viswaram

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 ~...

viswaram

Strange looking opening candle by bank nifty today. Mega gap down opening at 43093 and in the first 5mts a rally to close the gap. 193pts ~ 0.45% recovery in the opening 5mts and then a build up till 09.55. From there we had a breakdown till 11.05. Kotak's Nest trader had price tick issue but their orders were getting punched. I was lucky to place orders today...

viswaram

Bank nifty opened gap up right at the resistance level and then made a quick drop to close the gap. Remember i was bearish on 3rd Dec Friday - and i expected the market to go further lower. It did go lower till 09.55 - but the series of price moves after that really surprised me. Bank nifty kept on building strength and really had a trending up day. It made a top...

viswaram

Relatively a quieter day with no major swings. The opening was a deep gap down at 42976 and we had a green first candle. Approx 142pts recovered in the opening 5mts. Ideally bank nifty has to be compared with Nifty50 to get some relativity. Bank nifty was more stable than Nifty today - Nifty kept on dropping till 12.35 before it got support and had a minor pull...

viswaram

The frustration i had trading yesterday was a blessing for today, its because technically i felt bank nifty is showing bearishness and was looking out for bearish opportunities. The last 30mts rally on 30th Nov changed my opinion. Its not that i became bullish, but that i decided not to have a bias. Bank nifty opened mega gap up at 43512 (new all time high) and...

viswaram

Feeling pretty tired after watching today's price action. For the last 3 days i have been looking out on the bearish side of bank nifty. The day started gap up and then a rally of 127pts in the first 5mts candle. This was inline with the recent swing high level - took an immediate resistance and then started falling. For once i thought my short sell view on bank...

viswaram

Looking at the price action i had given a sell short call yesterday - read here I had to literally change the view looking at just the first candle. A mega green 5mts candle that took bank nifty 172+ points & above the swing high of yesterday. The rally did not stop until 11.05 creating a steady buying momentum. From 11.05 to close of day it was a slow fall back...

viswaram

On Friday 25th, I had a bearish call for Bank nifty - read here. Did it work out as expected - ABSOLUTELY NO ! Refer the chart below, bank nifty opened gap down at 42757 and for a moment i thought its all going as per the plan. But the first candle itself was pretty strong and by 09.30 BN had closed down the gap. The period from 09.35 to 11.25 the moves were quite...

viswaram

We opened today without a handover from US as it was Thanks giving holiday for them on 24th Nov. Bank nifty opened at 43192 just in line with the last hour trend that started yesterday. And went to a new all time high of 43339 at 09.30. This 5mts candle had a long top wick just hinting of a possible short term top formation. What followed was exactly that - we had...

viswaram

Bank nifty broke out and made an all time high of 43163 today. The opening was at 42838 negating yesterday's fake price move from 15.00 to close. Notice how yesterday's rally continued with the yellow encircled region. Today's open and forenoon trade was in perfect alignment with the rally that started yesterday.  Since its a breakout rally - the momentum was...

viswaram

Bank nifty had a good up day today, starting with a good gap up and then rallying from there. Absolutely no stopping the markets now, nifty50 had a flattish day - but bank nifty outperformed. I seriously cant think of anything that will break the bank nifty now - where are the short sellers? FIIs are selling but the index is moving higher - is this a breakout or a...

viswaram

Banknifty has made an unique price action today - again the day belonged to the bulls. Their never ending optimism is driving the valuations crazy. BN opened gap up at 42467 made 2 red candles instantly and came back to yesterdays close price. From there it traded with a slight upward bias and gaining steam last 40mts. Look at the yellow marked region - apart...

viswaram

Banknifty made some contradicting moves today with respect to the moves in Nifty50.  Nifty50 is showing an interim top formation on 15mts, 1hr chart but BankNifty is not showing signs of cooling down — every selling move is getting arrested.  Lets analyze today — BN opened at 42286 a gap down wrt last session and then made a green first candle and a red 2nd...

viswaram

Bank nifty opened at 42545 quite midway between yesterday's swing high and swing low and then created a red bearish 5mts candle. There was an attempt to take out the highs of the 1st candle over the next 7 candles - but it was unsuccessful. Then we had a good drop from 09.50 to 11.10 a fall of over 314pts - but this selling was arrested very quickly and we had a...

viswaram

When i said its going to be a down day today, I expected a drop of 1 to 1.5% not just 0.18%  (see yesterday's analysis in related section) Bank nifty opened 42399 gap down and on expected lines as the global handover was quite negative. But in the first 4 candles itself BN had recovered the losses. From 10.00 to 11.25 there was a fall and i expected the index to...

viswaram

A very good trading day today, bank nifty opened in line at 42371 made a long legged doji in the 1st candle and then made 7 consecutive candles with 100pts swings in each before deciding on the direction. We had a up day today with a decent run from 09.50 to 11.30 and then a small pull back till 12.05 and then resuming the trend till 13.45. The price action from...

viswaram

The rally that had to come yesterday, came in today. Remember i had a bullish call for 14th Nov - but it didnt work out - read here Bank nifty opened at 42234 right at the swing high of yesterday's session negating the price action from 14.10 to close yesterday. The first 3 candles showed bearishness and a small indication that we may follow the same action as...