Quite an unexpected turn of events. On 23rd Dec we thought there could be a slight option for a short covering rally — read here — but i never thought the short covering will turn into a bear rally breaker. 2.31% intraday rally on a weak market — quite impossible to comprehend. BN started the day at the support level and…
Bank nifty lost over 1.75% today of which ~ 1% was lost in the gap down open itself. The open was at 41951 pretty near to our support line 41940. The first candle showed positivity & i thought maybe bank nifty will hold the level. By the 2nd candle it had fell back to the…
Bank nifty opened today 42864 just below the resistance level of 42888 and the intention to go lower was very clear. By the 3rd candle the support level of 42574 was tested and by 09.35 we had a first break down. The candle at 09.45 was pretty strong green and may have deceived many like…
Banknifty made some deep moves today engaging 3 of its support/resistance areas. Lets analyze it one by one Totally unexpected gap up open 43525 on weak global cues and then 3 up candles. From there a test of 1st support 43247 at 12.10 — a fail. Further down move and 2nd support of 42884 at 13.50 — also a…
We had a totally opposite day from yesterday in terms of volatility. First a mega swing downwards and then a beautiful recovery to close at HOD Bank nifty opened gap down at 43152 much lower than the support region at 43247. The first candle itself it scaled back to this SR region. And in the 2nd…
The inability of BankNifty bears to take out the support 43253 should be viewed as a good sign. We did discuss about this in the last article — read here Today’s price action was nothing special, a small range bound trade today. Opened at 43346 and then rallied down, the first candle itself closed right at the…
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…
Had a real eventful expiry today, with almost a 500+ pts fall from 14.20 to close. Yesterday we discussed about a roof like pattern formed intraday — read here. And today’s price move was in continuation of that trend. Yesterday the handover from US markets were not that positive — but even in bad times our markets has outperformed…
Its become business as usual for bank nifty to take out the all time highs — new ATH is now 44151. Today bank nifty opened gap up at 44078 mainly because yesterday’s handover from US markets were quite good. US CPI (Inflation) came 20bps below their estimate and that triggered an immediate surge on SPX by 2.71% — the…
A gap up opening with a bullish 5mts candle to take out the all time high. And then a steady rally till 12.10 setting a fresh new high of 43983. Bank nifty had good bull momentum to take out the swing high of 9th Dec. There was a small profit taking from 12.15 to 14.40…
