline there are 2 candles that stands out, one at 14.20 and 14.35 which led bank nifty to fall below the swing high of yesterday.
Now we have 2 contradicting signals - a breakout bullish signal in the forenoon session and a gradual bearish signal in the afternoon session. Which do we consider - not quite sure.
Remember yesterday we had discussed the massive amounts of call writing especially for 43000, 44000, 45000 & 48000 CE. The pattern is quite similar today also. Approx 25 to 30% of options trading volume came after 15.00 today.
Such intensity of call writings happens only when the call writers are confident that the markets will not move higher. I am a strong believer of this leading indicator and continue to be cautiously bearish till we see the call writing vs put writing ratio normalizes.

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Of the bank nifty components
HDFC bank started the day strongly, made a peak and then started falling in the afternoon session. Final close was flattish but the pattern showed bearishness
ICICI Bank showed intense strength, kept climbing and then showed no signs of reversing even when other banks started falling afternoon. Today's chart pattern looks flattish
SBI had a gradual rise and then a regular fall in afternoon - final close flattish
AXIS started the day strong, but the fall after 10.25 showed negativity. Although it went underwater only after 15.15 - the chart pattern shows negativity
Kotak bank also closed flat but the chart pattern was quite confusing. A gradual fall to start the day, the a quick rise to swing high and then a quick fall to go back to flat line.
IndusInd bank showed gradual bearishness.

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15mts TF shows a top formation in place. If we have a down day tomorrow we can confirm it.
1hr TF shows either an interim double top or a consolidation move - will need to wait for more clarity.

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