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PostMortem on BankNifty Today & Analysis of 28 Mar 2023March series is coming to a close tomorrow, but the options premium is already dead. Only few strikes near the money has some more premiums to shed, all the other OTMs are well below the average rates to what we usually see on the penultimate day of expiry. It also translates into very little movement expected tomorrow. Well today was an inside day - we did not even swing as much as yesterday. Yesterday was another range bound day too. So consecutive range bound days has taken the air off the PE & CE options. NSE:BANKNIFTY opened at 39545 gap up to yesterday's close but almost half-way to the last hour swing of yesterday. And then we started trading with no special emotion today. We were stuck in a range of 39340 to 39560 till 15.20. There was one candle at 15.25 that just broke out of this range - but again not something that important too. One of the reason of a flattish trade would be attributed to the NSE:CNXFINANCE expiry which is generating a lot of volumes now. The stock manipulations required to keep the Finnifty index range bound is active.  The only reason i haven't pursued trading on NSE:CNXFINANCE despite its similarity with banknifty was because of the HDFC-HDFCBK merger event. HDFC is the main contributor to Finnifty's weight outside of the 5 main bank thats supporting banknifty. After the merger, both the index will have 85 to 90% correlation, the only difference being the scale to which its set to.  --- Tomorrow's expiry may only become interesting if we have any news event in US or Europe markets today. Otherwise we are quite starting at a boring range bound trade tomorrow. --- The range bound trade continues in the 15mts TF. At present we do not have a directional bias until one of the support or resistance gets broken. --- 1hr TF has not lost its bearish bias yet, according to me the next leg of lower low is in the making and probably its taking some time. --- On NSE:BANKNIFTY minds i made 2 posts today "$BANKNIFTY need some triggers or news flow to break the range trade at present non-directional trade seems like working" at 10.10 and  "$BANKNIFTY option premiums are all dead ! not even a fake move today to fire up the premiums Finnifty is making an impact over last 4 expiries" at 13.59
NSE:BANKNIFTY
by viswaram
FASP levels for Bank Nifty 28/02/2023The FASP for BankNifty is listed for 28-03-2023. 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.
NSE:BANKNIFTYShort
by SathishChandrasekaran
PostMortem on BankNifty Today & Analysis of 14 Mar 2023If you just saw the open & close price of NSE:BANKNIFTY , you would have missed the real drama of the day. A perfect day for the straddlers - but i am 100% confident none of the traders would have held onto their position till close to realize the full profits. Must admit there was no trend like yesterday, but there was spike in volatility in between - we will analyze it one by one. Open was quite inline at 39522 if we consider the price fall slope of yesterday. Then we had a strong dip in the 2nd candle ~ 206 pts swing. In the 3rd & 4th candle we had a counter swing ie upside ie 430pts and briefly hitting the resistance of 39742. These 2 swings should have taken out the stop losses set by the traders who were doing straddles. Now from the resistance zone we had a decent rejection and downward continuation till 11.15 where we hit the low point of the day. From 11.15 to 12.00 i felt all the premiums of the CE has died. Thats when i posted this. "$BANKNIFTY at interesting point. CE premiums almost at low point, further credit spread sellers are looking at low rewards unless there is a pull back" Its because for the credit spreads to happen, the seller needs good premium so that his position carries a favorable risk:reward. When the premiums are at the low point of the day - there is no incentive to sell options. Quite magically bank nifty rose 488pts from 12.05 to 12.30 giving enough opportunity to the sellers to re-enter trades. This surge did not even touch the resistance level showing it was not a serious one. What followed that was again a downward continuation - but notice the momentum was quite not there as yesterday for further breakdowns. NSE:BANKNIFTY managed to close near the open level giving some encouragement for the bulls to try their luck tomorrow. Also the trades after 13.30 had no strength - it may be because of the FINNIFTY expiry happening.  --- 15mts TF shows the first leg of the downfall getting formed. We will wait for a lower high to form to know if the downward trend is intact or not.  If it rises above the area it fell from ie above 40800+ levels we will have a trend negation pattern. --- 1hr TF should give some confidence to the bears as today's trade was below the crucial resistance of 39742. Also its below the range it broke down from. If bank nifty enters back to the range, then the bearish bias will lose credibility soon and the range continuation may happen.
