protrader1969

protrader1969

On daily charts, banknifty (BNF) made hammer kind of candle with lower high and lower low. Intra-day movement of BNF was however bullish today which made higher highs as we can see it on 15 min chart. There are no new areas created and hence trade for tomorrow can be taken on areas marked yesterday. However, a word of caution- since tomorrow being friday and since...

protrader1969

Hope traders made some profit by shorting Nifty today. As expected, Nifty finished as a Doji kind of candle with lower low and lower high. Expiry in a way was lackluster but that is exactly what is happening since last few weeks. Fireworks are seen on wednesday and friday and Thursday activity is a bit muted. So tomorrow, there is a possibility of big moves. Only,...

protrader1969

It was unbelievable kind of fall for Banknifty which had exibited so much of strength for past so many sessions. If we see on daily chart, after 24th october this is first big single day fall. What sets it apart from other falls is that just one trading session before, it executed one of the smartest rally in one single day. And today it finished as a strong red...

protrader1969

The bad news that I wrote about yesterday did have its effect and both Nifty and banknifty collapsed. That Nifty was going to fall was almost written on wall but weakness in banknifty extended its range. So Nifty executed a bearish engulfing candle. Lets look at usual data. 1) FII & DII data: Like for past , I think 9 or 10 sessions, FIIs were Net buyers by 585...

protrader1969

Banknifty (BNF) is packing the power of 12 bulls! There are 12 constituent banks of BNF and not a single bank closed in negative on Monday, can you believe it ? The least increase was in PNB and highest increase was in RBL bank. In a way, Banknifty is responsible for Nifty not falling massively. In my post on Nifty, I have enlisted negative news which might...

protrader1969

More bad news came After market closed on Monday. IIP for September shirnks to 4.3 % ( Read -4.3%), which is lowest in 8 years. Manufacturing, electricity, mining all fell. Manufacturing, which accounts for 78% of index contracted by 3.9% (read -3.9%). SIAM data released showed 0.28% improvement in passenger vehicles sales (due to Diwali discounts offered), slight...

protrader1969

If we see top 5 gainers in Nifty on last friday, 4 are banks (out of 9 advances among Nifty 50 stocks) and that explains why Banknifty (BNF) went up higher and higher pulling along Nifty in first half. It was on the back of ICICI's increased weightage in MSCI index. It seemed Moody's report was just another piece of document not to be paid attention to. But then...

protrader1969

It is going to be a critical trading day tomorrow. After Moody's rating downgrade already out before our market opening hours in morning, we openned slightly gap down (25 points down) but climbed up soon (thinking that moody's downgrade was misplaced) and then broke Thursday's high briefly, before starting to come down. And it did come down massively. Later came...

protrader1969

If you compare today's intraday movements of Nifty and Banknifty, note that nifty opened at 12013, went down but climbed up and closed at 12012- just 1 point below opening price and just 9 points below high of 12021. Banknifty (BNF), however closed 100 points lower than its openning price and almost 170 points below its high. Nifty finished as a spinning top with...

protrader1969

Expiry above 12000 frankly surprised me. I expected it to be between 11950 & 12000. As I wrote earlier, Nifty is in danger zone. 12021 to 12103 is this zone, when Nifty touched lifetime highs on 3rd &4th June. So, again, expect selling to rise. FII& DII data: According to provisional data furnished, FIIs were Net buyers by 927 Crs and DIIs were net sellers by 635...

protrader1969

Banknifty was bullish today, unlike yesterday. It finished as a true bulling engulfing pattern with higher high, lower low and much higher close with strong green body. The high made today (30699) is higher than highs made during last few trading sessions. So now it is near high made on 23rd September, 30801 and hence selling pressure will also be there. So as...

protrader1969

Today it was mixed feeling for me- both the areas gave reversals but also hit stop- losses. That FIIs would buy today was my hunch since DIIs sold heavily yesterday (Net Sale of 1593 crs - highest net sale fugure in last 5 days). But there is one thing that we must understand now, which I am explaining below: 1) FII & DII data: For past 5 trading sessions in a...

protrader1969

Banknifty (BNF) is weak. No doubts about that. Yesterday, with lot of trepidation I marked a selling area since it was so strong that it looked almost impossible that BNF will surpass it without visiting it twice. However, let alone surpassing, BNF retreated to lower levels without even touching it. And then fell so badly that it created another selling area,...

protrader1969

Still I am not turning bearish. Nifty did not break yesterday's high like it did for past few days but broke yesterday's low and closed 24 points lower than yesterday's close finishing as a red candle. So why Am I not bearish? Because, One, Nifty is still above 11900. Two, it fell till 11861.90 and yet recovered a handsome 55 points to close at 11917. Three, FIIs...

protrader1969

Trading in Banknifty (BNF) is really tricky tomorrow. BNF and Nifty both finished as Doji candles with higher high, higher low and higher closing price than last trading session's candle. Nifty is reaching previous high levels and Banknifty is reaching highs made on 23rd September (next trading session after 20th Setember, day of corporate tax cut announcement). I...

protrader1969

Nifty is cautiously entering 'danger zone' and that can be seen on charts, option data and in FII & DII buy/Sell figures. From here onwards till 12108, it will be uphill task for Nifty. But the fact that Nifty is slowly inching its way up, assures us that in the event of fall, the fall will not be sudden and deep. We will get warning signals much in advance...

protrader1969

Banknifty is looking bullish. On daily chart, in last session, it finished as a base-like green candle with almost same high as last session but higher low despite Nifty finishing as LH & LL candle. Option chain doesn't show much resistance at 30500, next logical level. The total CALL OI at 30500 is 2nd highest and call writing is very weak. The highest total Call...

protrader1969

Automobile sales figures were released on 1st November and except Maruti no other vehicle manufacturer (all segments) clocked increase over same month previous year. Experts say this could be due to special Diwali discounts offered by company. GST collections dropped and we reached 92.6% of budget estimated fiscal deficit in fist six months of FY19-20. Core sector...