PromodSshrivastava

PromodSshrivastava

Bank Nifty looks set for a breakout after consolidating above 37457 for last 4 weeks. All weekly closing have been above this level. On daily chart it made a red candle but closed above this level and also didn't breach the 50% mark on previous day candle. PCR at 0.57 indicates time for a reversal. FII selling of 5045cr on fri & 37722cr in jan is one of the...

PromodSshrivastava

Nifty has consolidated above 17015. Even though friday's was a bearish candle, it closed around same level as thursday close (even though thu was a green candle). Nifty net net has managed to consolidate around current levels and we need to spot a breakout. On weekly charts, it looks extremely bullish. A rebound from 50EMA is quite plausible (even from above...

PromodSshrivastava

Bank Nifty made a spectacular recovery from intraday lows to close higher than yesterday close to 38k. This despite some agressive selling by FII -6267cr but DIIs tried to support with a 2881cr buying. PCR at 0.82 is bearish view of option writers. Opening tomorrow is likely to be above the CPr, so CPR support could help banknifty ride to higher levels....

PromodSshrivastava

Nifty closed with a green candle making a strong recovery from intraday lows. It showed strength not breaching yesterdays low and closing with a green candle. PCR at 0.65 (below 0.7) gives a contra indication of a strong pullback. Indide bar could give a strong upward move provided the momentum breaches on the upside. FIIs sold for -6267cr and DII bought for...

PromodSshrivastava

Bank Nifty broke above 50EMA and 100EMA taking support once again at 36479 -making a superb rally. It was backed by spirited buying of 4535cr by DIIs after FIIs pulled the market down at opening selling 7094cr. PCR at 1.1 has flipped from 0.53 yesterday--defensive move by option writers who were forced into short covering today --PUT writing rampant as a defense...

PromodSshrivastava

Nifty broke 17015 and went way under before making a superb recovery to close with a big green candle. PCR remains 0.71 with good support at 17500. Nifty is yet to breach 50EMA and 100EMAs--so the pullback has a big resistance above. Weak global cues could pull down the index when markets open after the republic day break. Massive short covering bursts and buying...

PromodSshrivastava

Bank Nifty made a big move downwards today breaking both 50EMA and 100EMA with a single red candle--while also recording a sharp recovery during closing hour taking support around the camarilla R3 level 36479. Tomorrow Nifty is indicating a gap down opening and if bank nifty too opens below 36977 (BC of CPR) then CPR will be a key resistance. Level of 36479 could...

PromodSshrivastava

Nifty fell heavily today breaking 100EMA support level also with a huge red candle. So 50EMA and 100EMA are major resistance levels to watch for. It also filled a gap left behid many sessions ago(ref chart). Nifty took a breather and broke its fall at S3 camarilla pivot 17015. SGX futures are trading below this level so we could see a gap down opening tomorrow. In...

PromodSshrivastava

Bitcoin is seeing a steep correction. It is a t a critical camarilla R3 pivot support level of 34885. So, if it takes support here then we could see 38322 level. Momentum is not supportive at this time. So evidence of trend reversal is not there yet. But if this support of 34885 is broken, then 29975 (30k) is the next major support (the previous rebound happened...

PromodSshrivastava

Bank Nifty weekly candlestick paints a bleak red picture. However it has taken support at 37457 which is a critical support. Looking at global cues if this support is broken, then next support is 36479 which could couple with the 50EMA support as well. With FIIs on an unprecedented selling spree, it is likely that this level could be seen soon. PCR indicates...

PromodSshrivastava

Nifty made a Doji candle on the 50EMA line on Friday. Does it have the momentum to rebound from here? Seems improbable. On the weekly charts, Nifty has made a bearish engulfing pattern--with a big bearish red candle. From here, it could correct more and take support at 50EMA on weekly chart. PCR at 0.71 doesn't contra indicate an up-move yet. CPR on mMonday is...

PromodSshrivastava

Bank Nifty closed below PDC for sixth consecutive session. FII sold for 4680cr and DII bought for 769cr=net 3911cr ensured a big red candle, and. breach of PDL intraday as well. PCR is 0.74 bearish. CPR is 20pts wide, so a trending market is likely. On the positive side, there is very little to hope for except if buying momentum comes in heavyweight index stocks...

PromodSshrivastava

Nifty took support today at the 50EMA and closed around 100pts above at 17757. There was tremendous selling firepower from FIIs of 4,680cr, whereas DII bought only for 769cr, net selling by institutions in cash market was 3,911cr which is highest net selling in the past 30days at least. nifty made a third big red candlestick for the third day in succession. On...

PromodSshrivastava

Bank Nifty has shown good resilience =recovering from intraday lows. Today's close above 38k also is a ray of hope. So if bank nifty sustains above 38050, then we could see an upward move. FII+DII sold for 2900cr today, and if this selling continues tomorrow, then bank nifty could take support at 37457. PCR at 0.67 shows expectation of downside on the part of...

PromodSshrivastava

Nifty made a big bearish Red candle today, as a followup to the bearish engulfing candle formed yesterday. In the process it broke a critical support level of 18032 with a strong red candle. This indicates a strong down momentum. However, the PCR today is 0.49-this is an extremely bearish outlook of option writers--contra indication is that Nifty could bounce...

PromodSshrivastava

Bank Nifty made some bold strides today till the closing hours succumbing to global cues and frantic selling. VIX shot up to 17.78 with a gain of 6.05%. FII+DII sold for a hefty 1475cr--much of it having a bearing on bank nifty. Only small positive for bank nifty is that it closed at similar level as yesterday. PCR at 0.77 continues to reflect option writer's...

PromodSshrivastava

Nifty had a freakish day today making a big red candle engulfing last 4 days candles and erasing the gains. FII+DII sold for 1475cr -yet another big selling day today. Global cues probably spooked the market in the closing hours. Vix shot up 6.05 % to 17.78 --indicating nervousness has crept in and further increase in vix & volatility would prevent money inflow....

PromodSshrivastava

Bank Nifty made a bearish indecisive Doji today...failing to breach 38458 resistance. It is third consecutive close below PDL. FII and DII both were net sellers today for 971cr which pushed Bank nifty lower. If the resistance 38458 is not tested & breached then we will see some more downside move to 37457. However if bank nifty is able to sustain a breach, then...