NSE:BANKNIFTY
by viswaram
FASP levels for Bank Nifty 14/03/2023The FASP for BankNifty is listed for 14-03-2023 . 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.
NSE:BANKNIFTY
by SathishChandrasekaran
PostMortem on BankNifty Today & Analysis of 27 FEB 2023Surprising price action by NSE:BANKNIFTY today, especially the last 40mts when the bounce from the support took it to the HOD. The preopen rates today was not indicating any hint of green, still NSE:BANKNIFTY hit the resistance in the 4th candle after the gap down open. The first candle it fell to the support level of 39742 & the bounce was good enough! 39742 comes to the rescue again, but today's support is quite something special. NiftyIT and NSE:NIFTY were bleeding today. IT was almost 2.7% down by 10.15, Nifty was down almost 1% - same time NSE:BANKNIFTY was only 0.12% lower.  By 11.15 NSE:BANKNIFTY had hit the resistance again, this time a strong hourly green candle. If we split down in the 5mts TF we had 3 amazing swings today. The second swing of 1.09% ~ 432pts from 10.15 to 11.50 and then a final 40mts rally of 0.56% ~ 223pts that ensured NSE:BANKNIFTY is closing with an overall gains of 1% whereas NSE:NIFTY was still down 0.42% & CNXIT down 1.95%. I really dont know what made NSE:BANKNIFTY outperform the other 2 index today - not remembering reading any change in fundamentals or news events for this surge. --- If we look at the 15mts TF we can see a minor breakout from a 5 day 4 hour session. If we need further bullish momentum we should see tomorrow's trading zone to be well above this range depicted. If we fall back to the range-zone, what just happened today will turn out to be another fake move. --- 1hr TF almost showing a W like pattern (double bottom) right at the support zone. For this pattern to play out as per the text book, further trade has to happen above 40400 levels. Failure to take out the next resistance will look very promising for the bears as they still have the upper hand till 41600 levels. We had a similar W like pattern on 30th Jan - 02 Feb period - but that did not playout mainly because bank nifty was unable to breakout. to see all 4 charts in today's report visit viswaram. com
NSE:BANKNIFTY
by viswaram
Banknifty spot chart Analysis for 20.02.2023Banknifty standing just below a strong resistance zone of 41062 to 41256. if banknifty crosses above 41256 then it may also cross above 41421 and may reach to the level of 41579. between 41579 to 41733 is also an extremely strong resistance zone . If Bank Nifty crosses over 41733 then it may reach to the level of 41887. if banknifty crosses down below 41062 then it may also cross 40878 and may reach to the level of 40717. if banknifty crosses down below 40717 then it may also cross 40564 and will reach to the level of 40442. If banknifty crosses down 40442 then it take bounce back from bounce back zone. it is highly unlikely that banknifty will cross 42041 tomorrow and reach higher levels.
