Banknifty was looking weaker compared to Nifty50 today, finally the day ended in green with a W pattern on 5mts TF. Although we started today with a gap-up, the index was bleeding. Banknifty fell underwater by 10.40 — meanwhile Nifty50 was surging supported mainly by NiftyIT which came back strong after yesterday’s trashing. There was no strong…
It is happening everyday, even today. Banknifty went up 198pts in 25mts between 14.45 to 15.10, again a closing hour move! The last 1 hour moves in index is not something new now, I am still guessing many traders would have anticipated a directional move today! If we look the chart, the scope for that…
I was not able to participate for any trading activity for these 3 days — 31 May to 02 Jun. The fever really held me down ! Let me try to assess what went through by looking at the charts. The analysis accuracy may be much lower than regular days where I see first-hand every price action. 31…
There is some good news and some bad news. Good news first — banknifty just hit an all time high of 44483.35. The bad news is that from a technical standpoint — there is no easy trades we can take from here. The gap up was 0.64% ~ 283pts that itself was enough to break the ATH. From there…
How the day started and how it ended was similar to a bollywood movie. Just look at the encircled 1st candle and then the 1.10% ~ 480pts rally that followed. banknifty 480+ pts intraday rally from LOD Logically the move we had in the day was in agreement with the momentum that started yesterday 14.05. But…
First time in many weeks, banknifty underperformed nifty50. Ideally this move should have come last week when nifty50 had 2 more resistances to break and banknifty was near ATH. Better late than never. Nifty50 shooting pass banknifty is actually good for the entire stock markets in India. Only when all the components have caught up — a…
Weekly Analysis In this expiry week, 12th to 18th May banknifty has moved up only 0.61% ~ 263pts. We have hit an important milestone this week though, 0.10 pts shy of all time high — 44151.7 on 15th. Banknifty is immensely bullish considering how Nifty50 is behaving. A trader on 15th or 16th would have normally expected…
We are near all time high on banknifty — 44151.7 is today’s high. The previous high was 44151.8 on 14 Dec 2022. The lowest point was 38613.15 ~ -12.45% on 16 Mar 2023. Numbers are magically adding up, 3 months from High to Low and then exactly 2 months to reclaim the top spot. From the chart…
Another surprise today with 300pts ~ 0.69% move from 13.30 to 14.40, came at a time when no one really expected. Karnataka election results tomorrow and most traders would have anticipated we close the day subdued. The lower than expected CPI data of 4.7% would have leaked with few big-boys and they would have ended…
I am still keeping my hopes pinned on the Fibonacci levels marked as in the chart below. 43739 recent swing high, 42581 last session swing low and 43296 the 61.8% retracement level. It really looked like a short-selling setup as the bull momentum faded out after 11.15 — we went up 1.46% ~ 622 points today but…
