viswaram

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...

viswaram

I had given a long call on Friday, 11th Nov looking at the intraday chart pattern. It turned out wrong & would have been a disappointment to those who follow my analysis. NSE: Bank nifty opened at 42177 in line with the chart pattern as of 11th Nov and did not really go anywhere. BN traded in a small range with a minor negative bias. This bias would be result of...

viswaram

What a spirited performance by NSE:BANKNIFTY today! Mega gap up opening at 42163 breaking the all time highs and a perfectly strong buy day today. The attempt to close the gap was short-lived when BN took support at 41929 (The swing high of the last few sessions). This was quite expected after the mega US rally yesterday, SP:SPX up 5.5%, NASDAQ:NDX up...

viswaram

Quite glad yesterday's shorting idea worked - read here. But not that glad the last 2 hour recovery really messed with my analysis. Bank nifty opened gap down at 41462 (right at the support line of 41459). BN tried to close the gap in the first 5mts itself but didnt have enough momentum. Yesterday we had analyzed the heavy option writing volume for the far OTM...

viswaram

Bank nifty might have closed in the green today, but i am of the opinion that the price action formed today is negative. I would like to short bank nifty from here especially because its weekly expiry tomorrow. BN opened gap up at 41914 made a strong red candle - keep in mind this is the all time high. Although the first candle was red - its not the base reason...

viswaram

Quite an eventful day today, Banknifty opened mega gap up at 41740 crossing 2 resistance levels in a single go (41314 & 41459). The first candle was red but with a long wick on the bottom - indicating that the opening trade was favoring the buyers. The major reason for the gap up was SBI which published good results this quarter. There was a decent fall till 11.25...

viswaram

Banknifty opened right at the support/resistance level of 41314 touched the next resistance level of 41455 in the first candle. The 3rd candle showed a bullish tone when i thought BN took support at 41314 and rallied again to 41455, but over the next 2 candles BN gave away that hope. By 09.40, bank nifty had dropped below the SR level and traded the entire day...

viswaram

Bank nifty moved today quite contradictory to the global moves. Frankly what is happening to India's banks - is there so much positivity to bury the global macros ? S&P500 down 2.5&, Nasdaq100 down 3.39% and our bank nifty up 0.37% today Just look the opening 4 candles. Gap down opening at 40873 very near to the support level of 40867 - hits the resistance level...

viswaram

Glad yesterday’s short call worked on bank nifty — read here. The price action formed today is an extension of what was happening yesterday. Apart from the big opening red candle — the rest of the movement is in continuation. Price action of bank nifty index in 5mts chart Speaking of the first candle — it was a story by itself. Gap up opening at 41472 also...

viswaram

Bank nifty ended today’s trade flat with a drop of only 0.04%, but i feel the price action was on the negative side. BN opened gap up at 41552 made a red candle first 5mts, and then rallied all the way to 41656 by 09.50. The change in options premium on the PE side was indicating further upmove — you can check the surge in premiums of far OTM PEs. I was also of...

viswaram

Bank nifty opened gap up at 41265 rallied above the resistance line and closed the first 5mts candle in red. The length of the candle was quite long — indicating the amount of trades taken place to settle the price discovery. Again the opening is by a gap — which indicates the shift in macro outside of our trading hours. The best trades that can be taken are...