viswaram

viswaram

BN opened at 43804 and then had a flattish price move till 13.00 after which it propelled forward like a rocket. Interestingly Finnifty's chart (which we will discuss shortly) had more thrust compared to BN & N50. The 470 pts rally we had from 13.05 to close was nothing short of remarkable. Initially the momentum was slow, but as soon as the short covering...

viswaram

N50 also had very little movement today to fire up the options premium. We even have a 10000 PE for the current week expiry. i.e a strike which is 47% below the spot price. Even a nuclear war will not take us there by Thursday. N50 also maintained the ground today, not falling below the 18650 level ensuring the swing low of 23rd is not broken. When we ended the...

viswaram

BN opened gap up, but right at the opening itself we all anticipated that we are not going to have an up day today. The options flow gave me a bearish bias and was looking for opportunities to enter. The first swing till 10.50 where we had a drop of 222pts & then a retracement of 113pts looked healthy and almost filling all the checklist for the 2nd leg. Instead...

viswaram

Even in spite of the recent greenish momentum, we were all looking for a bearish breakthrough. I cannot say with 100% confidence that we are on the verge for a timely correction - but the markets are quite indicating that way. Banknifty is again scoring over Nifty50 by staying more stable and swinging lesser. Today's episode may be linked to ADANIENT, but over the...

viswaram

Weekly Analysis of BankNifty Banknifty is up 259pts between 15th to 22nd June i.e. current expiry week. Interestingly, BN was looking at steeper cuts on 15th - the price action was pretty negative. Luckily that level is still sacrosanct and has formed an interim support as we had one more retest @ 20th June. Today's Analysis The major anomaly that stands out in...

viswaram

Yesterday I said, " I will be a believer if we continue the green spell tomorrow also." - guess what Finnifty hit all time high today at 19660.1 at 13.55. This is partly due to the news flow in HDFC & HDFCBK (both are having good weightage in finnifty). This is the main reason it outperformed with gains of 0.68% whereas Nifty & Banknifty had gains of 0.21%...

viswaram

--- How many of you were prepared for the last 1 hour move today, I assume 90% of traders would have anticipated it. The real wow moment would be if we get to see the unwinding tomorrow. At least till the 43528 levels. We added 331pts between 14.25 to close today, most of which were due to Nifty's resistance crossing or positional trade on Finnifty expiry. The...

viswaram

Nifty50 missed ATH by 6 points, the real reason was due to bank nifty - will explain it to you today. Banknifty made some strange price actions today. Nifty50 had a gap up opening and was roaring to break the ATH, banknifty on the other had had an inline opening and was stuck below the resistance. The real reason N50 couldn't scale the peak was because BN was...

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...