PostMortem on BankNifty Today & Analysis of 08 DEC 2022 Expiry
What a rally today ! Contrary to the chart pattern which indicated the market may fall - the news event took priority & changed the sentiment all over.
Bank nifty opened inline at 43142 made an indecisive 5mts candle and from the next candle onwards the rally started. The resistance was taken out at 09.40 and then there was no stopping.
BN made higher highs and higher lows intraday showing the immense strength today. The election results and the progress BJP made in getting the seats in Gujarat made a real & solid impact.
Remember, i was looking out for bearish side and an opportunity to short sell - but the election results countered the technicals. In a battle of fundamental vs technical analysis - the fundamentals always wins. News is a major market mover - a macro setter, sentiment changer.
So now we have a new all time high of 43640. Further price moves will be quite difficult to forecast atleast for the coming 2 to 3 days - because we need to know how strong is this break out rally.
Banknifty closed 1.16% compared to the Nifty50 that just ended at 0.26%, NiftyIT index was down -0.24% and the India VIX fell 4.83% to close at 13.3975
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Of the bank nifty components:-
HDFC Bk started with a bang, the first 10mts taking out yesterday's swing high and then a brief consolidation till 13.45. Another surge for 15mts and then a pull back to the levels set in the opening 10mts.
ICICI Bk's rally was quite different, first top at 09.55, pull back to near flat line and then another rally to take out the first top. And closing near HOD.
SBIN had a gap up and then a steady bullish upmove, since it has been falling last couple of days - its needs to break the swing high for further bullish bias
AXIS had an upmove with very little pullback showing no selling interest and just buying interest. The final close was 2.70% higher (acute strength)
Kotak had a gap down, went further down and then a pullback to close at today's open level. Its been falling for few days now - may indicate a news/event for the underperformance in an otherwise strong market
IndusInd had a very good opening candle and then it built up from there, today's move is almost 50% retracement from the recent swing high.
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15mts TF showing the breakout - now the chart looks bullish because
the resistance is taken out
the range which was existing from 24th Nov is now broken on the upside
1hr TF confirms today's breakout, all the candles are in green today signaling a change in sentiment (news driven).
Bank nifty opened inline at 43142 made an indecisive 5mts candle and from the next candle onwards the rally started. The resistance was taken out at 09.40 and then there was no stopping.
BN made higher highs and higher lows intraday showing the immense strength today. The election results and the progress BJP made in getting the seats in Gujarat made a real & solid impact.
Remember, i was looking out for bearish side and an opportunity to short sell - but the election results countered the technicals. In a battle of fundamental vs technical analysis - the fundamentals always wins. News is a major market mover - a macro setter, sentiment changer.
So now we have a new all time high of 43640. Further price moves will be quite difficult to forecast atleast for the coming 2 to 3 days - because we need to know how strong is this break out rally.
Banknifty closed 1.16% compared to the Nifty50 that just ended at 0.26%, NiftyIT index was down -0.24% and the India VIX fell 4.83% to close at 13.3975
---
Of the bank nifty components:-
HDFC Bk started with a bang, the first 10mts taking out yesterday's swing high and then a brief consolidation till 13.45. Another surge for 15mts and then a pull back to the levels set in the opening 10mts.
ICICI Bk's rally was quite different, first top at 09.55, pull back to near flat line and then another rally to take out the first top. And closing near HOD.
SBIN had a gap up and then a steady bullish upmove, since it has been falling last couple of days - its needs to break the swing high for further bullish bias
AXIS had an upmove with very little pullback showing no selling interest and just buying interest. The final close was 2.70% higher (acute strength)
Kotak had a gap down, went further down and then a pullback to close at today's open level. Its been falling for few days now - may indicate a news/event for the underperformance in an otherwise strong market
IndusInd had a very good opening candle and then it built up from there, today's move is almost 50% retracement from the recent swing high.
---
15mts TF showing the breakout - now the chart looks bullish because
the resistance is taken out
the range which was existing from 24th Nov is now broken on the upside
1hr TF confirms today's breakout, all the candles are in green today signaling a change in sentiment (news driven).
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