13th Dec ’23 - BankNifty does a W pattern on the ascending trend
BankNifty Today’s Analysis
The opening candle in Banknifty had a swing range of 189pts ~ 0.4%. That candle looked dangerous and I really thought we would have a deep RED day today. Quite interestingly, BN made a W pattern right at the top band of the ascending channel (see the 63mts chart link also).
4mts chart link - click here
Once BN got caught in that channel envelope, it was blindly following that path. The final close is at -0.01% - it cannot get more flat than this. The W pattern may change the dynamics for tomorrow - usually, it favors the bulls. So we need to wait and watch for the first hour or so tomorrow and then decide.
From an expiry trading perspective, the OTM options really did not have any premium to start with. The opening moves gave some rush and then the reversal by 12.31 also gave some boost to the strikes.
63mts chart link - click here
BankNifty has entered the ascending channel and from a medium-term perspective, it all looks bullish to me. For tomorrow, I wish to start with the neutral stance and then change course as the price action develops. Falling below 46565 is bearish to me.
The opening candle in Banknifty had a swing range of 189pts ~ 0.4%. That candle looked dangerous and I really thought we would have a deep RED day today. Quite interestingly, BN made a W pattern right at the top band of the ascending channel (see the 63mts chart link also).
4mts chart link - click here
Once BN got caught in that channel envelope, it was blindly following that path. The final close is at -0.01% - it cannot get more flat than this. The W pattern may change the dynamics for tomorrow - usually, it favors the bulls. So we need to wait and watch for the first hour or so tomorrow and then decide.
From an expiry trading perspective, the OTM options really did not have any premium to start with. The opening moves gave some rush and then the reversal by 12.31 also gave some boost to the strikes.
63mts chart link - click here
BankNifty has entered the ascending channel and from a medium-term perspective, it all looks bullish to me. For tomorrow, I wish to start with the neutral stance and then change course as the price action develops. Falling below 46565 is bearish to me.
