PostMortem on BankNifty Today & Analysis of 28 FEB 2023Today was relatively flattish trading day except may be the period 13.50 to 14.10 when we had a minor scare !
There are 2 major news, one acting on the bull side & the other bearish for NSE:BANKNIFTY tomorrow !
HDFC & NSE:HDFCBANK merger news
2. India's GDP rises to 4.4% vs 4.6% estimates
India's GDP Growth Slows To 4.4% In Q3; Pegged At 7% For Full Year
So the trade today has set up a perfect stage for tomorrow, i may not know the direction but i seriously think we might be able to get a trend.
Today's open was inline at 40302 and stayed above the support line, infact we had a good range bound trade for 4hr 40mts. This also reflected quite well with the FinNifty as well & the expiry trading would have worked out quite well for the latter.
NSE:BANKNIFTY was not at all looking in the mood to rally or break today - it seemed like there was so strong momentum in either direction. But by 13.26 i almost thought we will have a good fall & posted the same in bank nifty minds in TradingView
"i am ready if NSE:BANKNIFTY is planning to fall"
The fall lasted only 231pts and briefly broke the support line (not a conclusive break still), before recouping the losses & returning to where it started.
During the close i felt there was a huge volume traded on NSE:ICICIBANK NSE:SBIN NSE:AXISBANK NSE:KOTAKBANK . Maybe its related with the month end closing or rebalancing - but the spike in volumes seemed like a positional build up or unwinding
for me.
The volume is one of the reason i feel we could expect a support or resistance break tomorrow.
Regarding the options premium - we had a good decay today & lack of volatility would have killed the spirits of the option buyers & debit spread takers. Straddlers would have enjoyed trading today !
---
15mts TF shows a range bound trade (not perfect range, ideally range should be within the support & resistance levels) for 6 days 4hrs now. Those who had positions from 16th feb & went through the fall would be feeling quite uneasy by now.
I was hoping for the retest of 39742 lows in this series itself, since there are 2 more days to go i will keep the hopes alive.
---
1hr TF shows a possibility of a double bottom (W pattern), but for this pattern to work the trades breakout. If we have further consolidation then this pattern will not play out well.
I havent changed my bearish view for the 1hr TF yet, i still need to see close above the resistance levels to change by opinion. And clearly it doesnt pay to have an opinion - its how we react when markets prove us wrong !
to view the 4 charts in today's discussion visit viswaram. com
Bankniftyexpiry
PostMortem on BankNifty Today & Analysis of 15 FEB 2023We had that resistance breakout today, a much awaited 41624 break. This makes the coming days exciting - most importantly tomorrow's expiry
NSE:BANKNIFTY opened inline at 41674 and made a series of red candles till 09.40, a fall of 0.52% and crucial 41624 SR rejection.
From there it made steady gains to take out the SR at 11.20 but only to fail in the next candle. A rise of 0.53% - which means a symmetrical recovery back to the opening levels.
From here NSE:BANKNIFTY made a gradual fall till 14.25 ~ 0.55% - this again took NSE:BANKNIFTY back to the LOD. So by now we have had 3 moves in the 0.52–0.55% range by 14.25
What happened after 14.30 was almost magical, i seriously did not think we will take out the 41624 resistance level today also as 5 prior attempts had already failed. But NSE:BANKNIFTY made some stellar vertical like moves aided by ICICI, SBI, Axis & HDFCbk.
Final close was well above the SR zone so we can almost confirm the range breakout. Also interestingly there were fresh short writings at PE mostly as positional trade for expiry tomorrow. The surge in volumes in the last 15mts is proof for this.
So i assume the sentiment has shifted from negative to neutral yesterday & then to positive by today. Do note that i still have the 41000/40900 debit ratio spread which is currently at loss.
---
15mts TF is confirming the range break and the minor sentiment shift to the bullish side. We have one more resistance to overcome, thats where the brutal selling started.
---
1hr TF, we can now stay away from bearish bets temporarily or atleast till the first support is not broken. Also note the 1hr is not showing bullishness yet - we need a break above the swing high for bullish momentum.
