BankNifty Analysis Banknifty also erased the gains it made on Diwali Mahurat trading. Today’s close is almost at the same level as of 10th Nov. Interestingly BN tested the resistance of 44063 on Sunday from where it was rejected. Sunday’s trade could be thought of as manipulated (legally) as most of them come with a bullish bias for Muhurat trades. Few of them...
Nifty Analysis Recap from yesterday: ”For monday, I wish to continue with the neutral stance — but a slight bias to the bullish side after seeing today’s momentum. The first level to watch will be 19562 on the upside and 19310 downside.” On the 5mts TF, I have encircled 3 regions. The close on Friday. The Diwali Muhurat trading on Sunday. The close of...
BankNifty Analysis The real reason why Nifty50 reversed course today - BANKNIFTY. Yesterday we discussed how it took out the swing high set on wednesday. You wont believe that we took out yesterday’s swing high today even after opening with deep cuts. In the opening minutes, we dropped to 43504 well below the first support of 43566. I really thought the support...
Nifty Analysis Recap from yesterday: “For tomorrow, I wish to maintain my neutral stance but wish to go short if 19310 gets broken. Somehow I feel the chances of a fall have a higher probability than a rise. If we are breaking 19446 tomorrow, then I would like to wait till 19562 gets broken to change my stance to bullish.” If you watched the opening 45 minutes...
BankNifty Analysis BankNifty traded totally differently from Nifty50 today. Nifty opened higher and was trading lower, whereas BankNifty took support in the first candle (43566) and was trading higher. We even took out the last swing high to hit an intraday high of 43876 by 11.55. The afternoon session perfectly matched Nifty’s price action. A gradual but...
Nifty Weekly Analysis Between the last expiry and today, Nifty has risen 260pts ~ 1.36% and has crossed 2 important resistance levels. The bullish momentum has stalled a little bit from 6th of Nov. If further trades happen toward the downside, then the current level will act as a lower high. Nifty Today Analysis Recap from yesterday: “In line with yesterday’s...
BankNifty Weekly Expiry Analysis Between the last expiry and today, BankNifty gained an impressive 909pts ~ 2.13%. It broke through 3 resistance lines to give some hope to the bulls. If we talk about the expiry day today, the OTM premiums were horrible today. Due to the collapse of implied volatility - the market participants were not anticipating any movements....
Nifty Analysis Recap from yesterday: “For tomorrow, I wish to change my stance to neutral if 19446 is not getting broken in the opening 2 hours. I would love to go bearish if 19310 support is broken” The encircled areas on the chart represent the period when 19446 resistance was in play. The open was right at that zone, then we spent 09.55 to 10.25 around those...
BankNifty Analysis The price action on BankNifty was more than exciting. The opening minutes would have given the impression of going bearish and it would have played out well till 11.50 wherein we fell 322pts ~ 0.74%. The 11.40 candle just went through the 43404 support as simple as that, reinforcing the bearish intent. What happened next would have surprised...
Nifty Analysis Recap from yesterday: “For tomorrow, I wish to maintain the bullish stance with the first target of 19446 and then 19576. If we are going down, the first level to watch will be 19310.” 19446 level never came into the picture today, but 19310 looked quite vulnerable for a breach today. The open was in line and then we had a strong RED candle. From...
BankNifty Analysis The only inspiration BankNifty required today was to open above the resistance zone of 43404. Gap-up open solved that problem. Since that level became the new support, we had a retest at 11.05 - but it was rejected. The beauty of the trade today was that BankNifty retested the 1st candle high at 15.10 only. And even the final closing was near...
Nifty Analysis Recap from yesterday: “On the 1hr TF, Nifty has made an odd-looking W pattern, technically its a bullish sign but we need confirmation of the same by taking out the 19310 resistance soon.” A look at the chart will make you a believer in technical analysis. We required a gap-up to go past the 19310 because bulls could not win over the bears during...
BankNifty Analysis We had a gap-up open of 291pts ~ 0.68% followed by a range bound trade till close. It was a support/resistance play all along. See the blue encircled regions. BankNifty took support from the 43253 regions between 09.15 to 09.50 and was rejected at the resistance of 43404 at 10.55. We made another attempt at 14.25 to take out the 43404 level,...
Nifty Analysis Recap from yesterday: “The levels have not changed from yesterday, the first resistance is at 19226 and the 2nd one is at 19310. I am staying neutral till 19226 is not taken out, seems like it could be even done in the forenoon session.” The gap-up took out my resistance of 19226 and was forced to go long. I was eagerly waiting for the 19310 to get...
BankNifty Analysis BankNifty had a unique day today, firstly a gap up open and a total swing of +536pts ~ 1.25% with respect to yesterday’s close. We were not able to take out the 43253 resistance and its rejection resulted in a deep fall of 475pts ~ 1.1%. Cant believe we even had a falling window candle stick pattern between 11.40 & 11.45. Seeing the fall, I...
Nifty Weekly Expiry Analysis Between the last expiry and today, Nifty has accumulated 299pts ~ 1.59% points. Most importantly it has broken away from the crucial support of 18880. As it stands Nifty is below the resistance of 19310 - but with the momentum it has gathered, seems like it will get tested this weekly series. Nifty Today’s Analysis Recap from...
BankNifty Weekly Expiry Analysis Between the last expiry and today, BankNifty has managed to climb 432pts ~ 1.02%. It has also managed to trade above the support/resistance of 42576. This retracement could be seen as a lower-high formation for continued selling pressure. For proof, we would need to see the 42576 getting knocked out in the upcoming sessions. ...
Nifty Analysis Recap from yesterday: “Since we retraced the 38.2% level of 19226 today and the reluctance to go up might be confidence-building for the bears. Also the 23.6% level forms a base for further movements. The issue is that we cannot go outright bearish now, we need further proof of that. Ideally, the 18880 support has to be taken out and that too pretty...