Bank nifty might have closed in the green today, but i am of the opinion that the price action formed today is negative. I would like to short bank nifty from here especially because its weekly expiry tomorrow. BN opened gap up at 41914 made a strong red candle — keep in mind this is the all…
Quite an eventful day today, Banknifty opened mega gap up at 41740 crossing 2 resistance levels in a single go (41314 & 41459). The first candle was red but with a long wick on the bottom — indicating that the opening trade was favoring the buyers. The major reason for the gap up was SBI which published…
Sometimes the best technical indicator is the normal support & resistance. As a Wiseman said — commonsense is not so common Banknifty opened right at the support/resistance level of 41314 touched the next resistance level of 41455 in the first candle. The 3rd candle showed a bullish tone when i thought BN took support at 41314 and rallied…
The price action formed today is negative, i am inclined to go short although nifty50 shows contradicting signals Bank nifty ended today’s trade flat with a drop of only 0.04%, but i feel the price action was on the negative side. BN opened gap up at 41552 made a red candle first 5mts, and then…
Quite surprised by the bottom wicks getting created between 13.30 to 14.59 — never have i seen this before… Bank nifty opened gap up at 41265 rallied above the resistance line and closed the first 5mts candle in red. The length of the candle was quite long — indicating the amount of trades taken place to settle the price…
Bank nifty opened at 41236 below the resistance level of 41312 & made a real green bullish candle. A move of 206pts in the first 5mts itself. This did not last and the gain was given up by 09.50 wherein the support level was broken conclusively. There was a test at this SR level, price…
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…
Bank nifty opened gap up at 40252 much above the resistance level of 40154. The first candle was bearish, so was the price action till 09.35. But the support level of 40154 held quite strong and there was an immediate bounce. The green candle at 09.40 almost took back the bearishness of the preceding 3…
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…