Here we have contradicting signals from the 15mts vs 1hr TF. 15mts saying no more bearishness & 1hr saying not bullish.
Ideally its not a bad idea to wait before taking aggressive trades !
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Among the bank nifty components
NSE:HDFCBANK was drifting into the red when the last 1 hr momentum reversed it.
NSE:ICICIBANK gains are quite obvious from the chart here, 3 consecutive green candles that powered up the NSE:BANKNIFTY today in last 1 hr
NSE:SBIN was able to get out of red with the last 1 hr momentum
NSE:AXISBANK also managed to reduce its losses in the same period.
NSE:KOTAKBANK was already surging ahead, the last 1hr gave it leg 2 of rally
NSE:INDUSINDBK did not participate in the broad based momentum that really helped the other 5 banks in last hour.
8 charts available in today's report at viswaram .com
PostMortem on BankNifty Today & Analysis of 25 JAN 2023 Expiry
What a day today ! I had to take some for things to sink in. We literally had 3 support & resistance in play today & that should make an amazing post mortem today.
The open was inline at 42703 very near to the close yesterday, i was hesitant to go in with a debit ratio spread of 42500/42400 PE 2:4 ratio when it had only 28pts premium. The major reason i didnt take the position overnight was the 15mts chart was showing bullish instead of bearish.
Things turned the exact opposite today, right from the open. NSE:BANKNIFTY did not rest until the 2nd support of 41940 was not hit at 10.40. We had a drop of 1.8% ~ 769pts in the opening 90mts.
BN didnt stop there, the candle at 11.20 had a fall of 0.85% ~ 358pts - pretty brutal move in 5mts. The 3rd support of 41629 did resolve the matter. Its easy for me to say now, but at 11.30 you should have seen the surge in premiums of PEs that are expiring today. Nobody would believe even if i told you - so let me show you.
We were at 42700 during open, so let me show you the surge of 3 option strikes, 42500 PE, 42000 PE & 41500 PE all in 5mts TF
Just look at the craziness from these graphs, 42500 PE went up 1726%, 4200 PE 8186% and 41500 PE 6844%. Among this 41500 went back to 0 as it expired out of money.
Couple of days back we did discuss about the danger of having low premiums, low VIX. This is what exactly happens - this is the beast NSE:BANKNIFTY is. If we dont play safely our entire year's returns can be wiped out in a day.
The other strike prices also did not fail to impress, even 31500 PE which was 26% away from the spot had a rally of 333% - no one was spared today! On the other hand most traders would love to have expiries like today wherein a month's return can be made in a day if we get the positioning right.
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I was referring to the 15mts TF yesterday and said how bullish it looked, but take a look now - its broken the support levels and now that i have to change my opinion.
1hr wasnt having any clarity anyways, so today we have quite near the support levels of the recent swing low on 23 Dec. If we further slip its going to be exciting as the momentum will explode - mainly because of the time we have spent at this range.
A breakdown from this level will ensure we have a 2nd leg lower low formation commencement for the trend that started on 14 Dec. Where 04 Jan would be lower high of the 1st leg.
There is no point in discussing the NSE:BANKNIFTY components in detail today because the broad based selling did impact every bank except Kotak bank. Today's last wolf standing was Kotak - the chart pattern was not bearish too today.
There was also news of Hindenburg research on Adani group & the accusations of Fraud. We all would have read reports on the amount of debt Adani groups has taken - may be this report was sentiment negative for the banks.
On a personal note, i have no bias for Adani or its group companies. I dont have any stock or position nor interested to accumulate any of its shares. I personally feel its safe to avoid stocks that are over leveraged. One of the reason i am not tracking Nifty50 or its ETF is because of the presence of some firms like these. Sensex is a better & stable index - unfortunately most of the ETFs & index funds do not track BSE:SENSEX with good volumes as it does Nifty50.
To view the 5 charts discussed today, contact @viswaram
BANK NIFTY CHART ANALYSIS // BIGGEST MONTH END EXPIRYBank Nifty form Rectangle Chart Pattern and after creating 42700 Resistance or 41800 Major Support
Its go up through creating trendline support and Giving GapUp beyond 42700 Hold 2 Sessions on Upper level with breakking out Trendline…..
