viswaram

viswaram

Quite a boring day today with bank nifty, maybe the bulls would have already started partying for the wonderful year they had in 2022. 21% return on investment for bank nifty this current calendar year - why would the bulls not party? BN gap'd up at 43401 and was falling gradually, there was an interesting candle at 09.30 & equally interesting counter move at...

viswaram

I dont know why the bank nifty didnt fall today, the science seems so solid - if i were to borrow King Julian's words from Madagascar. The handover from US market was negative as expected and today's opening was a gap down at 42684. The first candle was red went down to the support level of 42573. Till 11.40 BN spent its time around this SR level without falling....

viswaram

When i said i was bearish yesterday, a drop of 32pts was not what i was referring to. Bank nifty held its head high almost the entire day, only the 15.10 candle shows some signs of weakness & a minor break of support. I was literally unable to take any trades today such was the move of bank nifty today. Well it did not move - killing out the premiums of options...

viswaram

After yesterday's rally, today we had a consolidation which can be taken positively. But the real test comes tomorrow as today's stock action in US markets will show its true color (red mostly) on wednesday 28th Dec. This is largely because we had an unexpected 2.3% spike yesterday and major markets were on holiday Quite an unexpected turn of events. On 23rd Dec...

viswaram

--- Bank Nifty Today - 26 DEC 2022 Post Mortem & Analysis Quite an unexpected turn of events. On 23rd Dec we thought there could be a slight option for a short covering rally - read here - but i never thought the short covering will turn into a bear rally breaker. 2.31% intraday rally on a weak market - quite impossible to comprehend. BN started the day at the...

viswaram

Bank nifty lost over 1.75% today of which ~ 1% was lost in the gap down open itself. The open was at 41951 pretty near to our support line 41940. The first candle showed positivity & i thought maybe bank nifty will hold the level. By the 2nd candle it had fell back to the support level and by 10.00 we had a breach in support. From there it was a gradual fall to...

viswaram

Bank nifty opened today 42864 just below the resistance level of 42888 and the intention to go lower was very clear. By the 3rd candle the support level of 42574 was tested and by 09.35 we had a first break down. The candle at 09.45 was pretty strong green and may have deceived many like me to believe the support level is intact. But this was just a fake move and...

viswaram

Banknifty made some deep moves today engaging 3 of its support/resistance areas. Lets analyze it one by one Totally unexpected gap up open 43525 on weak global cues and then 3 up candles. From there a test of 1st support 43247 at 12.10 - a fail. Further down move and 2nd support of 42884 at 13.50 - also a fail.  Then we had the 3rd support 42570 test at...

viswaram

We had a totally opposite day from yesterday in terms of volatility. First a mega swing downwards and then a beautiful recovery to close at HOD Bank nifty opened gap down at 43152 much lower than the support region at 43247. The first candle itself it scaled back to this SR region. And in the 2nd candle it formed an interim top before falling quite heavily There...

viswaram

The inability of BankNifty bears to take out the support 43253 should be viewed as a good sign. We did discuss about this in the last article - read here Bank Nifty Today - 16 DEC 2022 Post Mortem & Weekly Analysis + US Markets Comparison Remember yesterday's discussion around the 43255 support region, thats exactly where bank nifty opened...

viswaram

Remember yesterday's discussion around the 43255 support region, thats exactly where bank nifty opened today - 43261. Had a real eventful expiry today, with almost a 500+ pts fall from 14.20 to close. Yesterday we discussed about a roof…banknifty.medium.com The 1st candle took support and closed the gap, the 2nd and 4th candle also closed in green taking bank...

viswaram

Had a real eventful expiry today, with almost a 500+ pts fall from 14.20 to close. Yesterday we discussed about a roof like pattern formed intraday - read here. And today's price move was in continuation of that trend. Yesterday the handover from US markets were not that positive - but even in bad times our markets has outperformed the global peers. So most of the...

viswaram

Its become business as usual for bank nifty to take out the all time highs - new ATH is now 44151. Today bank nifty opened gap up at 44078 mainly because yesterday's handover from US markets were quite good. US CPI (Inflation) came 20bps below their estimate and that triggered an immediate surge on SPX by 2.71% - the final closing was only 0.73% higher and the...

viswaram

A gap up opening with a bullish 5mts candle to take out the all time high. And then a steady rally till 12.10 setting a fresh new high of 43983. Bank nifty had good bull momentum to take out the swing high of 9th Dec. There was a small profit taking from 12.15 to 14.40 but this failed to take out the high of the opening candle - again showing strong long only...

viswaram

Quite a different trading day today, the opening set up was looking as bearish but bank nifty recovered all the losses but didnt have enough power to rally up S&P500 index dropped 0.73% on friday - setting a negative tone for the Indian markets. Going by the same sentiment bank nifty opened gap down at 43455, made a long legged doji opening candle. The 2nd candle...

viswaram

Today's price moves are quite interesting - Nifty50 ends the day with a loss of -0.61%, NiftyIT flash crashes at -3.14% but our hero Banknifty ends the day green +36.6pts. Such is the brute strength of the Banknifty bulls - really intense. BN opens gap up at 43765 new ATH and then hits intraday high of 43853 by 10.05. A consolidation move from 10.10 to 12.00. Let...

viswaram

What a rally today ! Contrary to the chart pattern which indicated the market may fall - the news event took priority & changed the sentiment all over. Bank nifty opened inline at 43142 made an indecisive 5mts candle and from the next candle onwards the rally started. The resistance was taken out at 09.40 and then there was no stopping. BN made higher highs and...

viswaram

RBI Governor announced the Repo Rate hike of 0.35% to 6.25% currently - see the minutes here. Inflation in Oct 2022 reduced to 0.6% to 6.8%. And our GDP growth reduced to 6.8%. Listening to the speech i felt the global economy is in big trouble & India is in a far better shape. Also there is a possibility of further rate hikes as the accepted inflation band is ~...