PostMortem on BankNifty Today & Analysis of 15 FEB 2023
We had that resistance breakout today, a much awaited 41624 break. This makes the coming days exciting - most importantly tomorrow's expiry
BANKNIFTY opened inline at 41674 and made a series of red candles till 09.40, a fall of 0.52% and crucial 41624 SR rejection.
From there it made steady gains to take out the SR at 11.20 but only to fail in the next candle. A rise of 0.53% - which means a symmetrical recovery back to the opening levels.
From hereBANKNIFTY made a gradual fall till 14.25 ~ 0.55% - this again took BANKNIFTY back to the LOD. So by now we have had 3 moves in the 0.52–0.55% range by 14.25
What happened after 14.30 was almost magical, i seriously did not think we will take out the 41624 resistance level today also as 5 prior attempts had already failed. ButBANKNIFTY made some stellar vertical like moves aided by ICICI, SBI, Axis & HDFCbk.
Final close was well above the SR zone so we can almost confirm the range breakout. Also interestingly there were fresh short writings at PE mostly as positional trade for expiry tomorrow. The surge in volumes in the last 15mts is proof for this.
So i assume the sentiment has shifted from negative to neutral yesterday & then to positive by today. Do note that i still have the 41000/40900 debit ratio spread which is currently at loss.
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15mts TF is confirming the range break and the minor sentiment shift to the bullish side. We have one more resistance to overcome, thats where the brutal selling started.
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1hr TF, we can now stay away from bearish bets temporarily or atleast till the first support is not broken. Also note the 1hr is not showing bullishness yet - we need a break above the swing high for bullish momentum.
Here we have contradicting signals from the 15mts vs 1hr TF. 15mts saying no more bearishness & 1hr saying not bullish.
Ideally its not a bad idea to wait before taking aggressive trades !
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Among the bank nifty components
HDFCBANK was drifting into the red when the last 1 hr momentum reversed it.
ICICIBANK gains are quite obvious from the chart here, 3 consecutive green candles that powered up the BANKNIFTY today in last 1 hr
SBIN was able to get out of red with the last 1 hr momentum
AXISBANK also managed to reduce its losses in the same period.
KOTAKBANK was already surging ahead, the last 1hr gave it leg 2 of rally
INDUSINDBK did not participate in the broad based momentum that really helped the other 5 banks in last hour.
8 charts available in today's report at viswaram .com
BANKNIFTY opened inline at 41674 and made a series of red candles till 09.40, a fall of 0.52% and crucial 41624 SR rejection.From there it made steady gains to take out the SR at 11.20 but only to fail in the next candle. A rise of 0.53% - which means a symmetrical recovery back to the opening levels.
From here
BANKNIFTY made a gradual fall till 14.25 ~ 0.55% - this again took BANKNIFTY back to the LOD. So by now we have had 3 moves in the 0.52–0.55% range by 14.25What happened after 14.30 was almost magical, i seriously did not think we will take out the 41624 resistance level today also as 5 prior attempts had already failed. But
BANKNIFTY made some stellar vertical like moves aided by ICICI, SBI, Axis & HDFCbk.Final close was well above the SR zone so we can almost confirm the range breakout. Also interestingly there were fresh short writings at PE mostly as positional trade for expiry tomorrow. The surge in volumes in the last 15mts is proof for this.
So i assume the sentiment has shifted from negative to neutral yesterday & then to positive by today. Do note that i still have the 41000/40900 debit ratio spread which is currently at loss.
---
15mts TF is confirming the range break and the minor sentiment shift to the bullish side. We have one more resistance to overcome, thats where the brutal selling started.
---
1hr TF, we can now stay away from bearish bets temporarily or atleast till the first support is not broken. Also note the 1hr is not showing bullishness yet - we need a break above the swing high for bullish momentum.
Here we have contradicting signals from the 15mts vs 1hr TF. 15mts saying no more bearishness & 1hr saying not bullish.
Ideally its not a bad idea to wait before taking aggressive trades !
---
Among the bank nifty components
HDFCBANK was drifting into the red when the last 1 hr momentum reversed it.ICICIBANK gains are quite obvious from the chart here, 3 consecutive green candles that powered up the BANKNIFTY today in last 1 hrSBIN was able to get out of red with the last 1 hr momentumAXISBANK also managed to reduce its losses in the same period.KOTAKBANK was already surging ahead, the last 1hr gave it leg 2 of rallyINDUSINDBK did not participate in the broad based momentum that really helped the other 5 banks in last hour.8 charts available in today's report at viswaram .com
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