PostMortem on BankNifty Today & Analysis of 19 DEC 2022
The inability of BankNifty bears to take out the support 43253 should be viewed as a good sign. We did discuss about this in the last article - read here
Bank Nifty Today - 16 DEC 2022 Post Mortem & Weekly Analysis + US Markets Comparison
Remember yesterday's discussion around the 43255 support region, thats exactly where bank nifty opened today - 43261.banknifty.medium.com
Today's price action was nothing special, a small range bound trade today. Opened at 43346 and then rallied down, the first candle itself closed right at the support line. The next 8 candles traded below this SR line, but BN took this out by 10.00.
The positive surge faded out by 11.40 where it got rejected from the top of lower high made last session. The fall was only till 13.10 where it touched the support area again. The support area rejected the downfall and the same went to the HOD.
What today did was to cool off the far OTM premiums because of the small range of trade today. Nifty50 +0.83% outperformed banknifty 0.45%, whereas NiftyIT was in red -0.51%. India VIX cooled off another 3.68% to end at 13.5525.
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Bank nifty components had some contradicting chart patterns
HDFC Bk opened high but the first candle was deep red, it went underwater and then picked up momentum by 09.55 for a small positive rally.
ICICI also had an opening red candle but went above water much faster made HOD at 11.35 and then slipped back into red. From 13.15 a small rally helped it close in green
SBIN had a near perfect flat pattern today. It really did not go anywhere. HOD was at 14.15 and then it seemed like it was dropping to negative territory - but the final close was green.
AXIS outperformed, had a good bullish pattern with a healthy pause from 11.15 to 13.05. Now its at the swing high levels of the previous session(s)
Kotak opened strongly and then had almost a perfect flat trade till 14.45. The last 45 mts there was a surge which helped it close with gains of 0.96%.
IndusInd was continuing the falling pattern from the previous session. LOD was at 12.55 and then it had a minor recovery till close. The pattern looks bearish.
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15mts TF shows the minor pause BN is taking now
1hr TF is yet to confirm the direction - it can be viewed as a resting zone for a breakout in either direction.
Bank Nifty Today - 16 DEC 2022 Post Mortem & Weekly Analysis + US Markets Comparison
Remember yesterday's discussion around the 43255 support region, thats exactly where bank nifty opened today - 43261.banknifty.medium.com
Today's price action was nothing special, a small range bound trade today. Opened at 43346 and then rallied down, the first candle itself closed right at the support line. The next 8 candles traded below this SR line, but BN took this out by 10.00.
The positive surge faded out by 11.40 where it got rejected from the top of lower high made last session. The fall was only till 13.10 where it touched the support area again. The support area rejected the downfall and the same went to the HOD.
What today did was to cool off the far OTM premiums because of the small range of trade today. Nifty50 +0.83% outperformed banknifty 0.45%, whereas NiftyIT was in red -0.51%. India VIX cooled off another 3.68% to end at 13.5525.
---
Bank nifty components had some contradicting chart patterns
HDFC Bk opened high but the first candle was deep red, it went underwater and then picked up momentum by 09.55 for a small positive rally.
ICICI also had an opening red candle but went above water much faster made HOD at 11.35 and then slipped back into red. From 13.15 a small rally helped it close in green
SBIN had a near perfect flat pattern today. It really did not go anywhere. HOD was at 14.15 and then it seemed like it was dropping to negative territory - but the final close was green.
AXIS outperformed, had a good bullish pattern with a healthy pause from 11.15 to 13.05. Now its at the swing high levels of the previous session(s)
Kotak opened strongly and then had almost a perfect flat trade till 14.45. The last 45 mts there was a surge which helped it close with gains of 0.96%.
IndusInd was continuing the falling pattern from the previous session. LOD was at 12.55 and then it had a minor recovery till close. The pattern looks bearish.
---
15mts TF shows the minor pause BN is taking now
1hr TF is yet to confirm the direction - it can be viewed as a resting zone for a breakout in either direction.
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