2nd Nov ’23 - BankNifty had a falling window @ 11.40 5mts candle
BankNifty Analysis
BankNifty had a unique day today, firstly a gap up open and a total swing of +536pts ~ 1.25% with respect to yesterday’s close. We were not able to take out the 43253 resistance and its rejection resulted in a deep fall of 475pts ~ 1.1%. Cant believe we even had a falling window candle stick pattern between 11.40 & 11.45.
Seeing the fall, I was quite confident that the gap would be closed and soon we would take out the support level of 42576. Another day has gone worthless for the PUT options. I am still not sure how BankNifty stopped falling right at 11.50. For me, the red candle at 11.40 came right at the support level of 43012 and the break should have resulted in further momentum.
In any case, BankNifty climbed back to the SR level and closed just above 43012 to give the illusion of bullishness to the market participants. I am still not convinced entirely, but seeing the global markets overflowing with euphoria - seems like we will take out 2 resistances tomorrow.
The levels to watch out for are 43253 and 43404 on the upside and 43012 and 42576 on the downside.
BankNifty had a unique day today, firstly a gap up open and a total swing of +536pts ~ 1.25% with respect to yesterday’s close. We were not able to take out the 43253 resistance and its rejection resulted in a deep fall of 475pts ~ 1.1%. Cant believe we even had a falling window candle stick pattern between 11.40 & 11.45.
Seeing the fall, I was quite confident that the gap would be closed and soon we would take out the support level of 42576. Another day has gone worthless for the PUT options. I am still not sure how BankNifty stopped falling right at 11.50. For me, the red candle at 11.40 came right at the support level of 43012 and the break should have resulted in further momentum.
In any case, BankNifty climbed back to the SR level and closed just above 43012 to give the illusion of bullishness to the market participants. I am still not convinced entirely, but seeing the global markets overflowing with euphoria - seems like we will take out 2 resistances tomorrow.
The levels to watch out for are 43253 and 43404 on the upside and 43012 and 42576 on the downside.
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