viswaram

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...

viswaram

Weekly Analysis In this expiry week, 12th to 18th May banknifty has moved up only 0.61% ~ 263pts. We have hit an important milestone this week though, 0.10 pts shy of all time high - 44151.7 on 15th. Banknifty is immensely bullish considering how Nifty50 is behaving. A trader on 15th or 16th would have normally expected BN to surpass the ATH to hit new records....

viswaram

Once again banknifty has outperformed Nifty50, the intraday recovery from 14.30 to close facilitated by the bulls of the banks. The price action formed today is interesting, but it is not compelling for a sentiment change to bearish as the support of 43253 is still untouched. If you look at the chart pattern today, it was a decent continuation of the trend from...

viswaram

There was a fall of 306pts ~ 0.7% between 14.40 to 15.20, even then banknifty does not appear as negative as Nifty50 after today's session.  The options traded on banknifty CE side was really commendable, but nothing like Nifty50 CE strikes. In the same comparison period N50 only fell 0.61% but the preceding price action is what makes it more bearish than...

viswaram

We are near all time high on NSE:BANKNIFTY - 44151.7 is today's high. The previous high was 44151.8 on 14 Dec 2022. The lowest point was 38613.15 ~ -12.45% on 16 Mar 2023. Numbers are magically adding up, 3 months from High to Low and then exactly 2 months to reclaim the top spot. From the chart you can notice that once we broke the bearish trend line, the...

viswaram

Another surprise today with 300pts ~ 0.69% move from 13.30 to 14.40, came at a time when no one really expected. Karnataka election results tomorrow and most traders would have anticipated we close the day subdued. The lower than expected CPI data of 4.7% would have leaked with few big-boys and they would have ended up loading the banks because from how I see it ...

viswaram

Weekly Expiry Analysis From the 4th of May till 11th, NSE:BANKNIFTY has fallen 0.3% ~ 131pts. Headline does not really indicate what went behind. We fell 1028pts in 1 single day i.e. 5th and then scaled back 870pts in the remaining 4 days. How can I not credit the bulls? You might be bored with me praising the bulls everytime - sadly that is the reality. The...