Postmortem on #BankNifty - 19 OCT 2022
Bank nifty opened gap up at 40556 and tried very hard to go up, even though it tried for the first 18 candles - BN was unable to just rally. This may be due to exhaustion after few days of rally. Or maybe the fresh longs are waiting on the sidelines for another trigger.
From 10.40 to 13.05 we had a beautiful fall which even closed the gap, but couldnt take out the support line of 40154. The pull back from 13.10 to 13.25 and the 2nd leg of fall from 13.30 to 13.55 made sense - but the price action from 14.00 to 14.50 looked like something suspicious.
Somebody or some institution would have gone long and then quickly squared off seeing there is no momentum. Or alternatively somebody would have squared off their short position and then reentered it back at 14.20. In total it looked like a failed price action or maybe a warning for further intense shorting.
Eventhough BN closed in green, today’s total move is bearish. This is even after none of the support lines being broken - thats because in the absence of longs, markets wont stay flat - they will fall to the next support level.
Call options data doesnt show any anomaly - although the max volume of trade happened at 40500 CE level
Put options data shows heavy build up from 39000 to 40000 levels - but no anomaly.
5mts TF does not show bearishness even after considering today’s move.
1hr TF does not show bearishness yet, it wouldnt show bullishness until the next resistance is taken out.
Bank nifty important support and resistance lines
s1:40154, s2: 39739
r1: 40691, r2: 41312
From 10.40 to 13.05 we had a beautiful fall which even closed the gap, but couldnt take out the support line of 40154. The pull back from 13.10 to 13.25 and the 2nd leg of fall from 13.30 to 13.55 made sense - but the price action from 14.00 to 14.50 looked like something suspicious.
Somebody or some institution would have gone long and then quickly squared off seeing there is no momentum. Or alternatively somebody would have squared off their short position and then reentered it back at 14.20. In total it looked like a failed price action or maybe a warning for further intense shorting.
Eventhough BN closed in green, today’s total move is bearish. This is even after none of the support lines being broken - thats because in the absence of longs, markets wont stay flat - they will fall to the next support level.
Call options data doesnt show any anomaly - although the max volume of trade happened at 40500 CE level
Put options data shows heavy build up from 39000 to 40000 levels - but no anomaly.
5mts TF does not show bearishness even after considering today’s move.
1hr TF does not show bearishness yet, it wouldnt show bullishness until the next resistance is taken out.
Bank nifty important support and resistance lines
s1:40154, s2: 39739
r1: 40691, r2: 41312
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