Two major news broke out during market hours that really tipped the scale in the favor of bulls. NSE decided to have the current weekly/monthly expiry day to 28th instead of 29th due to Bakri Id holiday shift. HDFC-HDFCBK merger will cause HDFC shares to delist on Jul 13th And then we had another major…
Yesterday’s high of 44483.35 broken today, the new ATH is now 44498.6 thanks to the last 2 5mts candles of today. Banknifty is now in some real good form — not planning to retire any time soon. Would have got some inspiration from MSD from the IPL 2023. The opening was not that exciting, we even fell…
Today’s price action on the 3 indices Nifty50, BankNifty and FinNifty were conflicting due to which none of them really went anywhere. NiftyIT had a down day that doused the fire in Nifty50 to break-through the resistance of 18419. Similarly Finnifty was unable to get past 19421. From the start there was huge shorting on…
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…
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,…
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…
A very good trading day today, bank nifty opened in line at 42371 made a long legged doji in the 1st candle and then made 7 consecutive candles with 100pts swings in each before deciding on the direction. We had a up day today with a decent run from 09.50 to 11.30 and then a…
The rally that had to come yesterday, came in today. Remember i had a bullish call for 14th Nov — but it didnt work out — read here Bank nifty opened at 42234 right at the swing high of yesterday’s session negating the price action from 14.10 to close yesterday. The first 3 candles showed bearishness and a small…
The chart pattern we were expecting on 6th Sep came today. I think this is the 2nd or 3rd occurrence wherein the expiry day chart patterns are decoupled with the normal trading days. It may be due to huge positioning or legally possible manipulation by the institutional desk. Look at the island price action for…
Banknifty opened gap up right at the resistance level 38700, remember the last day it closed right at the support level. This gap up opening took out the resistance level in the first candle itself and there was no looking back. Never in the day today BN tried to close down the gap or even…
