Bank nifty (BN) had a steady upside day today, opened at 38942 swayed down 38740 within the first 30mts and then covered it back up by 11.20. It shows BN is heavily skewed to the buying momentum — either its fresh money loading up all the bank stocks or it may be a pump, wait and then…
Yesterday when i said we will have a directional trade today, i did not expect a gap up. I was hoping that BN will rally throughout the day. See yesterday’s comments https://www.viswaram.com/2022/08/postmortem-on-bank-nifty-10-aug-2022.html Today’s open at 38712 and close at 38835, BN opened right at resistance line spent 3 candles and then started moving up. The…
BN traded in a small range today, opened at 38298 and closed at 38277. The move in BN today was quite unusual considering the intraday swings we have seen on each day last 1 week. Personally i was thinking markets may trade with a bearish bias esp when the US markets fell last 2 days….
Another bullish day for the bank nifty. This time it opened (37847) below the resistance line (37948) and reversed and took off the resistance by 9.45. After trading for 20mts around this level, the resistance acted as support and BN surged ahead and closed with strong bullish tone. Today’s price action did not follow the…
BN opened at 37868 passed through the resistance line went all the way upto 38150 and then closed the day below the resistance line of 37947. Today’s price was relatively stable even when we have a big event like RBI MPC outcome, wherein the interest rate was hiked by 0.5%. On such days BN is…
BN opened at 38111 gap up wrt yesterday’s close. The opening was well above the resistance level of 37946 mentioned yesterday. BN did try to move higher, but i think there was huge selling pressure that broke down BN below the support line of 37946. The momentum in selling was so intense that it did…
BN opened at 37954 & closed at 37999 almost flat. But the intraday moves were quite noticeable. The first 5mts candle opened right at the resistance level, zig zagged and then closed with a minor gain. The 3rd candle took BN back to the support resistance line and it did not bounce. BN fell below…
BN’s today’s move was absolutely special. It opened gap down 37767 and closed at almost the same level as yesterday’s close. In between we had lots of up & down movements. The gap down opening may be attributed to the weak global cues (macro) wherein the US speaker visit to Taiwan taken not so well…
BN opened at 37594 and within the first 5mts itself it fell to the support line of 37501. After spending close to 4 candles around that level — BN pick up support and started rallying. The rally was quite strong for the day with almost a 45% slope with very minor or negligible pull back. The final…
BN opened gap up at 37717 up almost 380pts. This may be attributed to the strong global cues as S&P500 had rallied yesterday. This gap up also broke the resistance line at 37503. The BN quickly gave up gains falling to the support area at 37247 from where it bounced back. One of the reason…
