viswaram

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...

viswaram

Finnifty’s fall was more dramatic than banknifty mainly because HDFC’s impact + BAJFINANCE fell close to 1.18% today. Intraday from top to low the fall was 1.28% ~ 258pts. Between the last expiry & today finnifty has fallen 2.02% ~ 411pts. If you remember the last expiry, the PEs and CEs were unusually quoting high premiums — never ever seen levels. Today the...

viswaram

Banknifty had a classic bearish pattern today. Opening gap up which was due to positive handout from global markets, then a rally of 205pts till 12.05. From there BN really lost the cool and was falling heavily. We had a total fall of 475pts ~ 1.05% till 15.05. If you compare the same time frame with Nifty - you will understand how N50 fared better. It did fall...

viswaram

Today we had a perfect inverted V formation. The high of the day at exact 12.00 noon. A rally of 82pts from opening level and then a fall of 66pts. Even though nifty fell today, it was showing so much of positive energy and a general reluctance to fall. We will bring up the comparison with banknifty shortly & it will make sense. Today's peak formation ensured we...

viswaram

Banknifty on the other hand was not at all bullish. Even though we had a rally from open to 09.50 - there was no motivation to go long.  The 2 horizontal blue lines drawn depicts the gap BN had earlier. Today's session ensured that is closed which might even open up further downward moves. I am not quite sure how HDFCBK pricing & index weight re-configuration...

viswaram

The day started with a gap up at a 50% level between the high & low of the last session. From there we saw 2 to 3 candles of fall, but nothing serious to retest yesterday's swing low. From 09.35 to 10.40 we had a good rally up to the 61.8% retracement levels. And then we had a fall of 0.54% ~ 104pts till 12.05. A small pullback till 13.55 and then a fall again of...

viswaram

Banknifty was diverging with Nifty50 early in the day. When N50 was rallying till 10AM, BN was just holding ground unable to go up. The fall that followed was when both of them had correlation. BN was showing weakness yesterday also, esp in the 14.05 to 15.10 move yesterday. Today BN after opening gap down could not even climb back to yesterday's close level. 3...

viswaram

Nifty hits an all time high of 19523.6 at 10.00 today, this was after we opened gap down and then had a series of powerful green candles. The surge that took N50 higher was so special that if you looked at 10.00 AM you would never have thought of going short. Opening gap down was due to the handout from the global markets & it was expected. but the 102pts rally...

viswaram

Weekly Analysis BankNifty Between the last expiry & today, banknifty has gained 923pts ~ 2.08%. The rally not as neat as Nifty50 but more than enough to get the job done. Remember BN hit a new ATH this week. Today's Analysis  BankNifty did not follow N50 initially, for a noticeable time BN was hinting at a sideways move. HDFCBk started the day in red, ICICI &...

viswaram

I became a believer today, amazing outperformance by our stock market indices, Nifty50 hits a new all time high of 19512.2 (conquering the 19500 level for the first time). At 19350 levels I had an interim top call & the market has proven me wrong (yet again). Today's super surge is nothing short of extra ordinary, the global cues were pretty negative after US FED...

viswaram

Banknifty's chart was looking quite different from that of Nifty50 today. This might be because of the -3.18% fall in HDFCBK. Finnify was looking weaker as the HDFC also weighed its -3.07% loss. Earlier in the day N50 was struggling to stay green after this duo tanked. BN followed a falling channel today, the rally in last 30mts made a difference but was not...

viswaram

I had a feeling that we are nearing a top after seeing the price action on 03 Jul. The 4th Jul session was also cementing that thought. And today's session till 14.35 was giving me lot of confidence to take a short position. But what happened from 14.40 to close, esp. 15.500 to 15.10 was simply unbelievable. Nifty rose 0.42% ~ 81.3pts to end the day flat at 0.05%...

viswaram

Just like yesterday, the jump in options premium at CE side was explosive. BAJFINANCE +7.19%, BAJAJFINSV +5.8% was the main reason for the gap-up opening. This screenshot was taken at 10.12 almost near the end of the opening 1hr, Finnifty was around the 20300 level. Its quite understood when the near ATMs has so high premiums — but the far away OTMs is unusual....