We had a relatively stable trading day today, bank nifty was nicely held between the adjacent support & resistance levels. But the opening moves were quite scary. Bank nifty opened inline at 39983 and started falling pretty quickly, we took the 1st support 39839 by 09.35 and the next major support of 39742 by 09.45….
The support that showed strength on 17th gave away today. Even the 2nd support also looked vulnerable today. All this on a day where US markets are on a holiday! Most of the traders would have felt bank nifty is going up today especially when the open was in the green 41221 & first 1hr…
So today’s price action confirms the move that we had yesterday was not fake. How many traders & investors would have been trapped on the long side when the 41629 resistance broke out? The prevailing trend was bearish, but when an important resistance gave away, it would have prompted lot of buyers into action. And…
We had that resistance breakout today, a much awaited 41624 break. This makes the coming days exciting — most importantly tomorrow’s expiry Bank nifty opened inline at 41674 and made a series of red candles till 09.40, a fall of 0.52% and crucial 41624 SR rejection. From there it made steady gains to take out the SR…
I was running out of content last week to write about, thank god we had some interesting price move today — hoping to see further action in this week. Mostly due to the above expected retail inflation surge of 6.52%. Bank nifty’s fall today was not due to the above expected CPI — i can say this with assurance…
Another range bound day today with no resistance or support breaks, straddles would have loved it with the premiums dying 17 to 18% without having to do anything. This week on monday, wednesday & friday — i was unable to find any short selling opportunity — now thats a first! Bank nifty opened gap down 41452, but if you…
A kind of boring price action today, except for the opening 30mts we literally had a cool & relaxing day today. Bank nifty opened inline at 41530 made some up downs for 5 consecutive candles showing indecisiveness & lack of direction. But i was still fearful to deploy short straddle or iron fly thats because…
Bank nifty opened gap up at 41019 much above the resistance level of 40869, the gap would have been because of the excellent hand out from the US markets yesterday. SPX & NDQ had outperformed with good gains. Our gap up did not sustain though, we fell 1.61% from 09.30 to the support zone 40700,…
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…
Pretty unconvincing price action by bank nifty today morning esp after US markets SPX fell 0.76%, DOW 0.76% and NDQ -1% overnight. This is in addition to the fall on 18th. SPX has now fallen consecutively for 3 days from the resistance level of 3991 & now 3945. We hit the resistance of 42573 in…
