Postmortem on #BankNifty - 28 SEP 2022
Banknifty opened gap down at 38081 and in the first 5mts candle itself it took out the support line of 37946. There was an immediate bounce somehow giving us the impression that the support was intact, the minor pullback tried to close the gap but lost steam by 10.15.
The fall from 10.20 to 10.45 looked interesting because the support level proved quite important now, already in the day it held its shape twice.
The trades from 11.10 to 13.20 although lacked strength looked very shallow. #ICICIBank had moved to the positive territory in this window and was providing great support. None of the other banks like #HDFCBk & #SBIN were in positive territory.
The move from 13.30 to the close of day was having great conviction towards the negative side. I was also quite surprised to see the big red candle in #AXISbank at 14.05 (which was accompanied by heavy volumes).
The last 15 to 20mts saw heavy short positions been taken at the call side. The farthest OTM of 46500 CE was traded more than 1 crore - this might be a new record, at least i have not seen this much volume in the strike that is 9000 points away from ATM
5mts TF - showing bearishness. Banknifty is continuing to break supports with no or nil rally to the nearest resistance lines.
1hr TF also showing bearishness. For any fightback BN has to take out the 38697 resistance immediately.
Bank nifty important support and resistance lines
s1:37247, s2: 36559
r1: 37946, r2: 38698
more ideas at viswaram.substack.com
no predictions, no trade recommendations !
The fall from 10.20 to 10.45 looked interesting because the support level proved quite important now, already in the day it held its shape twice.
The trades from 11.10 to 13.20 although lacked strength looked very shallow. #ICICIBank had moved to the positive territory in this window and was providing great support. None of the other banks like #HDFCBk & #SBIN were in positive territory.
The move from 13.30 to the close of day was having great conviction towards the negative side. I was also quite surprised to see the big red candle in #AXISbank at 14.05 (which was accompanied by heavy volumes).
The last 15 to 20mts saw heavy short positions been taken at the call side. The farthest OTM of 46500 CE was traded more than 1 crore - this might be a new record, at least i have not seen this much volume in the strike that is 9000 points away from ATM
5mts TF - showing bearishness. Banknifty is continuing to break supports with no or nil rally to the nearest resistance lines.
1hr TF also showing bearishness. For any fightback BN has to take out the 38697 resistance immediately.
Bank nifty important support and resistance lines
s1:37247, s2: 36559
r1: 37946, r2: 38698
more ideas at viswaram.substack.com
no predictions, no trade recommendations !
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