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….
Unlike yesterday we had some price moves today, a typical V pattern that would have given traders something to cheer about. Otherwise a falling volatility would have sucked out the premiums from the weekly options. Bank nifty open was inline at 41513, traded flat till 10.35 after which we had our first move of the…
I dont know why the bank nifty didnt fall today, the science seemed so solid — if i were to borrow King Julian’s words from Madagascar. The handover from US market was negative as expected and today’s opening was a gap down at 42684. The first candle was red went down to the support level of 42573….
Remember yesterday’s discussion around the 43255 support region, thats exactly where bank nifty opened today — 43261. The 1st candle took support and closed the gap, the 2nd and 4th candle also closed in green taking bank nifty to green. US market — SPX ended yesterday with cuts of 2.49%, so it was quite sure bank nifty will not…
Today’s price moves are quite interesting — Nifty50 ends the day with a loss of -0.61%, NiftyIT flash crashes at -3.14% but our hero Banknifty ends the day green +36.6pts. Such is the brute strength of the Banknifty bulls — really intense. BN opens gap up at 43765 new ATH and then hits intraday high of 43853 by 10.05….
