The day began with an arbitrage — SGXNifty value = 16957 | Nifty50 preopen value = 17100. There was close to .09% money making opportunity translating to Rs7250 per lot of nifty futures traded. SPX ended friday’s trading with a 1.51% fall, NDQ — 1.73% — so its quite normal that we expected India indices to begin low and fall further. But…
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…
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…
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…
Eventhough bank nifty respected the support & resistance level today, the price action was really abnormal. BN opened mega gap down at 38806 rallied through the resistance line, made a top at 39667 above the swing high of yesterday. At 10.30 the market felt like crashing — but it did not. There was a gradual decline to…
BN opened at 35298 gap down wrt yesterday’s closing mainly due to bad global cues. It immediately filled the gap by the 2nd candle itself. From there it was trading in a smaller range till 14.30. The price action from 14.30 looked very interesting and powerful — continous red candles with no pullback. And closing just below…
