BankNifty Quarterly Analysis Surprisingly BankNifty rose only 9.56% ~ 4232pts compared to 11.6% by Nifty. There are 2 reasons for this. RBI’s I-CRR and CAR weight adjustments decisions rocked the boat and BN fell much more than N50 NiftyIT rose to the occasion and supported N50, in the same period NiftyIT gained almost 12% 1D chart link - click here ...
Nifty Quarterly Analysis Nifty has gained 2263pts ~ 11.6% in the 3rd Quarter of FY2023-24. Almost on 9 particular days, we hit new all-time highs. 1D chart link - click here Nifty Monthly Analysis Surprisingly 70% of the gains for the Q3 came in the December series. We rose 8.21% ~ 1653pts. 8 out of the 9 ATH breaks also came in the Dec series. It really was...
BankNifty Analysis BankNifty is still caught between the upper & lower end of the ascending channel. Even then it managed to scale to a new all-time high of 48347. Half of the traders would have thought BN would have expiry today, the best way to remember would be to use post-it-notes saying BN expires with Nifty on the last week of the month. 4mts chart link...
Nifty Analysis Recap from yesterday: “I am forced to change my stance from bearish to neutral as the price action now shows a higher tendency to go up rather than down. Those strong RED candles of 20th Dec still haunt me — but it has failed to gather the momentum of the other bears.” 4mts chart link - click here Nifty got a stance change from bearish to...
BankNifty Analysis Was quite surprised to see BankNifty following the ascending channel’s bottom trendline with a near correlation. Only for a brief period, we traded in RED, once BN pulled itself above water - it was able to hold its level quite strongly. 4mts chart link - click here KOTAKBANK, AXISBANK, and HDFCBANK were trading in green giving BN a...
Nifty Analysis Recap from yesterday: “Since Monday is a holiday, it gives us added uncertainty on what to expect on Tuesday. Despite the 94pts gain by Nifty — I still see the price action as negative. I would like to go with a bearish stance for 26th Dec.” 4mts chart link - click here Seems like I got the bet wrong, despite weakening geopolitical events -...
BankNifty Analysis The trades on BankNifty were more practical and appropriate to the situation we have at hand. 4mts chart link - click here We opened in line and then tested the top of the ascending channel from 10.03 to 12.03. There was rejection at those levels which took BN quickly to the bottom of the channel. We spent 13.43 to 15.11 at the lower end...
Nifty Analysis Recap from yesterday: “I am inclined to change my stance to neutral with the developments of today. Giving the bears one more opportunity to prove their mettle, hence going with the bearish stance for tomorrow as well. All they have to do is keep Nifty50 below 21200 in the opening 2hrs for the momentum to kick in” 4mts chart link - click here...
BankNifty Analysis I initially thought the wolf in the sheep’s costume was NiftyIT today spoiling the fun of the Bears. The real culprit was BankNifty - the way it defended its turf today was more than amazing. Even though we had a lower opening, HDFCBANK was staying strong at one end. You know pretty well that HDFCBK alone can drive up/down the index as its...
Nifty Today Analysis Recap from yesterday: “The price action on the 63mts TF does not look bearish per se. But notice the weight of the RED candles — we retraced right up to the ascending channel top envelope.” 4mts chart link - click here Nifty started the day on a negative note fell to 20976 and then started recovering. The recovery was so strong and...
BankNifty Today Analysis It all started with BankNifty today, the options flow was indicating immense bearishness. But Nifty50 options flow was showing strong bullishness. This contrasting directional bias barely works in our market. And 9 times out of 10, Nifty50 mends its way to go as per BankNifty’s directional bias. The reason is, BankNifty is still the...
Nifty Analysis Recap from yesterday: “After surging past the 20875 levels — N50 is not willing to take the rest. We broke out from the ascending channel, now it has formed a trend line well above that — how do I explain this craziness to someone? For tomorrow the bullish stance continues and the first support level will be 21407.” 4mts chart link - click here...
BankNifty Analysis Going neutral on BankNifty worked out pretty well today. But things were not looking in favor till we got the reversal at 10.03. Till then BN was following the falling price action from yesterday. I was kind of worried that we may even re-renter the ascending channel today. 4mts chart link - click here How and why we got the reversal - No...
Nifty Analysis Recap from yesterday: “I do not wish to change Nifty’s stance — I still prefer to look for long-only trades. However, 21341 would be the laxman rekha for me tomorrow also.” 4mts chart link - click here Nifty does another gap-up today which is sold into falls over 142pts ~ 0.66% to hit an intraday low of 21337 before reversing. Quite...
BankNifty Analysis We got some interesting moves today by BankNifty. During pre-open ICICI bank was looking very weak but other banks were looking okay. But once markets opened - BN fell to 47810 by 09.19. The 2 horizontal blue lines I have drawn are the weak support and resistance lines from the last 2 days of action. BN went above the 47873 and was trading...
Nifty Analysis Recap from yesterday: “My stance continues to be bullish with the first support level revised to 21341. All we can do now is trail the stop loss and let the winners run. 4mts chart link - click here Nifty was absolutely trading in a narrow range with minor dips. More action was visible on BankNifty today which nudged me to go for a status change...
BankNifty Analysis The patterns and price action on BankNifty were interesting today. For the first time, I noticed a dichotomy with Finnifty’s points. BankNifty and FinNifty had a variance of 0.5% index-to-index basis. This gap remained as such for the entire day. I do not remember the last time they had a sizeable gap. 81.57% weighted stocks in Banknifty have a...
Nifty Analysis Recap from yesterday: “Nifty has shown it is stronger than thought by bouncing off the channel’s upper boundary. For tomorrow, my stance is revised to bullish. Since we are at ATH, I do not have an upper target, but my support level will be 21037.” 4mts chart link - click here Results continue to amaze and amuse me. Never have I been rewarded so...