PromodSshrivastava

PromodSshrivastava

Bank Nifty has faced multiple rejections at 35200 level and is unable to break the PDH. Only in case the PDH is broken, will open levels of 34800 & lower. FIIs have probably stayed away from action so there seems to be better staying power. In case FIIs come to sell, we could see a swift slide downwards. Lets see.

PromodSshrivastava

Bank Nifty couldn't rally to fill the Gap left behind on 20th. This is significant because the FII/DII net 766cr buying could not take Bank nifty break monday high either. If FII buying resumes today, then could we see the critical 34800 level broken? PCR at 0.85 --has recovered well on the back of one green trading session. Will it be sustained today? The chart...

PromodSshrivastava

Nifty has exactly filled the Gap left behind by the big gap down we saw 2 sessions ago.(ref chart) 22nd Dec was extraordinary as we witnessed a net 766cr buying (FII/DII net). So despite this we saw just a minor move up -this probably indicates that the mood of wider market is still fearful-in fear of FIIs resuming selling. PCR is a healthy 0.85 indicating that...

PromodSshrivastava

bank Nifty made an inside bar red candle today. It is at a strong support of 34360 (monthly S3 pivot support). Inside bar indicates a strong likelyhood of breakout (could be up or down) - tomorrow. So if the price breaches 34360 then we could test 33032 which is the next strong support. PCR is higher today at 0.6 with 34500 and 34000 as potential resistance points...

PromodSshrivastava

Nifty made a doji candle today, in the process it also filled the gap left behind by the gap left by yesterdays candle. 16200 is the next major support level for nifty--it also coincides with the 200EMA support line. But only if Nifty breaches 16600 -also a major support just below current levels, then we could see the slide towards 16200. PCR ratio went up to...

PromodSshrivastava

Bank Nifty has made a large red candle below 200EMA---this has happened for the first time since sep 2020--when it broke below and stayed for a bit below 200EMA. Given the strong selling momentum from FIIs continuing, it is likely we could test the next strong support level at 33032. Low PCR of 0.48 gives a contra indication of a reversal sometime soon as...

PromodSshrivastava

Nifty is a short distance from 200EMA support---this should also be at around 16200 level which is a consolidation area and a strong support level. Whether Nifty will halt & reverse or just pause at 16200 ? Let us wait and see. VIX went haywire today with a 16% jump to 19 level. PCR at 0.47 indicates the pullback will come soon as well. FIIs sold for 3565cr and...

PromodSshrivastava

Bank Nifty consolidated for a while before breaking below 34300, it has taken support at 34200 -S2 second support level (weekly pivot). Likely to stop the slide after a fall of 1000+pts from open. Let us see if it holds and reverses a few hundred points from here today.. The broad view on bank nifty will remain bearish though.

PromodSshrivastava

A big red candle this week completely engulfs the last weeks green candle. At a strong support level around 35500, which looks incapable of halting the slide. We could see the support levels upto 33080 getting tested in the coming week(s). At 33k we should almost certainly see a rebound- but could also happen from an earlier support level. Other support levels in...

PromodSshrivastava

Nifty erased gains of almost 2 weeks in the current week --a bid bearishh red candle -closed the week breaching the 17k level. This opens possibilities of 16700, 16200 and eventually 15700 levels. The 15772 is a significant consolidation zone -so this could be the definite turnaround level--unless Nifty turns around at the prev levels. The downward channel as...

PromodSshrivastava

Bank Nifty made a large Red bearish engulfing candle. Some last hour pullback due to probably some spirited buying by DIIs and relatively lower selling by FIIs helped. The 36k level once broken will bring the lower levels into play (ref chart for levels ) Lets see how the momentum goes tomorrow.

PromodSshrivastava

NIfty closed above yesterdays close, but made a strong red candle. Faced resistance at 20EMA and took support at 100 EMA. DII buying support of 1533cr and rather low FII selling-1468cr (less than 50% compared to yesterdays selling(-3407cr)) helped Nifty. Will the downward momentum resume with FIIs selling- could take Nifty below the 100EMA support. Critical...

PromodSshrivastava

Inside a steep downward channel, bank nifty could breach 36400 if a second round of FPI selling starts at 2:30pm today.

PromodSshrivastava

Bank Nifty made a red candle- body identical to yesterdays green candle. Again opened and closed below 20EMA/50EMA and 100EMA--below all three. A consolidation move probably before we see a major breakout/breakdown. Breakdown is most likely as the candlesticks are below EMAs. PCR fell marginally again and FIIs are on a relentless selling spree. What do you read?

PromodSshrivastava

Nifty closed just above 100EMA today. Nifty breached 100EMA on 24th Sept 2020 and traded above the level until 26Nov2021. Since 26Nov Nifty has closed below 100EMA 4 times (26, 29, 30 Nov and 6 Dec.) Does this denote that the present down move is something more than a correction? Only time will tell. FIIs flooded the market with 3407cr of selling somewhat...

PromodSshrivastava

Bank Nifty made a green candle today but closed below yesterdays low. This is more a continuation of the downtrend rather than a pullback. The option writers remain happy writing call options, so betting on the downside. FIIs hardly sold much today (-763 cr) and DIIs bought for 425 cr--so no aggressive move from either side. Still the index could'nt close higher....

PromodSshrivastava

Nifty opened and closed below yesterdays close. If we combine the two candles --Big red candle of yesterday and today's green candle---we end up with an even bigger red candle than yesterdays---because todays close was below yesterdays close. So nothing much to cheer about. India vix is up 2.3% (yesterday also it was up around 3.5%). PCR remains at 0.55 indicating...

PromodSshrivastava

Bank Nifty breached 20EMA , 50EMA and 100EMA all three EMAs by a single red candle today. PCR is down at 0.63 -option writers are wary of fall in bank nifty, so they are betting on the call side. FIIs sold heavily while DIIs tried to buy to halt the fall unsuccessfully. If this pattern continues this week, we could see continuation of the fall. The levels are...