viswaram

viswaram

BankNifty opened gap down at 39027 breaking the support level of 39327. Tried to recover in the 1st and 3rd candle but the selling pressure was so heavy that it couldnt keep up. What happened from 9.25 to 11.05 was strong selling that even resulted in the 2nd level of support being taken out. This is the 2nd time that BN is taking out 2 support levels in the...

viswaram

Bank nifty decisively broke 2 support levels today - opened gap down at 40429 midway between the SR levels. Made continuous red candles and broke the first support level at 40149 at 9.30. The red candles didnt really stop till the 2nd support level of 39739 was reached. The first batch of selling took a pause only at 10.20. But by 12.10 even this SR level was...

viswaram

As expected Bank nifty gap'd down and opened at 440889, but as unexpected BN rose to fill up the gap till 9.35. And what happened from 9.40 to 10.40 was again as expected wherein the BN falls to the support and then makes a pause. Infact what even happened from 11.05 to 12.40 was as planned. But what really shocked was the move from 12.45 to 14.05. I had...

viswaram

Today's move in Bank nifty quite opposite to the one we had yesterday. Opened at 41282 gap down, just below the support line 41312, rallied & filled the gap in the first candle and then gave it away. Made an interim low at 10.05 rallied back the SR line and then made a lower swing to intraday low at 12.25. This swing ensured that the gap up of yesterday was...

viswaram

When the S&P does a relief rally for one day, our bank nifty thinks its a reversal and shoots up. Look at what happened today, BN opened gap up at 41304 up 400+ pts and then takes out the resistance in the first candle itself. Look at the strength today, the resistance level was never tested, the gap never tested. The bank nifty continued to show the strength...

viswaram

Bank nifty opened (40685) right at the support level (40689) made an aggressive move down to 40509 which happened to be the swing low of last working day. For a moment i thought bank nifty is breaking down - but it didnt & the support held quite strong. The 4th candle was a pretty strong one and pulled the BN up. However bank nifty did not have enough steam to...

viswaram

Bank nifty opened gap down at 40977 tried to close the gap till 9.35 but broke down, made an interim low at 10.00 and then tried to close the gap again till 12.35 but failed. The price action from 12.40 to 14.20 was the only realistic move made by bank nifty this week. Imagine when the global set up is very poor and our Nifty50 major index is showing lack of...

viswaram

Bank nifty opened 41533 gap up today, made an intraday high in the 3rd candle and then fell to the support line at 41312. Most importantly this support line proved to be quite a fight with swings up and down - and final close at 41208. The opening swing would have taken out most of them by surprise, few of the weak CE writers would have squared off thinking the...

viswaram

The handout from US markets were very weak, S&P500 falling 4.3% overnight. And as expected bank nifty was supposed to start gap down and further break down. Contrary to the expectations, this is what happened - BN opened gap down 565pts at 40308 and made a mega rally to close at all time highs. Within the first 30mts itself BN closed the gap took a minor pause...

viswaram

Bank nifty opened gap up at 40802 almost +228 points. The first candle was bearish red & i thought bank nifty will close the gap, but it didnt. Note that BN is trading near all time highs and there is no resistance level here. In spite of these, BN is not breaking down - so the bulls have to be appreciated for their conviction. There was a small price action made...

viswaram

Bank nifty as flat as it can be, opened gap up at 40540 and closed at 40561. If we ignore the 2nd & 3rd candle - the rest of the day was traded with stability & calm. For a moment i thought BN was planning to trend down when i saw the 2nd candle, but it was more of a gap closing trade symbolizing few traders taking profits or exiting an unplanned trade. Analyzing...