Surprising price action by bank nifty today, especially the last 40mts when the bounce from the support took it to the HOD. The preopen rates today was not indicating any hint of green, still bank nifty hit the resistance in the 4th candle after the gap down open. The first candle it fell to the…
Bank nifty price action is getting exciting day by day, TradingView has opened up this feature called as Minds (with the call out icon) — its like a running commentary we can do while the trades are taking place. Let me explain few pointers posted in the TV minds & why it made sense then. Bank nifty…
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….
Yesterday we discussed the possibilities that the Finnifty expiry would have interfered with the BankNifty’s natural price flow. It was almost proved right today ! Bank nifty opened gap down at 40494 well below the resistance zone of 40700. From there it was an unidirectional fall till almost 14.15. A total fall of 1.95% ~ 794pts…
We had a relatively calm day today comparing to what was happening last 2 to 3 sessions. Since we had the FinNifty expiry today — there was some stability offered by HDFC, HDFCbk & BajFinance. This really prevented bank nifty making further lows for the day today because at 13.05 i almost thought we will be seeing…
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…
What good was done yesterday is undone today, we had a resistance rejection as well as the support breach — bank nifty below 41624 again ! Most of them would have guessed it right that bank nifty wont break out from the 41940 resistance zone. But very few would have guessed that we will have a breakdown of…
We had a dramatic performance by Banknifty today even after a higher than expected inflation of 6.52%. Although we had 2 sharp moves, none of the support or resistance was broken — which means we still have no clue on the direction. Bank nifty opened at 41410 made a low at 9.47 just 0.51% ~ 212pts drop….
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…
