Will be interesting to see where we open. A gap up will my ideal scenario where we could short with a tight SL from the word "GO...". A neutral opening, again if we plan to go short, the position size will have to be significantly smaller. In case of Gap down opening, I shall wait for a retracement to sell into. That's the plan.
This is the support we have been waiting for since 2nd of May. Now that we have made daily candles that look a lot like reversal candles to me, I am absolutely sure about being unsure on what to to. Will perhaps let Bank Nifty decide for herself on a moon first. Till then, I have a seat with the audience.
Will the banks be able to close this week above these crucial levels is the big question. Them Bank Nifty remains the lone crusader who never gave into this bloodbath.
What good is the fall if the lower levels are not visited. Again that is if we dont care about the weekly candle closing. Let it come down ad visit the 21777 level before it flies again.
Bank Nifty is stuck in a difficult zone from where it has a lot more to fall than NIFTY before we can say it's with the bears.
A break and close below yesterday's lows can take NIFTY to 21750 levels. This would not have been a fleeting thought if it was not for the election result scenario.
If the ritual we mentioned yesterday plays out, a PUT buy in Bank nifty could be the trade of the year. But again Bank Nifty is also at a crucial FVG level. And to the bottom of the channel, it has a long way to go.
Nifty spot and FUT, both settled at crucial levels marked in our previous analysis. This is the level that has to be protected for Nifty to stay "NOT BEARISH" at least. Now with an even in sight, I am not sure how it will behave. My previous narrative was that Nifty would stay at ATH levels and with the election result, would fall. But now it seems like there is a...
The last time Bank Nifty tried going up without testing the bottom of this channel was in Jan 2024. Look at what happened then. We opened to a large Gap down and completed the ritual. That ritual is pending in Bank Nifty. If that is the case, we will see a sting into the bottom before we continue higher.
If we consider the high and low of the last day candle in futures as a range, a break in either direction can give a sharp sting that way before turning and going the opposite way. This is just a story that played in my head. And the probability of this being on the down side seems more likely. 22350 and 22300 may be likely in this case before we see a short...
Bank Nifty again is more resilient than NIFTY. It is seen respecting the Daily FVG and looks ready consolidate with a positive bias. Just the hammer created on the top of a rally caps the up side. Hope sellers take a breather before they swing back into action.
Shorters at 22800-900 range have proved me wrong. I should have thought of the "Retracement" shorters, who are essentially piggyback day traders who wat for a retracement to institutional bulk orders and punch in their own, hoping the levels hold. Plus the news of taxation, did th trick. In this case, we should either fly or Consolidate. Not fall further.
22650. Who are these straddle writers who believe in the fables of the fall of Titans? Depending on the Pre market open price, we can see when they will run for cover. Not IF, but WHEN. Let us see if we can gather enough buyers to take out the fabled 22800 short sellers today. Most likely it might happen by the end of the day.
The FVG has been respected and this implies we are ready to fly. All will depend on the nerves of 49500 straddle writers. What steel their nerves are made of. If they run, Bank nifty runs to 50k. Now 50K is a psycho level and so are the sellers there. Overall I am bullish.
Bank Nifty was never bearish the whole time. There is every possibility that 49300 will be protected this week. Every dip in the morning should be seen as a chance to buy calls. Unless some extraordinary selling comes in the market, Bank Nifty should either consolidate or fly. The only negative is the bearish day candle formed yesterday. The top of which will be...
Chances are that Nifty could trade between 22800 and 22450 to 500 range today. If Nifty comes to either of these levels, look for contra trades in the opposite direction.
Bank nifty in in no man's land. The close of tomorrow's candle will give us some level to mark. There seems to be decent absorption at 49580. But how strong these shorters are will be have to be seen tomorrow. Ideally a HANDLE will have to be formed for a healthy up move. Now, how big a handle?
There is one significant support that has to be protected this week. Any retracement will have to be absorbed around this area and Nifty will gather steam to revisit OR perhaps even break ATH. 22800 in FUT is where bears have big orders. Let's see what happens when we retest that area to eat up all those orders.