viswaram

viswaram

Nifty Analysis Recap from yesterday: For Monday I wish to change the status from bullish to 50% bullish & 50% neutral — that’s because I would like to wait for this news flow to get priced in. The euphoria and FOMO alone should drive Nifty50 to new ATHs, however I do not wish to get into new bullish positions till then. The 50% neutral, 50% bullish stance was...

viswaram

Banknifty was also continuing from the momentum it got from the last hours of 6th Sep. We had an intraday rally of 563pts ~ 1.26% to hit a new swing high of 45383. Again the bulk of the contribution came from HDFCBK. The candles at 14.30 & 14.35 took out some steam or else the 45400 levels may have been breached today. Those 2 candles are the reason why I am a...

viswaram

Nifty Analysis Recap from yesterday “On the 1hr TF the W pattern worked out quite good. The next 2 resistance points will be 19786 and 19852 if we are continuing the breakout rally. If we were to fall the first support will be the resistance we just broke i.e. 19678 followed by 19581. For tomorrow I wish to continue my bullish stance unless the first support of...

viswaram

BankNifty Analysis The real reason Nifty50 outperformed in the last 90 minutes was BankNifty. Even NiftyIT contributed, but since the weightage of banking stocks are higher - that made a real difference. BN rallied an impressive 512pts ~ 1.16% from the lows to the highs today. You might remember the 1hr chart we discussed yesterday, as long as banknifty was...

viswaram

Nifty Weekly Analysis You may not believe that Nifty has added 444pts ~ 2.31% between the last expiry and today. The bulk of the moves came on 1st Sep and then today. On the weekly timeframe Nifty just broke out from the bullish flag consolidation formation signalling further fire power ahead. Will the global markets play spoilsport is the only question here. ...

viswaram

BankNifty Weekly Expiry Analysis Between the last expiry and today, banknifty got only 4 trading sessions. The last expiry was on Thursday and from this series we have weekly expiries on Wednesdays now. We have gone up by 405pts ~ 0.92pts although the chart doesnt give you that impression BankNifty Today Analysis Banknifty had some strange price behaviour...

viswaram

Nifty Analysis Recap from yesterday: For tomorrow I continue to maintain the bullish stance unless 19450 is broken. Nifty opened inline today and held its ground till 09.40 after which it started falling. The fall was not quick or scary but gradual and steady. We dropped 112pts ~ 0.58% by 13.35 and went down till 19491 from where we got a massive...

viswaram

FinNifty Weekly Expiry Analysis Between the last expiry and today, Finnifty has only fallen 0.21% ~ 41pts. From a headline level the fall of 1.83% ~ 365 pts and its recovery is not obvious. Moreover FinNifty has respected the support level of 19421 and is trading at a safe distance from it. As it stands Finnifty is not showing any directional sentiment, this...

viswaram

BankNifty Analysis Although having all the conditions in its favor, BankNifty did not rally today. The 5mts candle at 10.15 which took out 115pts was trying to tell a story. In fact we dropped a total of 267pts from the high to the low of the day. From the lows BN managed to climb back 140+ points but I am still unable to decode the directional intent. That is...

viswaram

Nifty Analysis Recap from yesterday: I wish to go with a full bullish stance tomorrow wherein 19584 has to be taken out in the first 2 hours and the final close should be above 19600 . Although the price action looked as a continuation from yesterday - it did not have enough firepower to break the recent swing high of 19584 nor cross the 19600...

viswaram

Banknifty on the other hand had a freakish open and first 5mts move. Few of the OTM strike premiums shot up above 100% above the previous close values showing either low liquidity or very high speculation. We even fell 0.77% ~ 345pts between the open and 10.35 and the price action was indicating further weakness. But just like Nifty got support, BankNifty also...

viswaram

Seeing the price action on Friday, we had changed the status from bearish to neutral. But by seeing the strength today, I wish to go full bullish for tomorrow. To start with we had a gap-up opening of 103pts ~ 0.53% and then a quick fall to yesterday’s close. Luckily Nifty took support right there and then started moving upwards. The upward move from 10.40 to...

viswaram

Banknifty on the other hand dipped first before reversing unlike Nifty which held its ground in its opening candle. We hit a low of 43830 before reversing in what looked like a dream run. The points gained an impressive 737pts ~ 1.68%. The bulk of the gains today came in 2 hourly candles @ 12.15 and 13.15 respectively as banknifty had the important milestone of...

viswaram

Nifty Analysis If you had witnessed the price action, then today’s performance was the total opposite. This is what I said yesterday “I wish to change my stance to bearish for tomorrow unless the 19310 resistance is breached.” and guess what - we had the break of resistance in the first 30mts itself. Who would believe we had a 203pts intraday rally today and not...

viswaram

BankNifty Monthly Analysis In the Aug month, Banknifty is down an astounding 3.73% ~ 1708pts vs 1.97% of Nifty50. Again telling the tale in advance, Banknfity has proved to be the real leading indicator during trending phases & reversals. On 24th and 30th Banknifty tried to exit the bearish hold but faced rejections. And unlike Nifty, BankNifty does not have a...

viswaram

Nifty Monthly Analysis In the Aug monthly series, Nifty is down 387pts ~ 1.97%. This month did not produce a reversal signal even though there were 2 attempts on 24th & 30th respectively. As it stands Nifty is following a bearish trend channel quite efficiently. My next support comes at 18880, so if the fall were to accelerate in September, its good to know the...

viswaram

BankNifty Analysis The intensity of the fall was much more profound on BankNifty rather than Nifty. Right from the gap-up open the CE options premiums were commanding more premium than usual indicating a strong directional move. As soon as banknifty started falling this elevated premiums went away further indicating that the trader’s expectations were not...

viswaram

Nifty Analysis This is what I wrote yesterday - “For tomorrow, I have a 60% neutral and 40% bullish view as we are right at the upper channel and above the support.” . Never did I believe we could have a neutral closing today after the big gap-up open. Even till 13.15 there was no sign of weakness and Nifty was looking & staying strong. Luckily Nifty is a notch...