NSE:BANKNIFTY
by stoxway
PostMortem on BankNifty Today & Analysis of 17 FEB 2023So today's price action confirms the move that we had yesterday was not fake. How many traders & investors would have been trapped on the long side when the 41629 resistance broke out? The prevailing trend was bearish, but when an important resistance gave away, it would have prompted lot of buyers into action. And once they deployed their funds we got the reversal. The dip could even be short term, may be it will negate in the coming week itself - but imagine the amount of money you would have lost over the last 2 days? Today's move in NSE:BANKNIFTY was nothing dramatic, agree that many would call it unexpected. But for analysts who have been following the series of events after the meltdown in Adani stocks - this should have been a not so difficult picking. Open was gap down at 41514 and the first 2 candles were in red - already doing the damage in opening 10mts. This set the trend rolling, we had a single leg of consistent fall of 1.57% ~ 652pts till 13.40.  The selling stopped near the 1st support level of 40868 and we also had a brief pull back of 0.65% ~ 267pts from 13.45 to 15.10.  This pull back ensured that the total fall of NSE:BANKNIFTY was only 1.2% ~ 499pts which is not so bad either. But there are some interesting things that happened The spike in volume of CE options traded, showing intense writing. The volumes spiked just after NSE:BANKNIFTY made the pull back ensuring the option sellers got good premiums too. The drop in options premium on the PE side after 14.50 aiding the view that the dip may not have further deep legs. If today's fall was that dramatic then the PE options should have retained their higher premiums. It can also be true that the premiums could spike on monday or tuesday if we have continuation pattern. And most of you would have seen the % spikes PE premiums hit. --- 15mts TF has negated the small bullish view that it had on 15th. From there we had 1 support break & retest of the 2nd support level. --- 1hr TF may be showing the range widening possibilities in the coming weeks. This could be because the selling came in only when NSE:BANKNIFTY went over the resistance - a common phenomenon associated when sellers are in control.
NSE:BANKNIFTY
by viswaram
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 ! --- 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
NSE:BANKNIFTY
by viswaram
FASP levels for Bank Nifty 06/02/2023The FASP for BankNifty is listed for 06-02-2023 . 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.
NSE:BANKNIFTY
by SathishChandrasekaran
Banknifty spot chart Analysis for 30.01.2023Banknifty is standing just above a good support of 40276. if banknifty moves up from here then it may reach to the level of 40442. between 40442 to 40562 is an extremely strong resistance zone , banknifty may go down from here. if Banknifty crosses over 40564 the it may easily cross 40717 and may reach to the level of 40878. if banknifty crosses over 40878 then it may reach to the level of 41062. if banknifty crosses down 40276 than it may take support on 40120. if banknifty crosses down 40120 then it may also cross 39954 and may take support on 39798, 39798 is an extremely good support it may take a good up move from here. if banknifty crosses down 39798 the it may take bounce back from bounce back zone. IT IS HIGHLY UNLIKELY THAT BANKNIFTY WILL CROSS 41062. AND REACH THE HIGHER LEVELS TOMORROW.....
NSE:BANKNIFTY
by stoxway
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. --- 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
NSE:BANKNIFTY
by viswaram
PostMortem on BankNifty Today & Analysis of 20 JAN 2023Pretty 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 up there, a total upmove of 0.97% ~ 409pts by 10.40. Infact the 15mts TF were showing all green candles when i felt the options data was not agreeing to the move. The premiums of the CEs were not surging suggesting a further upmove. Nor the ATM & near ATM PE options were surging with volume indicating the lack of option writing. Having an opinion or a view is something & getting it correct pure luck these days - esp with the market conditions now. So from this HOD we started falling and by 14.35 we were convincingly below the SR level - which proved the upmove was fake. There are 2 miracles today The open & close of BN is almost same (42516 & 42514) BN ended the day with gains of 0.42% against all macros & fundamentals. The centre budget is now 10 to 11 days away & we anticipate more price action & volatility once insiders get understandings about taxation, policy changes & other macros. Luckily we can react to what insiders are trading based on the open interest data of options - which will give enough clue. Its the best data the retail trader has got. --- Bank nifty components also behaved quite differently today. HDFCBk and HDFC were lending huge support to the NSE:NIFTY index as well - again the traders were expecting a positional fall in reliance due to results. And due to this compensation the Nifty index did not take a huge beating. NSE:HDFCBANK