Banknifty opened gap up at 41513 much above the final resistance level of 41312. The first candle was a huge bearish one with its close breaking the support level. I seriously expected the further candles also to be bearish as the tone set was bearish. But what followed was quick recovery ie from 09.20 to…
Bank nifty opened gap up at 40370 almost midway between the support & resistance levels. The opening 15mts indicated the direction is towards upside (3 good green candles) and we were not disappointed. Usually BN makes fake move in the opening minutes — but today’s strength was quite strong. #AXISBANK had announced good results & this was…
SPX and NDQ had risen 2.6% & 2.3% overnight in spite of worse CPI inflation data. Look at the chart below. There was a rally of 5.4% from the intraday low — this isnt a crypto, pennystock or shitcoin — its the world’s most tracked & liquid index — S&P500 When the global markets fall, Indian markets will rise. And when…
Bank nifty opened a bit gap down at 38957 and till 09.50 it was failing to close the gap or trade higher. Remember yesterday we discussed that the top made on 12th did not break the swing high of 11th — read here. It proved that the final hour of yesterday’s close was basically short covering and…
Bank nifty made some interesting price action today. It opened at 38784 above the support line of 38698 went down all the way to 38606 and closed the first candle above this support. Well that was the low for the entire day — the support level was tested once more between 10.45 to 11.10 after which BN…
Bank nifty’s performance today was quite surprising. Opened at 39058 right near where we closed yesterday. Usually BN has the habit of opening gap up or gap down everyday, but today’s open was the first surprise — the trade was almost the continuation of yesterday’s price action. Secondly the IV (implied volatility) of bank nifty was very…
SPX fell 2.8% & NDQ 3.88% on friday and the handout to us today morning was not that positive. As expected bank nifty opened gap down 38461 below the support level of 38698. The first candle was bearish, closed down & may have indicated that the rest of the day will be negative. But what…
Bank nifty opened 39343 right at the resistance line made a long wick 5mts 1st candle. The 2nd candle broke the SR line. At 09.40 after seeing the red candle i assumed BN will trade lower and exited the 39500 iron fly at the cost price. I was not expecting BN to go up and…
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…
Bank nifty opened gap up at 40520, note this gap up is above the topmost support line at 40149. There is no resistance level and as per technical analysts the least friction for the market is to move up. The opening 75mts of trade was much similar to that theory, at a point in time…
