viswaram

viswaram

Quite an uneventful day today, NSE:BANKNIFTY did not break the nearest support or resistance level which means the range bound trade continues. Open was inline wrt previous day's close, but we started falling in the first 20mts. Nothing major and we had a quick reversal & bullish rally. From the LOD we went up 1.04% ~ 436pts by 11.40 and stopped by the...

viswaram

We had another interesting day today, technically the open & close of NSE:BANKNIFTY was near the same - but there was some price action thats worth analyzing. The opening candle was long red body with a short tail, by the 2nd and 3rd candle BN recovered what was lost in the 1st. From there it started building up gains till 10.00 where it kind of ran out of...

viswaram

Lets go by the crowd's mindset - What would you have done today morning just after the pre-open wherein NSE:BANKNIFTY indicated a gap up opening & HDFCBk (most weighted component) had a superb results QoQ. Ans: You would have gone long today - right? And thats where the smart money would have trapped you. Gap up opening at 42622 above the resistance line and...

viswaram

The bullish bounce that was overdue is done today, remember we had discussed over last 2 sessions that the option premium data is showing a short term bullish stance. If we look at the 5mts chart of NSE:BANKNIFTY , apart from the opening 30mts of volatility - we had a smooth day of trade…banknifty.medium.com So it was just an ultra short term target, we also...

viswaram Updated 

Well for starters - yesterday's bullish call didnt go that well. NSE:BANKNIFTY ended 0.21% lower. Luckily its only down 37 odd pts because at 13.35 we were 595pts ~ 1.41% from the HOD. If you had read by bullish call before that - you would have thought i am crazy. From an expiry trading perspective today proved to be an ideal day for traders both bulls & bears,...

viswaram

If we look at the 5mts chart of NSE:BANKNIFTY , apart from the opening 30mts of volatility - we had a smooth day of trade today. Inline open at 42071 and dip below the support level by 09.20, the next candle perfectly closed below the SR and might have indicated further pain ahead. The option premiums even indicated that the market may fall further - but quite...

viswaram

NSE:BANKNIFTY fell 1.33% ~ 568 pts today, but the option prices were behaving like we had a 5% fall intraday. Yeah the intensity of the fall was quite strong, but the level in which options premium jumped - its quite hard to believe. What i feel is the Finnifty expiry on tuesday is creating unwanted speculation in Banknifty. This can be proved right if tomorrow...

viswaram

If you go by the levels US markets closed on Friday - SPX 2.28%, NDQ 2.78% we should have started much more strongly today. NSE:BANKNIFTY opened 42404 up 0.44% only and then closed the gap within the first 15mts. The buying momentum was surging in NiftyIT index and Nifty50 which prompted buying in bank stocks as well. We had a rally of 520pts from 09.25 to...

viswaram

Today's 5mts TF shown below - when you look at the last 3 day's price action together, what forms is a continuous falling chart. Price line is moving similar to the EMAs in a 45 degree downward slope. Is this technical? I dont think so, this has to be more fundamental based - thats why FIIs are continuing to sell - i think its the 10th day of selling now. Are the...

viswaram

Take a look at the chart below, 5mts TF its a perfect continuation from yesterday - we broke the 1st support at 09.40 and 2nd support at 13.15 in the single leg. And then we had a retracement back to the SR level (yellow dotted lines) and final close there. So what do we infer from the charts today Expiry level positioning worked out very well today, all the...

viswaram

Probably you would feel it repetitive when i said the nifty and bank nifty made moves when the US markets were on holidays.  Look what happened today with bank nifty - we have negated the 2 day's of price action ie. 02 Jan and 03 Jan. Which means we have closed today at the same value as of 30th Dec The child was having a nice time when the mom was on leave, now...

viswaram

We had a good price action today mostly following up from the moves from yesterday. Today's open was gap down at 43151 but if you take a look at the candles formed over the next 15 to 20mts its very much in continuation with the move started at 14.20 yesterday. The uptrend went on till 10.15 forming the swing high and then a retracement to the flat line. Bank...

viswaram

The first trading day of the calendar year 2023 & the major global markets are on NEW YEAR's holiday. So the action we had today was much limited to local cues. Although there was some participation of FIIs - they remained net sellers even today also. Coming to banknifty, the open was inline with the pattern of 30th Dec and then we had a big jump at 09.30 & 09.35...

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...