If Tomorrow which is Month End Expiry HOLD 42700 levels AtLeast 15Candle on upper levels we can se Up Rally or if it BreakDown his Major Resistance of 42700 Levels Down we can See Again 41800Levels Tomorrow….!!!!!
UpSide Target 43400
DownSide Target 41800
FASP levels for Bank Nifty 19/01/2023The FASP for BankNifty is listed for 19-1-2023 . You can add this levels to your trade setup for better results. This should not be the only indicator but an additional tool to increase your winning possibilities.
What is Fibolysis Anchor SupRes Points(FASP)?
It is a unique level arrived by using Fibonacci Retracement , Fibonacci Extension , Standard Pivot levels under various Timeframes. It is an extensively analyzed level to draw the support and resistance levels for the next day. You can use these levels along with your trade setup to increase your winning odds.
Validity of the levels: 1 Day
How to use these levels?
The three levels on both sides are usually easily achievable. The Targets above are bit difficult to achieve in a single trading session. I use this fact to write intraday positions and to buy options.
Color Coding: Green is regular support and buying area, Red is strong exit area
Disclaimer: This is shared in the interest of educational purpose and for knowledge enhancement. Kindly refer it in the same light. I am not responsible for any profits or loss incurred based on this information.
BANKNIFTY ANALYSIS AND PREDICTIONS FOR 19 JANUARY 2023From 5th January onwards we have seen that Banknifty is stuck between 41720 - 42745 is creating a sine wave pattern.
If we look at banknifty chart in a broader time frame we will see that price is consolidating in this range preparing for a breakout to a new Banknifty high.
SCENARIO 1
If we see a gap up and Banknifty opens above or around 42745 then we may see a Thursday weekly expiry between 43000 - 43350.
SCENARIO 2
If we have a flat opening and the price break the 42745 resistance we can see momentum in the second half and the price can go upto 42500 but the expiry will be between 43000 - 43350.
SCENARIO 3
If we see a gap down opening and the price respects the support i.e 41726 then we can see an expiry between 42400 - 42700 or in the later half we can see a price breaking the level 42745. If the price breaks the support zone then in the coming days we can see a huge break down even below 40000 in the coming weeks.
✅ BANKNIFTY SUPPORT AND RESISTANCE LEVELS
SUPPORT ZONE - 41720 - 41928
RESISTANCE 1 - 42310
RESISTANCE 2 - 42735
RESISTANCE 3 - 43195
#BANKNIFTYOPTIONS TO WATCH
19 JANUARY 42600 CE
19 JANUARY 42200 PE
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Banknifty - View & Intraday Levels for - 12 Jan 2023Banknifty View and Support & Resistance Levels for Tomorrow..
Expectation : BEARISH / Negative Sentiment - Flat Open around 42450 and BEARISH Reversal expected from 42300 / 42400 levels.
I still see Negative sentiment in Banknifty , so only SELL on raise mode tomorrow since the Major trend is BEARISH .
Buyers and Sellers Zones - When price breaks the zone, Buyers zone will become Resistance and Sellers zone will become Support.
For Best entry, Wait for first 5m candle close. Go long when High breaks, take Short when low breaks. Keep SL high/low of the first 5m candle.
Refer the chart for detailed Intraday Support and Resistance levels.
Happy Trading!!
PostMortem on BankNifty Today & Analysis of 05 JAN 2023 expiryTake a look at the chart below, 5mts TF its a perfect continuation from yesterday - we broke the 1st support at 09.40 and 2nd support at 13.15 in the single leg.
And then we had a retracement back to the SR level (yellow dotted lines) and final close there.
So what do we infer from the charts today
Expiry level positioning worked out very well today, all the option writers of the strikes mentioned in yesterday's article kept the full premium.
The negative sentiment in US markets are now reflecting here as well. I am not saying because we dropped 0.81% today. Its because the depth of the red candles has stories to tell.
So now we have turned negative for the year - in what what everyone would have thought to be a blockbuster start.
