Bank nifty had a good up day today, starting with a good gap up and then rallying from there. Absolutely no stopping the markets now, nifty50 had a flattish day — but bank nifty outperformed. I seriously cant think of anything that will break the bank nifty now — where are the short sellers? FIIs are selling but the…
Sometimes the best technical indicator is the normal support & resistance. As a Wiseman said — commonsense is not so common Banknifty opened right at the support/resistance level of 41314 touched the next resistance level of 41455 in the first candle. The 3rd candle showed a bullish tone when i thought BN took support at 41314 and rallied…
Quite surprised by the bottom wicks getting created between 13.30 to 14.59 — never have i seen this before… Bank nifty opened gap up at 41265 rallied above the resistance line and closed the first 5mts candle in red. The length of the candle was quite long — indicating the amount of trades taken place to settle the price…
Bank nifty decisively broke 2 support levels today — opened gap down at 40429 midway between the SR levels. Made continuous red candles and broke the first support level at 40149 at 9.30. The red candles didnt really stop till the 2nd support level of 39739 was reached. The first batch of selling took a pause only…
The handout from US markets were very weak, S&P500 falling 4.3% overnight. And as expected bank nifty was supposed to start gap down and further break down. Contrary to the expectations, this is what happened — BN opened gap down 565pts at 40308 and made a mega rally to close at all time highs. Within the first…
Bank nifty opened gap up at 40802 almost +228 points. The first candle was bearish red & i thought bank nifty will close the gap, but it didnt. Note that BN is trading near all time highs and there is no resistance level here. In spite of these, BN is not breaking down — so the bulls…
