viswaram

viswaram

Nifty Analysis I was quite happy to see the last 45 to 60mts of trade happening in the direction of the trend. For days unknown we used to have dip buyers who come in at 14.30 to 15.00 and then change the dynamics all together. If you notice we had a good downtrending pattern developing on the 5mts TF. Ever since we broke down from 21st July, bears were able to...

viswaram

Banknifty on the other hand was staying strong today, although it opened gap down, it closed down the distance in the opening 5mts itself. After hitting a new ATH of 46369.5, it started falling gradually. Banks were not at all looking weak today. Infosys fell due to poor guidance & Reliance fell after the demerger activity. Financial sector along with pharma...

viswaram

Nifty Analysis If you had read yesterday’s report, I am sure you would have anticipated the gap down today & the profit taking that followed. Today’s price action may not be a structural change or the start of the next bear rally (at least too early to comment). What I feel is, we have out run the fundamentals & need to give some time for it to catch up so that...

viswaram

Banknifty also outperformed this week, between the last expiry & today it is up 1443pts ~ 3.23%. Unlike Nifty50 my positional call on Banknifty did not go wrong, that was mainly because we negated a bearish trend line this week. Usually when the trendlines are broken the breakout momentum is so strong that it could take the index to an overbought level...

viswaram

Nifty is up an impressive 526pts ~ 2.71% between the last expiry & today. This is by far the most impressive breakout by Nifty. From the last known resistance level of 18880, nifty is up 6.07% ~ 1142pts in a span of 3 weeks. Guess what? My analysis went deeply wrong this monday when I exited the long position, I had a neutral call for this week and was expecting...

viswaram

Banknifty on the other hand had a perfect range bound trade today, the option prices also reflected this & there was absolutely no spike in premiums. Yesterday we had an action packed price action, whereas it was calm and quiet today. So we have an inside day today meaning the big-boys have taken a day of rest. Most likely we could see a continuation of price...

viswaram

Nifty Analysis Today turned out to be a non-eventful day for me. Looking at the premiums yesterday, I came prepared to hunt for similar option prices. Unluckily the premiums did not have that wildly swings like yesterday. In the process I ended up not taking what was available 😢 We opened gap up today and then had an up move till 09.55, from there it fell 110...

viswaram

Banknifty saw some profit booking today & it seems healthy. Thats right after we broke the all time high by 09.25. Interestingly finnifty also hit the day’s high at the same timeline but it could not take out the previous ATH. There was a fall of 557pts ~ 1.22% between 11.15 to 12.20 but even this did not take banknifty much below the prev. close of 45449.75. It...

viswaram

Nifty50 had a surprising comeback today, we opened gap up and then there was a strong rally till 11.05 where we set a new all time high of 19819.45. From 11.05 to 12.05 we had a decent fall of 129pts ~ 0.65%. Surprisingly the falling stopped right there and we bounced back quite strong. NiftyIT took part in the rally post 13.30 which helped Nifty stay green....

viswaram

We had a gap up open and the high was formed the first swing i.e. 20476.25 by 09.25, from there the momentum was lost & we started falling. There was a 1.19% fall between 11.15 to 12.20, then a brief recovery and then the selling continued. The options premium was elevated today, usually we do not have high premiums for Finnifty expiry. Most noticeably even the...

viswaram

The real move on banknifty came after HDFCBK declared its results i.e after 12.45. Till then it was happy to trade in a flattish manner. The opening 4 x 5mts candle was interesting, but the downside was also limited as there was no real selling pressure. Once the HDFCBK results were out, banknifty started surging. Even other banks also joined the party. We went...

viswaram

Remember how we closed on Friday? — up 110pts in 30mts. I seriously thought we would be seeing some profit booking today. So I carefully watched the opening price levels and exited my long position by 11.10. All the trading indicators, technicals were saying more bullishness for nifty50. Even the options flow indicated the same. At 11.10 Nifty was looking bullish...

viswaram

Banknifty on the other hand a totally contradicting price action that of Nifty50. If you have read my previous reports, I was continuing to look for bearish opportunities. The fall from the open to the low of the day was 375pts ~ 0.83%. This along with the previous day's price action would be more than enough for any chartist to go bearish. Thats when the...

viswaram

If you had witnessed yesterday's 13.15 hourly candle that took out 95pts ~ 0.49%, you would not have guessed Nifty will rebound today. At least I did not expect.  I was having a bullish bias on nifty50 which you can understand from the report yesterday, but the bullish PUT spread carried forward from yesterday had an unfavorable risk reward. I made up the mind to...

viswaram

BankNifty Weekly Analysis Banknifty on the other hand is down 1.31% ~ 592pts between the last expiry & today. This was obvious as banknifty had shown a bearish trend ever since hitting the ATH on 4th July. Today for a brief period banknifty went above the bearish trend line but reverted to mean and closed within. It was when Nifty took out the ATH that BN reached...

viswaram

Nifty Weekly Analysis Between the last expiry & today, Nifty50 is actually down 40pts ~ 0.21%. That seems quite hard to believe especially when we had an ATH break today right? The fact is N50 broke out from the 19500 levels today & that would have created the perception that nifty had a gaining week. Also on 7th July we had a red day and almost touched the 19300...

viswaram

You wont believe banknifty only fell 0.24% vs Nifty50 0.28%. But if you look the chart pattern, the feeling you get is total bearishness. This is mostly due to the previous session's price action & a continuing lower high pattern. The 09.20 candle itself fell by 162pts, and then the late selling adjustments in HDFCBK, ICICI, SBI & profit taking in Kotak Bank all...

viswaram

We had 2 downward selling momentum, the first one mainly due to the gap up opening - which saw a loss of 106pts by 12.00 and then the 2nd one between 14.40 to close which erased 99pts. Technically Nifty has fallen only 55pts today, the gap-up messed up the numbers. So we had a dip below the yesterday's swing low and retraced all the way to the close of 10th...