Yesterday we started discussing on the habit of banknifty taking out the support & resistance via gaps. Thats what happened today also. We opened gap up at 42994 above the resistance level of 42888. This was the same resistance level that had a breakout failure yesterday, so today we took that out in open. The…
The bullish bounce that was overdue is done today, remember we had discussed over last 2 sessions that the option premium data is showing a short term bullish stance. So it was just an ultra short term target, we also discussed it might be the counter move to the finnifty expiry tuesday. Bank nifty’s today’s…
If you go by the levels US markets closed on Friday — SPX 2.28%, NDQ 2.78% we should have started much more strongly today. Bank nifty opened 42404 up 0.44% only and then closed the gap within the first 15mts. The buying momentum was surging in NiftyIT index and Nifty50 which prompted buying in bank stocks as…
Take a look at the chart below, 5mts TF its a perfect continuation from yesterday — we broke the 1st support at 09.40 and 2nd support at 13.15 in the single leg. And then we had a retracement back to the SR level (yellow dotted lines) and final close there. So what do we infer from the…
We had a totally opposite day from yesterday in terms of volatility. First a mega swing downwards and then a beautiful recovery to close at HOD Bank nifty opened gap down at 43152 much lower than the support region at 43247. The first candle itself it scaled back to this SR region. And in the 2nd…
The inability of BankNifty bears to take out the support 43253 should be viewed as a good sign. We did discuss about this in the last article — read here Today’s price action was nothing special, a small range bound trade today. Opened at 43346 and then rallied down, the first candle itself closed right at the…
Its become business as usual for bank nifty to take out the all time highs — new ATH is now 44151. Today bank nifty opened gap up at 44078 mainly because yesterday’s handover from US markets were quite good. US CPI (Inflation) came 20bps below their estimate and that triggered an immediate surge on SPX by 2.71% — the…
Quite a different trading day today, the opening set up was looking as bearish but bank nifty recovered all the losses but didnt have enough power to rally up S&P500 index dropped 0.73% on friday — setting a negative tone for the Indian markets. Going by the same sentiment bank nifty opened gap down at 43455, made a…
What a rally today ! Contrary to the chart pattern which indicated the market may fall — the news event took priority & changed the sentiment all over. Bank nifty opened inline at 43142 made an indecisive 5mts candle and from the next candle onwards the rally started. The resistance was taken out at 09.40 and then there…
Feeling pretty tired after watching today’s price action. For the last 3 days i have been looking out on the bearish side of bank nifty. The day started gap up and then a rally of 127pts in the first 5mts candle. This was inline with the recent swing high level — took an immediate resistance and then…
