viswaram

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...

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...