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Niftyit

PostMortem on BankNifty Today & Analysis of 12 JUN 2023Quite an unexpected performance by NiftyIT today up +1.51% which would have spoiled the party for the Nifty50 bears. Last week as it ended was looking pretty negative for Nifty and flattish for BankNifty. Banknifty had a steady day today, down only 0.1% but the prices were consistently falling giving the impression that selling is still not over. From a technical perspective, banknifty has broken no support nor was looking dangerous. It just looked like a day where banknifty did not want to rally! HDFCBK and ICICIBANK were struggling to keep Nifty50 flat whereas INFY & TCS were pulling it to the top. Even nifty50 did not do anything technically today, although the first candle looked dangerous and had given the impression we will have a lower low today. The option prices on Nifty50 was again more volatile than Banknifty, I am starting to think which one has a higher beta these days. From an option seller's perspective it makes no sense in trading banknifty at these premium levels. BN spot is at 44000 and 45000 CE has a premium of Rs12 with 3 days to expiry. Usually I see a price of Rs12 for a strike 1000pts away on wednesday close, imagine the same value on a monday close. Nifty50 options premium even though low is far better than banknifty - there is enough juice to be squeezed. --- 15mts TF is still range bound, but we have a peak formation inside this range. The prices have hit the lower & upper end of the range multiple times now. This could indicate a range expansion soon!  --- 1hr shows a double top like pattern formed at the all time high zone. The pull back we had from ATH could be entirely technical due to positioning. We will wait for the lower end of the range to break to conclude if a new downward trend is starting or not. to view the 4 charts in discussion today, visit viswaram. com
NSE:BANKNIFTY
by viswaram
Ratio Charts - NiftyIT vs Nifty500What is a ratio Chart: Ratio charts play a significant role in technical analysis, offering valuable insights to traders and investors. These charts display the relative performance between two assets or indices by comparing their price movements. By dividing the price of one security by another, ratio charts provide a visual representation of their relationship and help identify trends, patterns, and divergences. This analysis is particularly useful for comparing stocks within the same sector, evaluating the strength of one asset against another, or assessing market breadth. Ratio charts allow for a deeper understanding of market dynamics, aiding in the formulation of informed investment decisions and the identification of potential trading opportunities. Importance of Ratio Chart Analysis: Firstly, they help identify relative strength and weakness between assets or indices. By comparing the performance of two securities, traders can assess which one is outperforming or underperforming the other. This analysis is valuable for making informed investment decisions and allocating resources effectively. Secondly, ratio charts provide insights into market trends and patterns. They can reveal correlations and divergences between assets, which can indicate potential trading opportunities. Traders can identify trends and reversals, spot support and resistance levels, and analyze chart patterns more effectively by using ratio charts. Furthermore, ratio charts assist in analyzing market breadth. By comparing the performance of multiple stocks or indices within a sector or market, traders can gauge the overall strength or weakness of that particular market segment. This information is crucial for understanding market dynamics and making sector-specific investment decisions. Overall, ratio charts are a powerful tool in technical analysis, offering a visual representation of relative performance and aiding traders in identifying trends, patterns, and opportunities for profitable trading strategies.