---
Of the bank nifty components:
NSE:HDFCBANK had a strong red opening candle and then one more at 13.15. Infact the chart pattern is quite similar to bank nifty
NSE:ICICIBANK had much more intent going down a drop of 2.22% today of which almost an unchecked fall till 14.05
NSE:SBIN chart pattern may seem bearish thats because it had a gap up opening. But the final close was flattish.
NSE:AXISBANK also had a deep fall until 13.25 after which it recovered some ground, but final close at -0.83%
NSE:KOTAKBANK had a similar flattish close like SBI but the chart pattern made today shows bearishness again thats because of gap up open.
NSE:INDUSINDBK had interesting opening 30mts. A gap up open and fall to flat line, then a rally back to the open level and then a fall below the flat line in 3rd candle.
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15mts TF has now negated the bullish case by breaking 3 support levels in 2 days.
1hr TF looking good to form a lower low soon, the reversal on 3rd Jan could become the lower high.
Although the charts says so, bank nifty may not even fall and could consolidate for few days before deciding the direction. It will all depend on the US FED's decision to pause/resume the rate hikes.
If US markets continue to dip, then this time we may not escape as its an exciting time for US FIIs to pull money out from India and take it back. Their debt instruments are paying more interest comparing Indian version when adjusted for currency devaluation !
Bank nifty intraday levels for 05.01.2023-weekly expiryResistance level:43175
Support level : 42907
****Fib Retracement levels will act as the support or resistance****
If candles are sustaining or break above resistance level , we can expect upside move and the targets will be fib retracement levels as per chart
If candles are sustaining between resistance and support levels, consider as neutral
If candles are consolidating in buy zone or sell zone, wait for the breakout
If candles are sustaining or break below support level , we can expect downside move and the targets will be fib retracement levels as per chart.
If gap up or gap down opening, fib retracement levels will act as the support or resistance
*** For quick scalping use 5-minute time frame*****
Note: Pls check my previous day ideas for back testing & better understanding
Please let me know in comment section if you have any queries and like the idea If you agree with the analysis.
Disclaimer:
Views are purely educational in nature. You are solely responsible for any decisions you take on basis of my research
Banknifty - View & Intraday Levels for - 05 Jan 2023Banknifty View and Support & Resistance Levels for Tomorrow..
Expectation : BEARISH / Negative Sentiment - Flat / Small Gap up Open from Close and BEARISH Reversal from CPR 43132.
Currently Nifty is trading below monthly CPR and there was strong rejection today which indicates the BEARISH move in the upcoming days.
But Banknifty is trying to hold above monthly CPR, if incase 42900 is taken out on the lower side we can expect Down fall and probably 42400 will be the next support zone
Buyers and Sellers Zones - When price breaks the zone, Buyers zone will become Resistance and Sellers zone will become Support.
For Best entry, Wait for first 5m candle close. Go long when High breaks, take Short when low breaks. Keep SL high/low of the first 5m candle.
Refer the chart for detailed Intraday Support and Resistance levels.
Happy Trading!!
PostMortem on BankNifty Today & Analysis of 04 JAN 2023Probably you would feel it repetitive when i said the nifty and bank nifty made moves when the US markets were on holidays.
Look what happened today with bank nifty - we have negated the 2 day's of price action ie. 02 Jan and 03 Jan. Which means we have closed today at the same value as of 30th Dec
The child was having a nice time when the mom was on leave, now that she is back & has grounded him !
Lets now analyze the 5mts TF - BN opens at 43417 and makes a move up in the opening 10mts - HOD 43578 at 09.25. This would be the poor participants who would have taken a long position based on yesterday's price action.
And then the first leg of fall from 09.25 to 12.10 a fall of 670pts ~ 1.54%. The bank nifty's fall happened sooner than my marked SR level of 42888.
There was a brief pull back rally from 12.15 to 14.10 almost a 38.2% retracement Fibonacci - notice i have marked the FIB levels based on the HOD and the low formed at 12.10 because that's where it reversed.
The 2nd leg of rally had a higher intent but we ran out of time. Bulls need not be that much worried because the first level of support is still not breached.
