viswaram

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...

viswaram

My bearish call for yesterday turned out to be wrong - sorry to have disappointed you ! We had a dramatic performance by NSE:BANKNIFTY today even after a higher than expected inflation of 6.52%. Although we had 2 sharp moves, none of the support or resistance was broken - which means we still have no clue on the direction. NSE:BANKNIFTY opened at 41410 made...

viswaram

I was running out of content last week to write about, thank god we had some interesting price move today - hoping to see further action in this week. Mostly due to the above expected retail inflation surge of 6.52%. NSE:BANKNIFTY fall today was not due to the above expected CPI - i can say this with assurance because there was anomaly in the price action of...

viswaram

Another range bound day today with no resistance or support breaks, straddles would have loved it with the premiums dying 17 to 18% without having to do anything. This week on monday, wednesday & friday - i was unable to find any short selling opportunity - now thats a first!  NSE:BANKNIFTY opened gap down 41452, but if you look at the trading chart - it felt...

viswaram

Looking at the opening 30 minutes i seriously thought today's price action is really going to be awesome. I was fully loaded with a 41000:40900 debit ratio that would have made a lot of money if NSE:BANKNIFTY crossed the 40900 barrier. And for a moment i seriously thought we will have deeper cuts, but quite unsurprisingly bank nifty stopped falling at 09.45....

viswaram

Today was another day of personal disappointment for me as i could not find a suitable option selling opportunity. NSE:BANKNIFTY opened inline went over the resistance line of 41629 and then fell back to the negative zone. The open to HOD was only a move of 0.73% ~ 304pts. The swing of HOD to LOD was a fall of 0.92% ~ 382pts ie from 10.05 to 10.45. Even though...

viswaram

Unlike yesterday we had some price moves today, a typical V pattern that would have given traders something to cheer about. Otherwise a falling volatility would have sucked out the premiums from the weekly options. NSE:BANKNIFTY open was inline at 41513, traded flat till 10.35 after which we had our first move of the day. A 1.08% ~ 448pts fall from 10.40 to...

viswaram

A kind of boring price action today, except for the opening 30mts we literally had a cool & relaxing day today. NSE:BANKNIFTY opened inline at 41530 made some up downs for 5 consecutive candles showing indecisiveness & lack of direction. But i was still fearful to deploy short straddle or iron fly thats because the premiums in the options were already quite...

viswaram

NSE:BANKNIFTY opened gap up at 41019 much above the resistance level of 40869, the gap would have been because of the excellent hand out from the US markets yesterday. SP:SPX & NDQ had outperformed with good gains. Our gap up did not sustain though, we fell 1.61% from 09.30 to the support zone 40700, with a LOD of 40609.  From this support zone there was a...

viswaram

Apologies for not able to prepare this report earlier in the day as i had some personal commitment. The day was nothing short of exciting though, well not as much drama as yesterday. Even though bank nifty traded in a tighter range today - the options premium were bloated. Knowing very well its an expiry day too - option sellers did utilize the opportunity to...

viswaram

Writing about what happened today is one thing, being alive as a trader after watching each 5mts candle - priceless! After what happened today, i am almost 100% certain that my report will not holistically include all the information there is. Let me still try ! Gap up opening at 41115 above the resistance level 40868, till 12.15 we literally did go...

viswaram

Today's market price action would have not have surprised anyone, thats mainly because we had some breathtaking moves last 2 to 3 days. So today NSE:BANKNIFTY was pausing to take some breath. Tomorrow we have the Union Budget - so we can expect some moves after 11 AM when the FM starts her speech. But honestly the market is not going into the budget with any...

viswaram

Again we had a 4 support & resistance zone in play today, the price action formed is also quite tricky. The most commendable part is the conviction of bulls to rally NSE:BANKNIFTY in the last 90mts and close it in green. In essence who could have really predicted the close in green, just look at where it opened 39856 right near the SR zone of 39839 makes an...

viswaram

There were 4 support & resistance zones in play today, 3 supports broken & 1 held. No pull back rally - just a consolation flat type trading last 3hrs today. Lets analyze it one by one. The accusations against Adani group companies by Hindenburg research caught the lime light today, markets reacting more seriously than on 25th Jan. Many of the Adani group...