viswaram

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 ~...

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...