What may have happened would be the after effect of the 2 day unchecked rally. Today's price move in US & tomorrow's expiry may set the tone for further action.
check the image above, 49000 CE was traded for 90.52 lakh qty, 46000 CE 1.48 crores, 45000 CE 3.15 Crores, 43000 CE 11.8 Crores. The option trading participation & volumes picked up when the market started moving.
Even there was a spike in the option premiums of PE at 12.07 - see 8 charts below - even the far OTM PEs prices almost went up 150%
This sets the stage for a wonderful expiry tomorrow. If US market falls today then we can expect further corrections here due to the domino effect created by the options positioning (mostly expiry related).
I am skipping the bank nifty component analysis as today's price action would be broad based!
FASP Levels for BankNifty 05/01/23The FASP for BankNifty is listed for 05-1-2023. You can add this levels to your trade setup for better results. This should not be the only indicator but an additional tool to increase your winning possibilities.
What is Fibolysis Anchor SupRes Points(FASP)?
It is a unique level arrived by using Fibonacci Retracement , Fibonacci Extension , Standard Pivot levels under various Timeframes. It is an extensively analyzed level to draw the support and resistance levels for the next day. You can use these levels along with your trade setup to increase your winning odds.
Validity of the levels: 1 Day
How to use these levels?
The three levels on both sides are usually easily achievable. The Targets above are bit difficult to achieve in a single trading session. I use this fact to write intraday positions and to buy options.
Color Coding: Green is regular support and buying area, Red is strong exit area
Disclaimer: This is shared in the interest of educational purpose and for knowledge enhancement. Kindly refer it in the same light. I am not responsible for any profits or loss incurred based on this information.
PostMortem on BankNifty Today & Analysis of 03 JAN 2023We had a good price action today mostly following up from the moves from yesterday.
Today's open was gap down at 43151 but if you take a look at the candles formed over the next 15 to 20mts its very much in continuation with the move started at 14.20 yesterday.
The uptrend went on till 10.15 forming the swing high and then a retracement to the flat line. Bank nifty did not dip into red for much time before that it caught up to the 2nd leg of climb from 12.35 to 13.50.
Steadily BN is gaining ground and trying to take out a resistance band of 43430. Today we will have action from the US markets which may even change the course of the trend in India tomorrow.
Unchecked for 2 days bank nifty is climbing. This is after the FIIs remained net sellers today also.
---
Of the bank nifty components:
NSE:HDFCBANK had a green day, only the opening was below the flat line from there it made steady progress to the upside
NSE:ICICIBANK had a gap down opening and then it went to the positive territory early, but then gap up ground and fell till 12.25. From there there was a rally back to the flat line by close.
NSE:SBIN ended the day flat, but the price action was negative till 12.25.
NSE:AXISBANK was carrying on the last 1hr move of yesterday and surged superbly today ending with a gain of 2.2% hitting 52wk high today.
NSE:KOTAKBANK also had a negative forenoon session, but the rally from 12.35 to EOD ensured it had a green close
NSE:INDUSINDBK also did not go into red other than the opening candle. The green candle at 10.05 did cover good ground with good volumes as well.
---
15mts TF shows upside, 1hr TF isnt giving clear signals as of now.
We need to watch SPX and NDQ price action today to see if our markets will go up unchecked or alter course.
Bank nifty Intraday levels for 29.12.2022 monthly ExpiryResistance level:43023.60
Support level : 42532.05
****Fib Retracement levels will act as the support or resistance****
If candles are sustaining or break above resistance level , we can expect upside move and the targets will be fib retracement levels as per chart
If candles are sustaining between resistance and support levels, consider as neutral
If candles are consolidating in buy zone or sell zone, wait for the breakout
If candles are sustaining or break below support level , we can expect downside move and the targets will be fib retracement levels as per chart.
If gap up or gap down opening, fib retracement levels will act as the support or resistance
*** For quick scalping use 5-minute time frame*****
Note: Pls check my previous day ideas for back testing & better understanding
Please let me know in comment section if you have any queries and like the idea If you agree with the analysis.
