Nifty Analysis - Stance Bearish⬇️ Recap from yesterday: "For bearish continuation, we need to take out the 22051, whereas for Neutral stance shift, we need to take out 22295." We did take out the 22051 support today on the 4mts TF but not before some drama. Initially Nifty was showing strong upside potential knocking the 22295 resistance level. By 12.15, I almost...
Nifty Analysis - Stance Bearish⬇️ Recap from yesterday: "On the higher time frame, we have a double top formation (M pattern). To negate the pattern we would have to take out the ATH, otherwise, it looks like a nice setup to go bearish. 22519 is a good interim support level, the main support comes only at 22295." I personally did not punch any manual or...
Nifty Analysis - Stance Neutral ➡️️ Recap from yesterday: "As I write this article, SPX, NDQ, and DJI are down over 1.1%. A spillover effect is definite but because we have a holiday tomorrow, we might have another day of US stock market action left to react." The first real sign of a breakdown. US CPI came in hot due to which the markets reacted pretty badly on...
BankNifty Analysis - Stance Neutral ➡️️ BankNifty did not fall as much as Nifty50 today, we opened -244pts as gap-down, and the first candle itself was a strong green candle which gave the impression that the Bears may lose control. The follow-up action was good enough and we retested the swing low by 09.47 giving some hope, but again the markets started...
BankNifty Analysis - Stance Bullish ⬆️ Banknifty was looking strong right from the start. Unlike Nifty, BN did not have a huge gap up, but the rising trend was clear and strong. The reason it was strong was because the moves were not wild swings but slow & steady. If you look at the 63mts candlesticks, you can notice the body becoming smaller. Usually, it is a...
BankNifty Analysis - Stance Bullish ⬆️ BankNifty does an inverted V pattern today due to which the Algos went negative. Was quite happy that the losses were contained in the end, but what I learned is that sharp rises & falls take out the stop losses at both ends. And what is the end result? We are treading nowhere. On the higher timeframe, BN looks more bullish...
BankNifty Analysis - Stance Bullish ⬆️ BankNifty also takes out the recent swing high and a new ATH is in place ~ 48716 @ 13.23. Over the next 2 candles, it lost 217pts ~ 0.45%. The final close was with a nominal gain of 88pts ~ 0.18%. What a run it has been by BN, we have officially it a new higher-high, but it has not finished yet. Only when we retrace a few...
Tried testing my strategy in excel so that in future this could be automated.
BankNifty Analysis - Stance Bullish ⬆️ The beauty of BankNifty today was that its fall did not go below yesterday’s close. Yes, the fall was intense, but the recovery was more elegant - a steady rise showing immense Bull strength. And if you read today’s report along with what we wrote yesterday, you might have become a true fan of the Bulls. A true jump above...
BankNifty Analysis - Stance Bullish ⬆️ BankNifty also defended its current levels very beautifully today. The open was pretty bad as we dropped to 47278 levels by 09.27. If you observe the charts you can quickly understand that it was well below the support and that should have triggered a further fall if the Bears had an upper hand. Unfortunately, the trend is...
BankNifty Analysis - Stance Bullish ⬆️ BankNifty does what was pending for quite a long time i.e break above the 47465 resistance. Despite the sharp correction in the last 45 minutes of the previous working day, BN managed to recoup the losses and close much higher than the swing high. We took out the resistance in the opening candle itself after that there were 2...
BankNifty Analysis - Stance Neutral ➡️ BankNifty also started the day with a gap up and then an immediate rise to the 46920 levels. This did not sustain as we gradually fell back to 46690 levels between 10.35 and 15.07. Surprisingly we had a 284pts rally in 15 minutes right back to the 46920 zone. The final close at 46785 looked pretty decent with the major gains...
BankNifty Analysis - Stance Neutral ➡️ BankNifty started the day weak and continued to stay weak. The rebound from the opening low was not as dramatic as N50, we broke the low at 10.03 indicating further weakness. Technically BN only closed 0.56% lower vs Nifty which closed -0.42%, but the visual impact shows more negativity on BN than N50. Firstly because the...
BankNifty Analysis - Stance Neutral ➡️ BankNifty stays in the neutral zone for yet another day. Even when N50 made its 1.36%, BN went up only by 0.9%. NiftyIT was tanking on one side, but BN was holding its ground from falling. I am seriously confused about whether Nifty or BankNifty has the lower beta. Even the profit booking in the last 40mts did not have a...
BankNifty Analysis - Stance Neutral ➡️ Once again BN proved to be resilient to the bearish attack. We briefly broke the bearish channel top line, hit a new intraday low of 45828, and then reversed from there. The reversal was a whopping 828pts ~ 1.81% on what we could call a bear market killer. Whatever green candles we had in that recovery were strong and had...
BankNifty Analysis - Stance Neutral ➡️ The level of reluctance BankNifty shows to crack is really intense. Usually, Banks react badly to any situation. We now have a peculiar case wherein Nifty has been downward facing for the last 3 consecutive sessions whereas BankNifty has stayed neutral. BankNifty has been losing points steadily, eg: it lost 191pts today but...
BankNifty Analysis - Stance Neutral ➡️ BankNifty had to fall 400pts to enter the bearish channel. Well, it did not happen today but we had an interesting candle at 11.15, for a brief period BN dips into the bearish channel and then pulls out. Much like testing how deep the water is before taking the jump. The shorts were strong then and the recovery would have...
BankNifty Analysis - Stance Neutral ➡️ Banks were performing as expected today, even though we had a neutral view we ended up losing 0.41% for the day. The stance for tomorrow also continues to be neutral as BN did not breach support or resistance today. The starting candle was perfect as per the script, from there we rose 666pts ~ 1.43% to reach the HOD of 47231...