NSE:CNXITEducation
by vnagaraj0803
TECH MAHINDRA long term analysisTech mahindra , the IT giant which had fallen almost 50% from its 2021 highs has been consolidating in a range from 1150 to 1000 levels for more than 300 days , any breakout on either side will give huge movements on either sides , on upside if theres breakout the stock can test 1400 levels (20%) , on downside if theres a breakdown a big fall is possible towards 800 levels(20%) which is a major long term support for the stock and one should not be missing the chance to buy this stock for long term at 800 levels if comes PS: All the levels are derived from Fibonacci and Harmonic patterns and very very strong support resistances
NSE:TECHMLong
by sniper1290
PostMortem on BankNifty Today & Analysis of 19 MAY 2023 There was so much of hidden meaning in today's price action. Both banknifty and Nifty50 opened gap-up and then started falling. Banknifty fell 0.97% from High to Low, whereas Nifty fell 0.66% only.  This fall is the 1st anomaly, this happened at a time when NiftyIT was roaring! It opened gap-up and was shooting up. Which goes to prove that either Reliance or BankNifty had to fall to enable Nifty50 to continue its price action from the previous day. It was not normal to expect banknifty to keep falling as it has been creating continuous higher lows for a long time now. The question was when will it reverse, because my marked SR level is 43253, and other than the 1hr red candle there was no follow through. Banknifty took some time to gain strength and then started breaking out at 13.50, it went up 393pts by 15.10 and almost hitting the recent swing high.  What this did to N50 is the 2nd anomaly, it helped it snap out of the bearish sentiment. Sometimes a 40% weighted component like BN can pull so much of weight to turn the bias of N50 (really fascinating). This small momentum could help Nifty conquer the 2 resistances in the upcoming week. The options data was not hinting at this reversal, till 13.00 - the CEs were getting aggressively written. And once this sentiment changed more participants started writing PEs. Why is there so much buying at the top levels, I do not really know. Is FOMO fever back? Saw a news DAX (Germany) hit a new 52wk high. So the bearish cloud is starting to disappear for real? (to view all 6 charts & indicators visit viswaram. com) --- From a trading perspective these need not bother you. Longer term investments can be done via SIPs or lumpsum based on whether your main income is from salary or self-employment. Traders are in the business of speculation, i.e in the short-term where the markets are likely to go (or not go). And factually traders need not have FOMO - just need to get your views backed by solid research. If you are just starting out, go ahead with credit spreads in weekly expiries. It will give you learnings if your view is wrong & earnings if its right.
NSE:BANKNIFTY
by viswaram
NIFTY50 trend analysisNIFTY50 index has approximately fallen 1500 points from all time highs of 18900 levels and a possible reversal is coming from major support areas of 17200 to 17000 , there maybe a start of another rally towards all time highs and also towards 20k levels in the index . A good bottom formation and a breakout of highs can give confirmation of a trend change , so for now nifty is highly possible to reach levels of 17200 from current price and am expecting a rally from 17k-17200 levels NSE:NIFTY
NSE:NIFTYLong
by sniper1290
NIFTY IT analysis for coming daysNIFTY IT index is currently in a sideways territory , there is high possibility that the levels of 32k to 33k will act as a decider point for trend in coming days , anything sustaining above 32-33k levels will lead to a bullish rally towards all time highs , if index rejects and sees selling pressure from 32k-33k levels , there can be another big correction coming in the index in coming days with possibility of index also going below 25k levels . Currently it is at wait and watch zone (BIAS IS NEGATIVE)
NSE:CNXITShort
by sniper1290
2
PostMortem on BankNifty Today & Analysis of 12 MAY 2023Another surprise today with 300pts ~ 0.69% move from 13.30 to 14.40, came at a time when no one really expected. Karnataka election results tomorrow and most traders would have anticipated we close the day subdued. The lower than expected CPI data of 4.7% would have leaked with few big-boys and they would have ended up loading the banks because from how I see it NSE:NIFTY only rallied 46pts in the same period. Lower inflation is good for the banks? I thought higher inflation translating to higher interest rate was good for the banks - guess I will have to spend more time reading some articles on this. NSE:BANKNIFTY & NSE:NIFTY are diverging in today's chart pattern, mostly because the NiftyIT was underperforming. Banknifty has made a higher high and the next swing could even reach up to the ATH. Nifty50 on the other hand has 2 more resistances to go. This divergence is not good and does not make sense, one of them has to catch up for a broad-based trend. If banknifty takes out the ATH with the Nifty50 flat - it wont end well.  --- Today's open was in line and then we had a gradual grind up till 13.30. From there it was a sling shot to take out the swing high of 4th May & 11th May. Since the final close was above both - we can safely assume that level is crossed. All 6 major banks participated in the rally from 13.30 to 14.40 - this unison is usually unusual. I do not really understand why would big-boys take an opposite position to the global trends in this weekend. Are they assuming that the Ruling party will win in Karnataka? Elections definitely moves the market, if the ruling party wins again - markets will like it. Who would not want stability and regime continuation. If this argument is correct - why was NSE:NIFTY not participating? What extra did the financial institutions had that the other top corporates did not? --- 15mts shows the higher-high and higher-low formation, the trend continues. Since we have taken out the recent swing high, the next level to watch is the all time highs. Before that the markets will be excited to see the election results on 13th May. Looking at the options data, lot of credit spreads were written at the PE side meaning more players expecting further upside movements. --- 1hr shows an awkward shaped W type formation, since the slope is upwards the double bottom is not horizontal but having the same degree of slope as the trend. It also makes sense to bring up the 1D chart as the ATH is just 270 to 300pts away ~ less than 0.7%. Is that not amazing, banknifty vs nifty50 - guess who the real champion is?
