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…
I am not worried with bank nifty moving up like that — but on a day where the global cues were very negative — quite impossible. Bank nifty moved today quite contradictory to the global moves. Frankly what is happening to India’s banks — is there so much positivity to bury the global macros ? S&P500 down 2.5&, Nasdaq100 down 3.39% and…
The price action formed today is negative, i am inclined to go short although nifty50 shows contradicting signals Bank nifty ended today’s trade flat with a drop of only 0.04%, but i feel the price action was on the negative side. BN opened gap up at 41552 made a red candle first 5mts, and then…
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…
A little about me. I understood the stock markets practically first and then I learned the theoretical part. Usually, people do it the other way around — but for me, I did not have the option to learn the theory first as I had the fire in me to get the trades going. And when I got…
Bank nifty opened at 41236 below the resistance level of 41312 & made a real green bullish candle. A move of 206pts in the first 5mts itself. This did not last and the gain was given up by 09.50 wherein the support level was broken conclusively. There was a test at this SR level, price…
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…
When the S&P does a relief rally for one day, our bank nifty thinks its a reversal and shoots up. Look at what happened today, BN opened gap up at 41304 up 400+ pts and then takes out the resistance in the first candle itself. Look at the strength today, the resistance level was never…
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…
