PromodSshrivastava

PromodSshrivastava

Nifty nosedived today -a fallout of renewed selling by FIIs (-2743cr) with vigor. DIIs (1351cr) were no match today as we witnessed a late day pummelling of the market. The PCR for weekly options have dropped to 0.55 indicating fear on the side of option PUT writers. Red engulfing candle today indicates predominance of bear sentiment. Lower levels are marked on...

PromodSshrivastava

Bank Nifty is undecided at 50EMA-- will it take support and bounce? The late surge on friday might suggest a gap up and upward momentum. Purely looking at chart, there are quite limited signs of a reversal from downtrend. This was helped by very low selling pressure of FIIs on friday. Will we see some renewed selling pressure on Monday? Put call ratio suggests...

PromodSshrivastava

Nifty closed with a green candle BUT >>closed below the upper channel resistance >>Closed below prev day close and >>Closed below the 50EMA, taking resistance at 50EMA. We could see selling pressure- due to profit booking and also FIIs could resume cash sales which they didnt do much on friday. Fingers crossed and let us watch out for the levels already marked on...

PromodSshrivastava

Bank Nifty had broken above 20EMA and 100EMA, today it reversed yesterdays action completely. With strong downward bias, and the pressure of expiry day out of the way, we could witness a round of profit booking while investors wait for a consolidation phase to kick in. FII selling pressures will only add to the downward move. Below 37024 level, next supports are...

PromodSshrivastava

Expiry pressures out of the way, NIfty has hit the upper channel. If there is a gapup with breach of 17562, Nifty will look to break the downtrending channel. Likely scenario is 17375 getting breached. 17300 is a critical level and a gap to be filled, followed by a virgin cpr support below it. Strong selling could carry Nifty below 17246 to levels marked on the...

PromodSshrivastava Updated 

Bank Nifty took off with a strong momentum breaching 100EMA and 20EMA with todays single strong green candle. It also filled the Gap of last week. However, todays gap up created a new gap. If 37629 is breached we could well see 38350 levels. More likely we could see a downtrend continuation because= 1. PCR is at 1.27 - contra indication of correction soon. 2. FII...

PromodSshrivastava Updated 

Nifty could continue the strong momentum tomorrow and breach 17562- in this case we can be reasonably confident that the uptrend would continue. However more likely is to see a pullback towards a strong support level of 17246 (virgin cpr of today)- if this is broken, then it opens the journey to 17001 and below (levels marked in the chart). Why is downtrend more...

PromodSshrivastava

Bank Nifty came tantalisingly close to filling the GAP today. The momentum could take it another 400pts to fill the Gap -37024 level. PCR at 1.08 is a big move showing the option writers confidence of an upmove? Will the resistance at 37k stall the pullback and resume the move towards 33k which still seems the logical turning point. Let us see.

PromodSshrivastava

Nifty managed to breach 100EMA on daily chart with a strong green candle. But is there enough steam to sustain this pullback? The FII/DII balance tomorrow will define the move again. The next level of resistance is 17375. On the downside, next support is at 17001 & 16724. FIIs selling was matched by an equally strong show by DIIs which helped the market move up....

PromodSshrivastava

Bank Nifty closing below 200EMA will open lower support levels of 34801, 34359, eventually to 33032. 200EMA is a strong pullback support point, so let us hope there is some pullback witnessed at 200EMA.

PromodSshrivastava

Nifty today breached the 100EMA with a strong red candle, indicating that the pullback was temporary. Next major support is 16588 and 16201. The 15772 level (pls check chart) has a history of prolonged consolidation and one where we could witness a pause and reversal. How soon will Nifty travel this 1200pts downward journey is anyone's guess and only time will...

PromodSshrivastava

Bank Nifty has made a doji on weekly chart. The downward momentum could continue to take it down after this pause. the next levels are marked on the chart- but eventually it should get to 33,000. The correction at current level is around 15.5%, looks all set for a correction of 20% ---consolidation and then a move forward. 20% correction from the peak will take it...

PromodSshrivastava

When Nifty weekly candle closed below 20EMA in march 2020-it stayed below 20EMA till end may 2020. Please see chart for levels of support & resistance. We could now see the 20EMA & 100EMA gap close. Markets could be choppy as we are seeing bouts of FII selling and bouts of DII buying! With corona hitting India, could we see some nerves from the ever bullish...

PromodSshrivastava

Bank nifty made the right moves today towards filling the gap left behind on 26Nov. Hurdle - is to cross the crucial resistance level of 36591. Today Bank Nifty has closed below this resistance level. If there is a gap up opening tomorrow, then it will be on its way up. Put call ratio at 0.91 is supportive of a continued positive sentiment. Omicron news has not...

PromodSshrivastava

1. Nifty has closed today with a strong green candle above the crucial resistance level of 17375 after breaching the resistance of 17246 along the way & taking solid support of 100EMA. 2. Despite news of omicron virus cases in india post market hours today, we did'nt see much effect on the sgp nifty futures- its indicating a gap up opening of 34pts tomorrow. 3....

PromodSshrivastava

Bank Nifty has a narrow CPR tomorrow, so we could witness a trending day. We could see the present upswing continue tomorrow with Bank Nifty trying to fill the gap left behind on 26th (pls check levels marked on chart) With DIIs buying heavily and good news of economy front and comfort that there is no coronavirus in India- we could see yet another...

PromodSshrivastava

Nifty surgically checked out all the levels i mentioned yesterday. Synopsis of todays chart- Nifty made a green candle but failed to close above the 20EMA on weekly chart. >There was buoyancy of great GDP numbers & comfort of absence of Omicron in India. >And DIIs (+3467cr) outgunned FIIs (-2766cr) today by a hefty +701 cr - bringing in a round of relief and...

PromodSshrivastava

Bank Nifty closed with a bearish red candle today breaching the critical level of camarilla R3 35752. On weekly charts, this is the second successive weekly candle close below 20EMA. Unless we see a recovery above 20EMA in the next few sessions, we could be witnessing a definite move to cover the gap with the 100EMA. On the upside, resistance is immediately on...