viswaram

viswaram

Nifty was looking fully loaded to hit a new all time high today, it ended 23 pts short!  Probably Nifty50 requires more postmortem than banknifty today, so let us start there! N50 started the day gap-up thanks to the +ve handout from SPX yesterday. Once it reached the resistance zone of 18762, it lost steam and was trading sideways. All of a sudden at 13.55, N50...

viswaram

The beast in banknifty got unleashed today, after a long gap banknifty options really started surging today! You wont believe the OTM prices went above the traded range of Wednesday, that too today being an expiry day! --- BankNifty Weekly Analysis During the current expiry week 9th to 15th June, banknifty shed 556 pts ~ 1.27%. You may not believe that 544pts i.e...

viswaram

--- Today's price action is very interesting mainly because banknifty proved the last 30mts of surge yesterday was fake banknifty won the tug-of-war with nifty50 at 15.00 today We will analyze both of them in detail. --- 1. We had an unusual gap-up opening and then sudden fall of 220pts ~ 0.5% in 20 minutes. Banknifty went below the support of 44068 inside...

viswaram

Another day went by where the last 1 hr changed the sentiment of the day. Banknifty rallied 188pts ~ 0.43% from the LOD to the HOD all in 65 mts 14.20 to 15.25. Till that point the view was bearish and open for shorting opportunities. Just check the encircled area, banknifty was struggling to go past the resistance of 44068. The set up seemed almost perfect for a...

viswaram

Quite an unexpected performance by NiftyIT today up +1.51% which would have spoiled the party for the Nifty50 bears. Last week as it ended was looking pretty negative for Nifty and flattish for BankNifty. Banknifty had a steady day today, down only 0.1% but the prices were consistently falling giving the impression that selling is still not over. From a...

viswaram

Banknifty was fighting hard to stay in green, Nifty50 on the other hand was vulnerable to fall. Another day went by wherein Nifty was proving to be more volatile than banknifty.  Percentage wise both banknifty and nifty fell around 0.5% between 12.30 to 14.30 but the perceived fall for nifty50 was higher as the prevailing price action gave it more momentum....

viswaram

A good day to take out the support zone of 44068 - was it an over-reaction to the RBI rate decision today? Lets analyze. RBI MPC decided to keep the repo rates unchanged at 6.5% and continue its withdrawal of accommodative stance. Logically no major changes w.r.t last policy day. Handful of participants including me were expecting RBI to hike the rates so that...

viswaram

Banknifty was looking weaker compared to Nifty50 today, finally the day ended in green with a W pattern on 5mts TF. Although we started today with a gap-up, the index was bleeding. Banknifty fell underwater by 10.40 - meanwhile Nifty50 was surging supported mainly by NiftyIT which came back strong after yesterday's trashing. There was no strong downside momentum...

viswaram

It is happening everyday, even today. Banknifty went up 198pts in 25mts between 14.45 to 15.10, again a closing hour move! The last 1 hour moves in index is not something new now, I am still guessing many traders would have anticipated a directional move today! If we look the chart, the scope for that move was not there. What happened during the earlier part of...

viswaram

A positive day for sure +0.37% close, but the trading action did not show positivity. The gap up opening might have been result of a 1.45% gain on SPX on Friday.  We started building on the gap-up today and it seemed like we will be having an outperformance just like SPX. At least that was what the price action told us till 11.25. When I monitored the options...

viswaram

Yesterday's high of 44483.35 broken today, the new ATH is now 44498.6 thanks to the last 2 5mts candles of today. Banknifty is now in some real good form - not planning to retire any time soon. Would have got some inspiration from MSD from the IPL 2023. The opening was not that exciting, we even fell in the first 5mts to hit an intraday low of 44207.5. But again...

viswaram

There is some good news and some bad news. Good news first - banknifty just hit an all time high of 44483.35. The bad news is that from a technical standpoint - there is no easy trades we can take from here. The gap up was 0.64% ~ 283pts that itself was enough to break the ATH. From there there was no meaningful price action. Banknifty just maintained that range....

viswaram

How the day started and how it ended was similar to a bollywood movie. Just look at the encircled 1st candle and then the 1.10% ~ 480pts rally that followed. Logically the move we had in the day was in agreement with the momentum that started yesterday 14.05. But it would have been my anchoring bias, I was still looking for bearish opportunities when there was...

viswaram

Those who trade banknifty & nifty expiry will be excited to trade bankex & sensex expiry on 26 May 2023. I guess it will be the first expiry to be opened to retail traders ! I just checked the zerodha kite app, the option chain is still not integrated it seems, also the weightage of bank stocks of banknifty (NSE) is not same as bankex (BSE) - so request you to...

viswaram

So we have some good news from one of the broker. Zerodha has enabled SENSEX & BANKEX futures & options trade. Those options expire every fridays. Most likely other brokers also will follow suit. So if you plan properly you get an expiry day-trade set up on  Tuesdays - FinNifty Wednesday - MidCapSelect Nifty (Poor liquidity) Thursday - Nifty50 &...

viswaram

Today's price action on the 3 indices NSE:NIFTY , NSE:BANKNIFTY and NSE:CNXFINANCE were conflicting due to which none of them really went anywhere. NiftyIT had a down day that doused the fire in Nifty50 to break-through the resistance of 18419. Similarly Finnifty was unable to get past 19421. From the start there was huge shorting on banknifty on CE side...

viswaram

First time in many weeks, banknifty underperformed nifty50. Ideally this move should have come last week when nifty50 had 2 more resistances to break and banknifty was near ATH. Better late than never. Nifty50 shooting pass banknifty is actually good for the entire stock markets in India. Only when all the components have caught up - a bullish trend is...

viswaram

There was so much of hidden meaning in today's price action. Both banknifty and Nifty50 opened gap-up and then started falling. Banknifty fell 0.97% from High to Low, whereas Nifty fell 0.66% only.  This fall is the 1st anomaly, this happened at a time when NiftyIT was roaring! It opened gap-up and was shooting up. Which goes to prove that either Reliance or...