viswaram

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...

viswaram

What a day today ! I had to take some for things to sink in. We literally had 3 support & resistance in play today & that should make an amazing post mortem today. The open was inline at 42703 very near to the close yesterday, i was hesitant to go in with a debit ratio spread of 42500/42400 PE 2:4 ratio when it had only 28pts premium. The major reason i didnt...

viswaram

Yesterday we started discussing on the habit of NSE:BANKNIFTY taking out the support & resistance via gaps. Thats what happened today also. We opened gap up at 42994 above the resistance level of 42888. This was the same resistance level that had a breakout failure yesterday, so today we took that out in open. The 09.30 candle was pretty strong and i almost...

viswaram

Another boring price action today, the minimal variance in options premium after the morning jump shows the lack of volatility today. NSE:BANKNIFTY Gap up opening at 42891 right at the resistance level of 42888, The first candle showed a brief rejection, but the 3rd and 4th candles were quite strong and surged ahead. BN hit HOD of 43005 at 09.50 and from there...

viswaram

Pretty unconvincing price action by NSE:BANKNIFTY today morning esp after US markets SP:SPX fell 0.76%, TVC:DJI 0.76% and NDQ -1% overnight. This is in addition to the fall on 18th. SPX has now fallen consecutively for 3 days from the resistance level of 3991 & now 3945. We hit the resistance of 42573 in the 2nd candle itself and a consistent rally from...