was rock solid today gaining 1.33% ~ 21pts by 09.25 with good volumes. This gain was maintained throughout the day with no pull back or retracement. HDFCBk is now up 5.79% from the lows set on the results announcement day. NSE:ICICIBANK is still in the range, but the opening candle did have real good volumes mainly for the results that are due tomorrow. From HOD to LOD there was a fall of 1.2% but it never went into negative territory. NSE:SBIN also never went negative today, but a single candle at 14.25 seemed pretty scary. Even though the prior price action shows negativity - today's action shows ability to hold support. NSE:AXISBANK did not oscillate that much today, for a brief period of time it went below water but final close was flattish. NSE:KOTAKBANK did show weakness before the results due tomorrow. Surprisingly the volumes came not in opening minutes but between 10.35 to 10.55. If we consider the previous day's pattern also - its showing bearishness. NSE:INDUSINDBK had a good swing up & down today ~ 2.36% but not as much as we saw yesterday. Also the volumes were half of that of yesterday. --- Confusing chart patterns as of now for 15mts & 1hr TF. 15mts showed a possible breakout from range today forenoon, but its failure has now negated a bullish case. 1hr is not showing any direction at present - for me it looks scary because if it spends time in a range for so much time the breakout or breakdown momentum is going to be so huge. Now the good thing about this is the options premium will be over priced when this happens & its a good time to go fishing premiums !!! To view the 4 charts & 2 tweets today, contact @viswaram
NSE:BANKNIFTY
by viswaram
FASP levels for Bank Nifty 20/01/2023The FASP for BankNifty is listed for 20-1-2023 . 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.
NSE:BANKNIFTY
by SathishChandrasekaran
PostMortem on BankNifty Today & Analysis of 18 JAN 2023Quite an uneventful day today, NSE:BANKNIFTY did not break the nearest support or resistance level which means the range bound trade continues. Open was inline wrt previous day's close, but we started falling in the first 20mts. Nothing major and we had a quick reversal & bullish rally. From the LOD we went up 1.04% ~ 436pts by 11.40 and stopped by the resistance level of 42573 (refer the dotted lines for the support and resistance levels). From there on we did not have a reversal or breakdown instead bank nifty continued to chop horizontally till close. Since the resistance was not taken out we cannot authoritatively say that BN is bullish. But as discussed yesterday the 15mts TF was not showing bearishness either. Looks like we may be stuck in this range till a macro or fundamental trigger. --- The bank nifty components had lot of drama today, we will discuss it one by one NSE:HDFCBANK had a 2.29% ~ 36.74 pts surge from open to 11.15 with good volumes. Quite indicative of the strong QoQ results - most likely the people who would have booked profits on 16th are now entering back FOMO. From 11.15 to close, HDFC went no where - just flattish. NSE:ICICIBANK hit the LOD in the opening candle itself and then a good rally of 1.37% ~ 11.79 pts till 11.35. This helped it go above water. Then we had a pullback of 0.6% went below water and then the 2nd leg of rise of 0.57% which ensured the close is green. NSE:SBIN was continuing from the trend yesterday, had a gap up opening and fell 1.57% ~ 9.37pts by the 2nd candle. From there it tried going above water atleast 3 times but did not succeed. NSE:AXISBANK was not having any special pattern today, until the last 90mts rally where it took from just below water to +1.02% ~ 9.31pts to end the day in green. The overall pattern still looks bearish when the previous day's actions are considered. NSE:KOTAKBANK had the most drama today, it went up 1.5% from open to 11.15 and then fell back 1.5% from 11.15 to close. Literally going no where. NSE:INDUSINDBK did not have any specific pattern or trend worth pointing out, but it traded with a minor negative bias today. Overall trend looks flattish only. --- 15mts is out of the bearish trend now, 1hr TF is still not out as the resistance is still not taken out. We will need to wait for further macros, sentiments or events esp from US markets SP:SPX , NDQ or CPI inflation for a trend to set. to view all 4 charts discussed in today's report contact @viswaram
NSE:BANKNIFTY
by viswaram
Banknifty spot chart Analysis for 16.01.2023Banknifty standing just above a strong support of 42349. if banknifty moves above 42349 then it may reach 42508 . between 42508 to 42671 is also an extremely strong resistance zone . If Bank Nifty crosses over 42671 then it may also cross 42814 and may reach to the level of 42966. if banknifty moves down below where it left off then it may also cross 42191 and may reach to the level of 42041. if banknifty crosses below 42041 then it may also cross 41887 and may reach to the level of 41733. If banknifty crosses down 41733 then it take bounce back from bounce back zone. it is highly unlikely that banknifty will cross 43113 tomorrow and reach higher levels.