Disclaimer:
Views are purely educational in nature. You are solely responsible for any decisions you take on basis of my research
Banknifty - View & Intraday Levels for - 29 Dec 2022Banknifty View and Support & Resistance Levels for Tomorrow..
Expectation : BIG Gap Up Open - Short Covering Fall / Sideways
Buyers and Sellers Zones - When price breaks the zone, Buyers zone will become Resistance and Sellers zone will become Support.
For Best entry, Wait for first 5m candle close. Go long when High breaks, take Short when low breaks. Keep SL high/low of the first 5m candle.
Refer the chart for detailed Intraday Support and Resistance levels.
Happy Trading!!
PostMortem on BankNifty Today & Analysis of 28 DEC 2022When i said i was bearish yesterday, a drop of 32pts was not what i was referring to. Bank nifty held its head high almost the entire day, only the 15.10 candle shows some signs of weakness & a minor break of support.
I was literally unable to take any trades today such was the move of bank nifty today. Well it did not move - killing out the premiums of options both CE and PE. Usually i dont miss any day or sizeable opportunity - but today it was quite a different day !
As you all know i am an option seller only when there is anomaly, i can say with 100% guarantee that today there was nothing. Either the total volumes were very low & speculations were near zero. Or the traders were not taking fresh positions for the expiry tomorrow.
Finally the only trade i took today was a ratio spread by selling 1 lot of 42500 PE and buying 2 lots of 42400 PE - yes a bearish bet for tomorrow. The options premium are not indicating any direction and this position i took was basically a hunch not backed by any indicator or confirmed signals.
Yesterday the US markets SPX closed with losses of 0.4%, Nasdaq with a loss of 1.48%. Prior to all these happening i had written in the article yesterday that if US trades lower there is every possibility that we end the day red on 28th.
We did end the day in RED - but i am not at all happy, as i was expecting cuts of more than 1% on Nifty50, 2% on bank nifty and a bigger fall on NiftyIT.
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Of the bank nifty components:
HDFC bk and ICICI bank had a similar chart pattern and both ending in red.
SBI's chart pattern was looking bullish but the last 30mts brought it below the flat line.
AXIS bank has something fishy, the cuts in the last 45mts were brutal with heavy volumes.
Kotak had one special candle at 13.45 with high volumes but probably this was sold into in the last 45mts
IndusInd held its ground and ended the day in green.
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15mts vs 1hr could be a lower high formation if i got it right. Monthly expiry coming up tomorrow and much fierce US market trading days ahead.
Low volumes may spike the spreads wider creating sharper moves but with little meaning.
Simple Trade Setup | BANKNIFTY | 22-12-2022 EXPIRY [INTRADAY]NSE:BANKNIFTY
Trade Setup for 22-12-2022
1) Don't Jump in to trade at the beginning of the market. Let it get settle for 15-20min first and judge the price action.
2) Everything is mentioned on the chart. I hope it is easy to understand.
3) All the levels will work as support, resistance, entry and exit w.r.t price action near that level.
4) Avoid gap up or gap down chase. Wait and trade between levels.
Please refer below chart for levels.
Hope I made it easy to understand it.
Do comment your doubt or suggestion.
Note: Trade with Strict SL. It may or may not hit all the levels. So one can book profit / loss at respective level considering how price action works near that level.
Banknifty - View & Intraday Levels for - 15 Dec 2022Banknifty View and Support & Resistance Levels for Tomorrow..
Expectation : BEARISH / Negative Sentiment = Strong BEARISH
Banknifty is bit strong when comparing with Nifty however it is trading all time high and tested 44000. So we can expect small correction in the trend before it makes the next up moved. So being expiry tomorrow we can expect good fall. Any close above 44125 we can expect Rally on the higher side.
Buyers and Sellers Zones - When price breaks the zone, Buyers zone will become Resistance and Sellers zone will become Support.
For Best entry, Wait for first 5m candle close. Go long when High breaks, take Short when low breaks. Keep SL high/low of the first 5m candle.
Refer the chart for detailed Intraday Support and Resistance levels.
Happy Trading!!