viswaram

viswaram

In the last session, we informed that a stance revision may be required if we fall below 48947. Luckily we did not fall below that level today - hence the bullish stance continues. Today we lost over 139pts ~ 0.28%, but the price action proved quite dangerous. The next 1 week to 10 days may be very critical for our stock markets as the election results are coming...

viswaram

Banknifty was racing quite strongly and I almost thought we would reach the ATH levels of 49974 today, but the last candle had a different story to tell. We fell 577pts ~ 1.16% in the last 1 hour of which the bulk of the moves came at 14.35 and 14.51 - 16mts candle. The fast and furious swing was more than enough to push the algos into deep red. Usually, N50 algos...

viswaram

Nifty hits a new ATH of 23110 today and then fell 239pts ~ 1.04%. The bulk of the fall comes in the last 1 hour. Looks like FIIs were waiting for the top to be done to offload their shares. Seems like they are getting a good bargain, selling price. Algos on N50 did not take that much of a beating today, unlike banknifty which went to serious losses today. Nifty is...

viswaram

Unlike Nifty which had broken out, BankNifty is still below its ATH. 48948 resistance and 48661 support were in play today. In fact, the first 16mts candles touched both these levels. We closed right at the resistance level. On Monday we expect a breach in resistance and a further up move. Our stance of bullishness continues. We do not have further resistances...

viswaram

Nifty opened inline and traded in a short range, this came as a pause after the range expansion that came on 23rd. Since there are no resistance levels as we are at ATH, no one could guess with accuracy what will be the top. Our stance remains bullish and will go neutral only if 22779 is broken.

viswaram

BankNifty Analysis - Stance Bullish ⬆️ Yesterday we changed the stance from bullish to neutral as 48115 resistance was not breached, but that break came by 09.51 today. Hope you got my email when we revised the stance back to bullish via trading view. The intraday rally was a whopping 957pts ~ 2.00% and we took out 2 resistances today viz - 48115 and 48661. The...

viswaram

Nifty Analysis - Stance Bullish ⬆️ Nifty had an impressive 417pts ~ 1.85% intraday rally, although the bullishness was predicted - I was quite surprised that we had such momentum today, and that too before election results. But if you look at the data objectively, what we had today was quite reasonable. After all, we were breaking out from the all-time highs and...

viswaram

The trades on banknifty were going on perfectly till 14.30. The final hour took out all the profits from the intraday straddles, not just that the algos ended the day in RED. The moves that came in the 2 16mts candles 14.51 and 15.07 were not normal. Yes, we have seen even wilder moves from BN earlier, but today was just stop loss hunting by the HFTs - how else...

viswaram

Reliance and Infy were the major contributors to Nifty's GREEN show today. This happened at a time when the Banks were taking a huge beating. Finally, it came out good for the bulls as the 22519 resistance is now broken safely. The next target is the ATH and then I am not quite sure how much more we can go from there. Lok Sabha election results are coming up in 2...

viswaram

Banknifty had a more flattish tone today compared to Nifty. The hesitance to get past the 48115 resistance was clearly visible. Even though Nifty closed the day flat, BN gave up some points ~ 151, -0.31%. We wish to start the 22nd with a bullish view but switch back to neutral if the 48115 resistance is not getting taken out. Since 22nd is the expiry day, the...

viswaram

Stance is still bullish, but the steam is just not there. Thought we would close above 22519 and pave the way for further bullishness. The first 4 candles were in green today, infact the 12.24 candle closed almost above the 22519 resistance level, but we were unable to hold the ground. For 22nd, we continue to be bullish, but a bit watchful. If we are not...

viswaram

On 16th, we bounced from 47465 and that really helped BN to reach upto 48115 on 17th. But it was unable to get past those levels. Om 18th, BN got past 48115 resistance showing further bullish intent. Our next target would be 48661 and to go neutral we need to break 47465.

viswaram

There are a few changes to my daily postmortem report. After I started the MFD business, not getting enough time to write a detailed technical report daily. Thought I would send the reports every day on Thursdays after the Nifty's expiry. The detailed analysis and the 4mts, 16mts, 63mts chart will be explained on my personal blog as well. Here on Tradingview, I...

viswaram

BankNifty Analysis — Stance Bullish ⬆️ The stance on BN also revised to bullish not because we took out the resistance, but due to the 707pts ~ 1.5% intraday rally that came right from the support level. Usually, powerful moves like this will have extended legs that could start appearing in days to follow. We only need to know whether the move came out from a...

viswaram

Nifty Analysis - Stance Bullish ⬆️ Recap from yesterday: "The good thing for the bulls was the fall ended at 10.27, for the remainder of the day we went into a small range bound trade. The final close was flat at -0.08%." We started today right at the resistance level of 22295 and then started falling. We went below yesterday's low and took interim support at...

viswaram

BankNifty Analysis — Stance Neutral ➡️ BN ended the day with cuts of -172pts ~ -0.36%. We went neutral after the price action on 13th May. After that, we had one up day (14th) and a down day (15th) — the result, we are back in the neutral territory. BN did not even go to the 48115 levels which came as a surprise. Ideally, on 16th there may be an attempt to...

viswaram

Nifty Analysis - Stance Neutral ➡️ Recap from yesterday: "I am hard-guessing it should be a short covering. The moment we get past 22295, we will be forced to go long." The open was good and we started climbing quickly but at 22295 levels we got our first rejection. Four strong red candles between 09.51 and 10.27 brought N50 down by almost 143 points. If 22295 was...

viswaram

BankNifty Analysis - Stance Neutral ➡️ The definition of a neutral stance was much more suited for BN rather than N50 today. See the short-range in which BN operated today and notice the slow grind. Even then the volatility was very high, take a look at the HDFC Bank price moves today. How does the elephant move like that? BankNifty may not go bullish even if...