As per trend analysis Bank nifty has seen bounce earlier in March'23 and November'23 it works as powerfull support given big moves in longer time.
Also trend also comfirms that buyers are still intact to make bounce in addtion to that we can see a wick reversal pattern is also seen on daily time frame.
Which also confirms buyer strength and also bank nifty...
BankNifty Today’s Analysis
The opening candle in Banknifty had a swing range of 189pts ~ 0.4%. That candle looked dangerous and I really thought we would have a deep RED day today. Quite interestingly, BN made a W pattern right at the top band of the ascending channel (see the 63mts chart link also).
4mts chart link - click here
Once BN got caught in that...
One thing that really gave me confidence in the bearish move was the build up of momentum in banknifty. I did not get this feedback from Nifty, but Banknifty’s pulse gave me hope that further down moves are highly possible.
Since I rely on options flow also to gauge the sentiment - the intensity of CE shorts were too good today especially in...
Nifty Weekly Analysis
Between the last expiry & today, Nifty50 is actually down 40pts ~ 0.21%. That seems quite hard to believe especially when we had an ATH break today right?
The fact is N50 broke out from the 19500 levels today & that would have created the perception that nifty had a gaining week. Also on 7th July we had a red day and almost touched the 19300...
Today we had a perfect inverted V formation. The high of the day at exact 12.00 noon. A rally of 82pts from opening level and then a fall of 66pts. Even though nifty fell today, it was showing so much of positive energy and a general reluctance to fall. We will bring up the comparison with banknifty shortly & it will make sense.
Today's peak formation ensured we...
NSE:BANKNIFTY had a narrow range based trade today with a minor negative bias. Yesterday's swing low was breached by 13.40, but it does not pose a major scare yet!
The pattern may look bearish on the 5mts TF, but it actually isnt. Banknifty is comparatively outperforming the Nifty50 and NiftyIT index for the last 3 days.
NSE:BANKNIFTY did not have enough...
NIFTY | Cup & Handle formation (Good only for hedged / spread position - it can take 3-5 days)
CMP : 15770
SL : 15670
Target : 16100
Almost 1:3 risk reward setup.
Reference : Bull Call Spread
Buy 15800 CE
Sell 16000 CE
July 8th Expiry or July monthly expiry