Nifty Analysis - Stance Neutral ➡️ Recap from yesterday: “We are changing our stance from neutral to bullish as we had all 6 green candles today. Ideally, the stance change should come only after the 21913 resistance breach — but we are taking a bit of risk here. The pattern played out to be a W (double bottom). We would now look for bullish opportunities and the...
BankNifty Analysis - Stance Neutral ➡️ BankNifty also gets a stance upgrade - from bearish to neutral. The price action was not as beautiful as Nifty50 today. One reason would be the outlier performance by Reliance today +7%, whereas the main weightlifters for BankNifty were HDFCBK 1.38%, Kotak +3.08%, ICICBank 0.64%. 4mts chart The support/resistance of 45399...
Nifty Analysis - Stance Bullish ⬆️ Recap from yesterday: “Yesterday’s W pattern is no longer valid as today’s action has nullified it. Our stance continues to be neutral with a slight inclination to the bearish side. It seems like FIIs are not done unwinding their positions — the run-up to the Budget 2024 looks interesting.” 4mts chart Two major things stand...
BankNifty Analysis - Stance Bearish ⬇️ The unusualness of the last 30mts was more obvious in the Banks - HDFC, ICICI, AXIS and Kotak. Seems a news/event is brewing and we may get some clarity in the coming days. The good thing is that it broke out pretty late in the day, which meant the expiry was not totally screwed. 4mts chart How many Analysts you know are...
Nifty Analysis - Stance Neutral ➡️ Recap from yesterday: ”The issue for the bears from the 63mts chart is the W formation (double bottom). To prove they are still in the game, the Bears must create a big fall and ensure an M pattern supersedes the W. Due to the momentum the bulls got today, we are changing the stance from bearish to neutral. The first target...
BankNifty Analysis - Stance Bearish ⬇️ The stance of BankNifty continues to be bearish as it was nothing like the Nifty today. The major reason is the rejection of resistance at 45399. After opening near the support level of 44542, BN made a quick surge to the resistance of 45399 by 09.59. The rejection came by 10.43 and that RED candle spoke for itself. 4mts...
Nifty Analysis - Stance Neutral ➡️ Recap from yesterday: “We broke the 21491 support by 12.24. Just look at the strength of the candles today — 5 RED candles followed by a Doji. Our stance changed from neutral to bearish as soon as the support was breached.” 4mts chart The open was perfect - a good gap-down followed by selling pressure, but the 2nd candle gave...
BankNifty Analysis - Stance Bearish ⬇️ Banknifty fell an unbelievable 1696pts ~ 3.64% from the HOD to the LOD. As usual, the gap-up of 472pts would have painted the wrong picture today especially when the Traders came ready to play ICICI on the long side. Never in the day, we got a bullish signal today - it was a one way journey from that gap-up to the low of the...
Nifty Analysis - Stance Bearish ⬇️ Recap from yesterday: “Nifty was unable to get into the ascending channel despite results from RELIANCE and major banks. We suspect some weakness is haunting N50. It could completely be news/event-driven or related to the build-up for the budget session. The selling figures from the institutions may be because of this. From a...
BankNifty Analysis - Stance Bearish ⬇️ For some or the other reason, the 4mts & 63mts charts are not visible on TradingView. It may be due to this unscheduled working day and they might be facing issues with data feeds from vendors. We had a bearish view yesterday also and despite BN ending the day today with 357pts ~ 0.78% we are still maintaining the bearish...
Nifty Analysis - Stance Neutral ➡️ Recap from yesterday: “The last 3 candles almost gave away the clue that bearishness was ending. We would still like to see how Nifty will open tomorrow. Ideally, it should open above 21698 i.e. within the channel to cement the idea that Bears are thrown out of control.” 4mts chart Open was right at the trendline and it acted...
BankNifty Analysis - Stance Bearish ⬇️ The stance for BankNifty was bearish yesterday and it is still bearish today. The highs and lows of today were more or less matching with the levels of yesterday. Visually the price action is more negative than yesterday, the reason being the highs hit today were due to gap-up whereas yesterday’s high was via fighting it out...
Nifty Analysis - Stance Neutral ➡️ Recap from yesterday: “Today’s price action has confirmed that the channel is broken, but not the support/resistance of 21491. If Nifty trades above 21491 in the morning session — the bears may really feel abandoned. Ideally, the next stop should be 21041 — that was where Nifty bounced off from the trendline on 21st Dec...
BankNifty Analysis - Stance Bearish ⬇️ What happened with BankNifty today was more or less as per the script. The opening 4mts gave us some idea of what to expect, the reason being the bounce from 45399 support. Even though the opening was gap-down, adequate selling pressure was not there to take out the support level. Ideally, it had to be taken out via the gap...
Nifty Weekly Analysis Between the last expiry and today, Nifty has only fallen 191pts ~ 0.88%. This does not seem to showcase what really happened during this week. We hit a new lifetime high of 22124 and then fell 839pts ~ 3.8% in 2 days. Something that we rarely see with Nifty. 16mts chart Nifty Analysis - Stance Bearish ⬇️ Recap from yesterday:...
BankNifty Weekly Analysis Between the last expiry and today, BankNifty has fallen 1274 points ~ -2.69%. It may not look so dangerous, but keep in mind we had a swing range of 2328pts ~ 4.82% between the high to the low of the week. Of these 2328pts, 2060pts ~ 88.4% came just today. 16mts chart BankNifty Analysis - Stance Bearish ⬇️ We opened 1423pts ~ -2.96%...
Nifty Analysis - Stance Bearish ⬇️ Recap from yesterday “We would like to give one more opportunity for Nifty to hold its ground. We would start the day tomorrow with a neutral bias and wait for Nifty to fall below 21913 to go bearish.” 4mts chart Not only did Nifty50 open 360pts gap-down, but it broke the 21913 support. This was the laxman rekha for us below...
BankNifty Analysis - Stance Neutral ➡️ BankNifty was sailing smoothly till 12.59 today when it fell below a weak trend line. Till then it was holding its end of the bargain when the sectors around it were falling, most noticeably NiftyIT. Yesterday we changed the stance of BN from neutral to bullish - but we did not get the required pump-up today, hence we are...