NSE:BANKNIFTY
by stoxway
PostMortem on BankNifty Today & Analysis of 09 JAN 2023If you go by the levels US markets closed on Friday - SPX 2.28%, NDQ 2.78% we should have started much more strongly today. NSE:BANKNIFTY opened 42404 up 0.44% only and then closed the gap within the first 15mts. The buying momentum was surging in NiftyIT index and Nifty50 which prompted buying in bank stocks as well. We had a rally of 520pts from 09.25 to 11.15 - broke through the resistance level of 42573 very easily. But this did not last and the selling came in quite harshly. So from the HOD to 13.50 we lost over 373pts ~ 0.87% broke below the SR level proving that the resistance breakout was fake. When i looked at the FIIs figure it has come in negative today also - which means this period would have been used by them to offload more stocks at a good premium. The period from 13.55 to EOD saw bank nifty scaling back upto the resistance level and closing there - which might give an upper hand to the bulls. So we now have 2 forces acting FIIs who are selling for the 10th or 11th consecutive day - which might aggravate going forward SPX closing just above the SR of 3833 which is proving to be quite a level to watch out for. Any upward moves might trigger further buying interest by retail and DIIs in Indian market. The run upto budget will be quite interesting as conflicting forces will ensure the markets go nowhere. Now on the Point 2 - if the SPX is falling further we then have an imbalance in India as well and the direction should tilt in favor of selling. Again a good time for normal investors & traders to stay out and save your capital ! --- Of the bank nifty components NSE:HDFCBANK had a good start peaked at 12.05 and then started falling. The fall went below the opening levels but managed to finally close just above the flat line NSE:ICICIBANK did not sway that much, the open did in fact take it lower and then it built its gains till 11.35. This level did not sustain and then started falling, went negative at 13.45. And final 90mts ensured the closing is in green. NSE:SBIN had good buying momentum today, it has come out from a negative pattern for the time being. Final closing at 608 is at a make/break level. NSE:AXISBANK also followed SBI pattern esp the buying interest at 11.25 & 14.00. Again its trying to snap out of the negating pattern formed from 4th Jan NSE:KOTAKBANK did close with gains today with the volumes supporting the green candles. Today's price action has negated the 2 red candles formed at 11.55 and 12.05 on 6th Jan. NSE:INDUSINDBK also went up higher almost unchecked till 12.35, then a minor pullback and rally continuation pattern. --- The 15mts TF & 1hr TF has not negated the bearish pattern yet. We may need consecutive resistance breakouts to confirm that. 15mts might also look like a lower high formation if the next 2 days are getting traded lower. We need more evidence before taking positional bias - as of now there is no clarity -- more ideas at viswaram . com
NSE:BANKNIFTY
by viswaram
Banknifty spot chart Analysis for 09.01.2023Banknifty standing just below a strong resistance zone of 42191 to 42349. if banknifty crosses above 42349 then it may also cross 42508 and may reach to the level of 42671. between 42671 to 42814 is also an extremely strong resistance zone . If Bank Nifty crosses over 42814 then it may reach 42966. if banknifty moves down below 42041 then it may take support on 41887. if banknifty crosses below 41887 then it may also cross 41733 and may reach to the level of 41579. If banknifty crosses down 41579 then it take bounce back from bounce back zone. it is highly unlikely that banknifty will cross 42966 tomorrow and reach higher levels.
NSE:BANKNIFTY
by stoxway