NSE:BANKNIFTY
by viswaram
PostMortem on BankNifty Today & Analysis of 02 MAY 2023Signs of tiredness visible in the price action today. To start with, never expected that our indices will close in green today, even though the momentum is slowing, it is pushing up the bulls inch by inch. Nifty50 was having more positive price action vs banknifty today - that may be because there are 2 more resistance zones to go for Nifty50 to reclaim the ATH whereas I do not have another resistance level for banknifty. Also the NiftyIT was providing some additional support today. If NSE:NIFTY has to go up further, the additional points has to come outside of the financial sector. NSE:BANKNIFTY opened gap-up, but the price action formed is continuous as the first candle retested last closing level. From there we had a narrow band sideways market. For 5h 50mts today we had a narrow traded range of 43362 to 43476. The upside was capped as the buying momentum was missing. The downside was protected as the bulls were quite strong. So literally we did not have any place to go today. Only in the last 1 hr we had some pattern forming indicating a profit-booking or an interim top like formation. Just a minor 180pts fall from HOD. Why I say there could a bit more selling to come is mainly because the volume of credit spreads that were getting created on the call side. --- Nifty50 also had a flattish pattern and unlike the banknifty the last 1 hr selling was not visible. It was a perfect day to get into a straddle today as the opening and closing prices are near same. Nifty50 traded in the range 18136 to 18175 today with no pressure to pick a direction. --- 15mts on banknifty is still bullish pattern. And its looks like a rounded top is getting formed. We would need further trades to happen below 43253 to have a change in bias. --- 1hr is still bullish and we would need a close below 42576 to have a change in bias. I do not have a resistance zone above the current levels. However it is quite unlikely that just banknifty moves up without Nifty50 crossing the 2 more resistance lines. --- NSE:CNXFINANCE expiry special. The open was gapup same like bank nifty and the traded range was again pretty narrow. However the selling pressure in 3 candles via 14.45, 15.00 and 15.15 was quite strong. These 3 came at a time when the options premiums were all near zero, so assuming these were un-windings of the positional trades taken for expiry. I am starting to spend more time on finnifty for Tuesdays as its much easier to trade than just banknifty. Atleast the certainty that the options will go to zero is still there. This is more relevant now as the banknifty options premiums are at their lowest levels. Unless the volatility rises the premiums of banknifty will remain subdued.
NSE:BANKNIFTY
by viswaram
HCLTECH- Bears in Control!Attached: HCLTECH Daily Price Chart Live Market as of 20th April 2023 Pay attention to the following: 1) Formation of a Double Top/ Distribution Pattern 2) A Leading Diagonal Structure marked as ABCDE , so a 3rd Wave Down can play out 3) The Elliot Wave marking signaling end of (B) Wave and (C) Wave Down pending IT Sector is the Weakest already and there are clear Headwinds from a Fundamental standpoint for IT Stocks HCL Technologies has Earnings today so you can expect some Big Move on the Short Side
NSE:HCLTECHShort
by T_Harth
2