viswaram

viswaram

Nifty Stance Bullish ⬆️ The stance on Nifty has remained bullish for many consecutive weeks, and it seems like there is nothing that can deter this powerful train. On a weekly basis we gained 190pts, we saw a minor weakness on 10th July but by the 3rd hour that day, we resumed the buying momentum. The new ATH is now 24592, just shy of 24600 and this surge came...

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BankNifty Stance Bullish ⬆️ When the elephant dances, the ground will shake, and that is what happened when HDFC Bank moved like crazy on the 3rd and 5th of July. Despite the mega gap up or gap down moves, the index did not breakout or breakdown post that and that was very beneficial for the non-directional strategies like short straddles. The evening star pattern...

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Nifty Stance Bullish ⬆️ Nifty's dream run continues, unchecked and unchallenged. Every other day a heavyweight supports Nifty, one day it will be HDFC Bank, the other day it could be RELIANCE, and then on the 3rd day, it may be ICICI Bank. Somehow or the other the fire is still burning.. If you look at the 16mts chart, what we notice is an almost 45-degree strong...

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BankNifty Stance Bullish ⬆️ BankNifty took up this week, strong price momentum on almost all bank component stocks - even the elephant started dancing this week. We went all the way up to +1428pts ~ 2.76% before giving away 860+pts to close the week with gains of 1.1% ~ 565pts. Today's price action felt quite strange, it appeared like we were forming a peak....

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Nifty Stance Bullish ⬆️ The good news is that Nifty is up ~425pts or 1.8% between 21st Jun to 28th Jun, the bad news is that my weekly report will now be emailed after Friday's trading day. For this week's report, I have price action from last Thursday to this Friday, which means 1 week + 1 day, well that does not make a significant difference in the outcome...

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BankNifty Stance Bullish ⬆️ Unlike Nifty, banknifty had more stability today but yesterday's outlier performance had its implications today. The premiums of CALL options were too pricey, which then normalized as the day progressed. Do not really know how the banks have so much of a firepower to keep going up, we are at the top and the banks are hungry for...

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Nifty Stance Bullish ⬆️ We saw what happened yesterday, the kind of unusual price swings, the likes of a pump and dump scheme almost. We had a V pattern and an inverted V pattern yesterday itself and even the bravest of the algo traders would have failed to firefight it. I did lose pretty badly yesterday too, not unhappy with the losses per se - but quite unhappy...

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BankNifty Stance Bullish ⬆️ The stance of banknifty is still bullish, but the pattern is not like Nifty50. Banks are a bit weaker than Nifty. If you notice today, Nifty50 hits its intraday low around 11.20 whereas BN hit it around 15.00. Till 11.20 both N50 and BN were moving alike after which BN did not recover but kept melting down slowly. Still, we ended the...

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Nifty Stance Bullish ⬆️ Nifty continued to make new highs every other day this week, overall it has been a steady week with very few wild swings. Just compare the swing range of the previous week vs this, and you will understand what I am talking about. The new high is 23481 hit at the open today and then we fell almost 126pts ~ 0.54% , the beauty is that we did...

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Banks started the day superbly but was unable to hold on to the first candle gains. When Nifty made a new ATH today, BankNifty is still below the 3rd June peak. What was more interesting is how NiftyIT reacted today - the shares of Infy, TechM, TCS, Wipro were all getting trashed. Noticeably Banks did not follow that trend instead it held its ground quite well. A...

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The new ATH is now 23411, and the points gained back after the infamous election counting sell-off is an impressive 2130pts ~ 10%. Can you believe it? Since the technical analysis says trend continuation, we stick to our bullish stance but the question still remains - when is the real sell-off coming? The price action remained quite range-bound today with no...

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Who will be the next finance minister would be something that Banks and Financial services sector would be keenly watching. For a stronger banking sector, we might need a tougher PM - someone who can make rational decisions. Will people who did not contest Lok Sabha elections be given a financial ministry berth? I hope not, personally I think FM is more important...

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The most viral stock market news topic is the accusation that Rahul Gandhi made on HM and FM for their speech asking people to buy stocks for June 4th. Everything would have gone well if we did not have the 8.75% crash on 4th June, because the markets did have a beautiful run up till then. The SCAM accusation would have really made sense if we did not have the...

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BankNifty Analysis BankNifty opened gap up and quite above the 48947 resistance line. The beauty of the price action today was that, we never fell below this support level - this could be taken as evidence of bullishness. And like old times, the pattern appears to be a W, double bottom. Each of the levels appears perfectly landing on either the support or the...

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Over the last 1 week, Nifty is up only 1.33% ~ 300pts, but we witnessed one of the most violent weeks in the last 4 years. Primarily because the exit polls overshot the expectations which gave a gap up of 3.5% ~ 792pts and then the actual polls came less than expected and this ensured we had a brutal fall of 2062pts ~ 8.84%. Once the dust settled, we retraced the...

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Banks had a higher aggression today, but just like the comments I posted in Nifty's post mortem report - I do not wish to go long yet. Take a look at the Fibonacci levels drawn for BankNifty's price action last 3 days. 100% level is at 51119 0% at 46267 - quite near my SR level of 46284 23.6% level is @ 47412, quite near 47477 SR 38.2% level is @ 48120, my...

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No, I am not denying the credit to Nifty50 to have rallied 735pts ~ 3.36% to have a beautiful green today. I just drew the Fibonacci levels from the peak point of 3rd June and the bottom-most level of Jun 04 - the results are in front of you. 23.6% levels @ 21796 had some action 38.2% levels @ 22091 (quite near my 22051 SR level) had a stronger action 50% levels...

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BankNifty Analysis The intraday fall on BankNifty was approx 5028pts ~ 9.84%, a few more points would have triggered the lower circuit and we would have had a pause of 30 to 45mts. The Lower circuit hit would have opened the floor to further fall due to panic and somehow magically the reversal came and it really saved the day. If you look at the daily chart, the...