viswaram

viswaram

The real move came a little late today, from 12.45 to close wherein NSE:BANKNIFTY gave up 403pts ~ 0.93%. I was expecting the fall to come in the morning session - but the finnifty expiry trades would have limited this damage to a great extent. For some reason Axis Bank and IndusInd bank was quite strong today counter balancing the fall in SBI. Remember the...

viswaram

I am still keeping my hopes pinned on the Fibonacci levels marked as in the chart below. 43739 recent swing high, 42581 last session swing low and 43296 the 61.8% retracement level. It really looked like a short-selling setup as the bull momentum faded out after 11.15 - we went up 1.46% ~ 622pts today but it really felt like the thrust to go up further was...

viswaram

Finally some volatility to keep the bears alive. This entire week the technical analysis was saying keep buying. See how a fundamental change can alter the sentiment. "MSCI tweaks spook HDFC twins, merged entity may see $150-200 million outflows" The MSCI news hit just before the start of the day and NSE:HDFCBANK and HDFC were down 5% in pre-open. The...

viswaram

Weekly Analysis NSE:BANKNIFTY has gone up by 1.58% ~ 678pts from last Thursday to today. It has taken out 2 crucial resistance points in the process and nearing the ATH now. Really impressive performance - the banks in India are standing out with their outperformance. Global financial institutions are melting down and many US banks are trading less than 50 to...

viswaram

Just look at the 5mts chart of NSE:BANKNIFTY today - what do you see? I see the strength of the bulls. Even though the opening was gap-down and below the support line 43253, banknifty managed to scale back by 10.45. The first attempt was rejected - rightly so because NSE:NIFTY was looking weak and the market participants would have anticipated more selling...

viswaram

Signs of tiredness visible in the price action today. To start with, never expected that our indices will close in green today, even though the momentum is slowing, it is pushing up the bulls inch by inch. Nifty50 was having more positive price action vs banknifty today - that may be because there are 2 more resistance zones to go for Nifty50 to reclaim the ATH...

viswaram

I almost believed in everything that happened today, but not after 15.00. The spike seen on the 15.00 5mts candle reminded me of some cryptos that trade out there. Even NSE:NIFTY had that unusual surge. I was monitoring all 8 nifty50 stocks - and could not believe a bit of it. It may been due to the month end rebalancing but it took me a while to get my grip on...

viswaram

Monthly Analysis In this monthly series NSE:BANKNIFTY has moved up 2958pts ~ 7.40%. By any standards that is really superb. It has taken out 7 crucial resistances in the process and is now exactly at the 8th resistance point. This outperformance is cementing India's growth story to the global financial markets. Everywhere else the news of bank collapse, credit...

viswaram

I am sure most of the traders would be surprised with the kind of bullish price action we saw after 10am. Since SP:SPX closed -1.58%, NDQ -1.89% yesterday - most of them including me expected NSE:NIFTY and NSE:BANKNIFTY to close in deep red today.  The gap down opening at 42559 was perfectly at the support level and from there we wont only 163pts down...

viswaram

For traders who are playing NSE:BANKNIFTY expiries on Thursdays can play the same trades on FinNifty on Tuesdays. The margin requirements are lower and now since the option premiums are staying low - the ROI in finnifty is better than banknifty. Today was a flat day, open was at 42731 and then it was struggling to keep the momentum up. We had a gradual rise...

viswaram

By 09.15 around 90% of traders would have guessed how NSE:BANKNIFTY is going to trade today. Thats because NSE:ICICIBANK had an excellent quarterly results to boast for. The predictability of banknifty is, one leading bank is enough to pull up the sentiment of others. Same on the downside as well. Opening was gap up at 42469, and it took a while before it...

viswaram

Just a bit of negative bias today - nothing major to be worried about! Banknifty still has outperformed NSE:NIFTY this week. And trust me the chart of NSE:BANKNIFTY is looking strong. Today we opened inline at 42252 had 2 strong green candles and then started falling. From 09.30 to 13.05 we fell 0.99% ~ 419pts - but the options premium did not surge...

viswaram

NSE:BANKNIFTY has gained 0.29% ~ 123pts from the last Thursday to today. Except for the 1st hourly strong candle on 17th, the rest of the trading was range bound with a slight positive bias. The range banknifty traded in (max swings) indicated below. It just had a maximum swing of 1.28% and this explains why the options premium had no air in it. --- NSE:NIFTY ...

viswaram

NSE:BANKNIFTY had a narrow range based trade today with a minor negative bias. Yesterday's swing low was breached by 13.40, but it does not pose a major scare yet! The pattern may look bearish on the 5mts TF, but it actually isnt. Banknifty is comparatively outperforming the Nifty50 and NiftyIT index for the last 3 days. NSE:BANKNIFTY did not have enough...

viswaram

One thing I noticed this week is the variance in volatility of Nifty50 vs BankNifty. On 99 out of 100 trading days - Banknifty used to have a higher volatility than Nifty & you know what higher volatility brings to the options trading. Yes - option premium anomaly. Probably this variance was there earlier too, since I trade on BankNifty all the time - I rarely...

viswaram

NSE:BANKNIFTY really held its cool today! During preopen INFY was showing an open rate of -10%, and everybody would have thought we are going to see a massive sell off today. IT sector in total was in focus today as the INFY even though had not so bad results was quoting at 10% lower circuit. I think I saw it go down to 12.3 or 12.5% - since I do not track the...

viswaram

We will start with the weekly analysis first, that is what happened in the series 7th to 13th April. The revised format is to provide an executive summary per week. This will benefit you for further research. Since 7th April was holiday, I have taken the closing price of 6th April as starting point. We had a 2.8% ~ 1148pts rally in this week. Let me zoom out and...

viswaram

NSE:BANKNIFTY held out to a perfect trend continuation from yesterday.  If we notice closely the pull backs were not strong enough to break the momentum. I sincerely thought we will have a reversal or a bearish day today and had taken PE debit spreads to capitalize.  If we analyze today's pattern closely NSE:BANKNIFTY took some time to take out the 41455...