viswaram

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...

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...