viswaram

viswaram

Bears would have been happy today seeing the supports getting broken, i am quite sure the level of shorts in CE options taken to capitalize on the fall we had today. 46500 CE was traded for 1,45,47,750 volume ~ 1.45 crore. This is the farthest away strike in the weekly series. I would say its a brand new record ! Eventhough we had a -2.27% ~ 920pts drop day, the...

viswaram

Promising price action today if you are bearish. The double top M pattern on the hourly time frame did its job quite nicely today. (Thank god it worked) But seriously what happened today is no reflection to the handout from US markets. SP:SPX was down 1.85% over night & our NSE:NIFTY is only 1% down. Agree NSE:BANKNIFTY was down 1.87%, but remember SP:SPF ...

viswaram

Interesting moves by NSE:BANKNIFTY today, the closing statement from my yesterday's report said. "I personally would like to wait for the range to be broken decisively before changing my bearish bias." Got lucky with the analysis yesterday as NSE:BANKNIFTY was consistently proving me wrong in this calendar month so far. But i am sure you were not expecting a...

viswaram

Simply unexplainable moves by NSE:BANKNIFTY from 13.50 today. From the traders fraternity i saw few group of traders planning for long trades - they got immensely rewarded. For some reason i was keeping by bearish bias & hence ended the day quite unsatisfactorily. Overnight we had a dip in SP:SPX -1.53%, TVC:DJI -1.72%, NDQ -1.22% - seriously i thought...

viswaram

Once again the perfect day for the straddlers, open & close almost at the same level ! But for every other trader, it was a tough day to plan. Gap up opening & hitting the resistance by 09.45. The 30mts of move would have changed everyone bias to the long side. That was 1% ~ 429pts upmove considering the gap up also. The surge in the ATM & near OTMs were so huge...

viswaram

Well the day did not go as planned for me, if you have read my yesterday's report you might be cursing me by now. I was pretty bearish, atleast that was what the 1hr chart told me. So when NSE:BANKNIFTY opened gap up at 40671 i thought the first resistance at 40698 will hold. After a while i thought 40868 resistance might hold - and here is where i got the...

viswaram

Today's expiry was totally different, something i havent seen for many weeks. Mainly the premiums were dead low coupled with directional move that came very late in the day. Traders who got into straddles & exited by the noon would have made handful today, but people like me who depend on volatility as entry criteria would have been disappointed. Today's opening...

viswaram

Yesterday we discussed a possibility of finding a trend on wednesday, read yesterdays report as the related item Although i was not sure about the direction yesterday, it turned out on the bullish side. Deep down i really wanted to see NSE:BANKNIFTY break down & fall to the support levels of 39742 - mainly because the option premiums were very low due to the...

viswaram

Today was relatively flattish trading day except may be the period 13.50 to 14.10 when we had a minor scare ! There are 2 major news, one acting on the bull side & the other bearish for NSE:BANKNIFTY tomorrow ! HDFC & NSE:HDFCBANK merger news 2. India's GDP rises to 4.4% vs 4.6% estimates India's GDP Growth Slows To 4.4% In Q3; Pegged At 7% For Full Year So...

viswaram

Surprising price action by NSE:BANKNIFTY today, especially the last 40mts when the bounce from the support took it to the HOD. The preopen rates today was not indicating any hint of green, still NSE:BANKNIFTY hit the resistance in the 4th candle after the gap down open. The first candle it fell to the support level of 39742 & the bounce was good enough! 39742...

viswaram

Bank nifty price action is getting exciting day by day, @TradingView has opened up this feature called as Minds (with the call out icon) - its like a running commentary we can do while the trades are taking place. Let me explain few pointers posted in the TV minds & why it made sense then. NSE:BANKNIFTY opened gap up at 40259, the first 3 candles looked quite...

viswaram

We had a relatively stable trading day today, NSE:BANKNIFTY was nicely held between the adjacent support & resistance levels. But the opening moves were quite scary. NSE:BANKNIFTY opened inline at 39983 and started falling pretty quickly, we took the 1st support 39839 by 09.35 and the next major support of 39742 by 09.45. We fell almost 0.95% ~ 379pts in...

viswaram

Yesterday we discussed the possibilities that the Finnifty expiry would have interfered with the NSE:BANKNIFTY 's natural price flow. It was almost proved right today ! NSE:BANKNIFTY opened gap down at 40494 well below the resistance zone of 40700. From there it was an unidirectional fall till almost 14.15. A total fall of 1.95% ~ 794pts from the Prev close &...

viswaram

We had a relatively calm day today comparing to what was happening last 2 to 3 sessions. Since we had the FinNifty expiry today - there was some stability offered by HDFC, HDFCbk & BajFinance. This really prevented NSE:BANKNIFTY making further lows for the day today because at 13.05 i almost thought we will be seeing a range expansion & a massive fall. Mostly...

viswaram

The support that showed strength on 17th gave away today. Even the 2nd support also looked vulnerable today. All this on a day where US markets are on a holiday! Most of the traders would have felt NSE:BANKNIFTY is going up today especially when the open was in the green 41221 & first 1hr was above flat line. This was not the case though, we had almost a one...

viswaram

So today's price action confirms the move that we had yesterday was not fake. How many traders & investors would have been trapped on the long side when the 41629 resistance broke out? The prevailing trend was bearish, but when an important resistance gave away, it would have prompted lot of buyers into action. And once they deployed their funds we got the...

viswaram

What good was done yesterday is undone today, we had a resistance rejection as well as the support breach - NSE:BANKNIFTY below 41624 again ! Most of them would have guessed it right that NSE:BANKNIFTY wont break out from the 41940 resistance zone. But very few would have guessed that we will have a breakdown of the support level 41624. The one we just cut...

viswaram

We had that resistance breakout today, a much awaited 41624 break. This makes the coming days exciting - most importantly tomorrow's expiry NSE:BANKNIFTY opened inline at 41674 and made a series of red candles till 09.40, a fall of 0.52% and crucial 41624 SR rejection. From there it made steady gains to take out the SR at 11.20 but only to fail in the next...