04 Jul '23 Post Mortem on BankNifty
BN chart is interesting today, again just like N50 we had a falling 45mts open wherein BN lost 0.8% to go below prev. close.
From there it reversed and then rallied 1.46% ~ 655pts to hit a new ATH of 45655 by 13.30 mainly due to the rally in SBIN, KOTAKBANK. PNB +5.94%, FEDERALBANK +3.49% even though their weightage on the index is not that heavy.
Again the PUT writing was similar to N50, at a time we had all the PEs and CEs in green today (very rare). The call writers were searching for a opportunity to catch the reversal, even though we had a fall of 0.97% ~ 441pts between 13.30 to 14.25 — nobody would have really capitalized on it.
1hr TF
BN chart pattern unlike N50 was not compelling me to call for a top yesterday. But today I think it is showing some signs of a nearby top formation. The fall in the 13.15 hourly candle quite nearly showed the exhaustion.
But these are different times & markets are really going up. The breakout rally sure does have some mileage & it will take some time for a good reversal to come.
From there it reversed and then rallied 1.46% ~ 655pts to hit a new ATH of 45655 by 13.30 mainly due to the rally in SBIN, KOTAKBANK. PNB +5.94%, FEDERALBANK +3.49% even though their weightage on the index is not that heavy.
Again the PUT writing was similar to N50, at a time we had all the PEs and CEs in green today (very rare). The call writers were searching for a opportunity to catch the reversal, even though we had a fall of 0.97% ~ 441pts between 13.30 to 14.25 — nobody would have really capitalized on it.
1hr TF
BN chart pattern unlike N50 was not compelling me to call for a top yesterday. But today I think it is showing some signs of a nearby top formation. The fall in the 13.15 hourly candle quite nearly showed the exhaustion.
But these are different times & markets are really going up. The breakout rally sure does have some mileage & it will take some time for a good reversal to come.
Powiązane publikacje
Wyłączenie odpowiedzialności
Informacje i publikacje przygotowane przez TradingView lub jego użytkowników, prezentowane na tej stronie, nie stanowią rekomendacji ani porad handlowych, inwestycyjnych i finansowych i nie powinny być w ten sposób traktowane ani wykorzystywane. Więcej informacji na ten temat znajdziesz w naszym Regulaminie.