bank nifty shorting opportunity near trendline . downside 39,800 targets possible . wait for price action
low vix indicating sideways moment in market.
NSE:BANKNIFTY has formed inverted triangle pattern below previous major support which is now acting as a strong resistance and stopping bnf from moving upside ,bnf should be ready for a major correction as it has created the pattern while testing all the fresh support and now there is nothing to stop the fall, but in case if bnf manages to break the pattern...
Pretty unconvincing price action by NSE:BANKNIFTY today morning esp after US markets SP:SPX fell 0.76%, TVC:DJI 0.76% and NDQ -1% overnight. This is in addition to the fall on 18th. SPX has now fallen consecutively for 3 days from the resistance level of 3991 & now 3945.
We hit the resistance of 42573 in the 2nd candle itself and a consistent rally from...
Take 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...
When 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...
Head and Shoulders pattern is seen BankNifty in 1 hour time frame
If BankNifty breaks the level of 42900 short position can be initiated and levels of 42700-42500 can be seen
**Disclaimer: not an investment advice only for education and learning purpose**
it looks clear that BANK might give a momentum towards downwards the DOUBLETOP formation can be seen clearly can look Into intraday TF for better good momentum trades
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...
We opened today without a handover from US as it was Thanks giving holiday for them on 24th Nov. Bank nifty opened at 43192 just in line with the last hour trend that started yesterday. And went to a new all time high of 43339 at 09.30.
This 5mts candle had a long top wick just hinting of a possible short term top formation. What followed was exactly that - we had...
Bank nifty broke out and made an all time high of 43163 today. The opening was at 42838 negating yesterday's fake price move from 15.00 to close.
Notice how yesterday's rally continued with the yellow encircled region. Today's open and forenoon trade was in perfect alignment with the rally that started yesterday.
Since its a breakout rally - the momentum was...
For Banknifty demand and supply zones are marked. If market rejects at demand zone , then a high probability buy trade can be initiated, rather in case of supply zone a sell trade. You must have a good candlestick knowledge in order
to utilize the zones at the best. You can even learn it from us. don't forget to look for PriceActionMonk.
A very good trading day today, bank nifty opened in line at 42371 made a long legged doji in the 1st candle and then made 7 consecutive candles with 100pts swings in each before deciding on the direction.
We had a up day today with a decent run from 09.50 to 11.30 and then a small pull back till 12.05 and then resuming the trend till 13.45. The price action from...
Quite an eventful day today, Banknifty opened mega gap up at 41740 crossing 2 resistance levels in a single go (41314 & 41459). The first candle was red but with a long wick on the bottom - indicating that the opening trade was favoring the buyers.
The major reason for the gap up was SBI which published good results this quarter.
There was a decent fall till 11.25...
Banknifty opened right at the support/resistance level of 41314 touched the next resistance level of 41455 in the first candle. The 3rd candle showed a bullish tone when i thought BN took support at 41314 and rallied again to 41455, but over the next 2 candles BN gave away that hope.
By 09.40, bank nifty had dropped below the SR level and traded the entire day...
Bank nifty moved today quite contradictory to the global moves. Frankly what is happening to India's banks - is there so much positivity to bury the global macros ?
S&P500 down 2.5&, Nasdaq100 down 3.39% and our bank nifty up 0.37% today
Just look the opening 4 candles. Gap down opening at 40873 very near to the support level of 40867 - hits the resistance level...
Hello All,
Hope all are doing good.
We are seeing range bound market from Muhurat trading between levels 41100 and 41500.
Market broke below this range 28th October but support has been taken at level 40800 and again came to same range.
Market has broken above this range today but resistance at level 41600 dragged to the same range again.
It’s perfect support...
