PostMortem on BankNifty Today & Analysis of 23 NOV 2022
Bank nifty had a good up day today, starting with a good gap up and then rallying from there.
Absolutely no stopping the markets now, nifty50 had a flattish day - but bank nifty outperformed. I seriously cant think of anything that will break the bank nifty now - where are the short sellers?
FIIs are selling but the index is moving higher - is this a breakout or a pump and dump move??
BN opened at 42668 made a red candle - but the wick showed the strength in buyers. From there it was kind of flattish day till 12.50 when we had the first signs. And then another warning at 13.50 (look at the surge in CE premiums most of them will have a top wick) indicating a short covering move.
The rally did not stop until 14.55 after which we had sharp down moves and the final closing near the open.
Also the closing minutes did have a surge in options volume on the call side - unable to make out if it was fresh shorts or just unwinding. Since its expiry tomorrow the opening minutes may show the direction of trade.
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Of the major bank nifty components :-
HDFC bank spent much of the time in the positive territory although it went underwater for some time. The final closing minutes saw sharp selling
ICICI was bullish from the start and went upto 931 and then saw sharp selling.
SBI's move was perfectly bullish, the last 30mts did not do that much of a damage
AXIS went underwater in the opening 10mts but from there it caught a trend and then saw good bullish pattern
Kotak gap'd up and then stuck in that range
IndusInd went underwater and then at 13.50 it rallied, the slope of the rally was near 75 to 80 degree. But this was given up in the last 40mts.
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SPX vs Bank nifty the spread staying at +5.24% vs 27.92%
SPX has commenced trade on 23rd Nov in positive terittory, above the resistance level of 3991. The next resistance is at 4072 now.
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15mts vs 1hr - the island day is very visible in the 15mts TF. And today's move is adding bullishness to an already extreme bullish 1hr chart
Absolutely no stopping the markets now, nifty50 had a flattish day - but bank nifty outperformed. I seriously cant think of anything that will break the bank nifty now - where are the short sellers?
FIIs are selling but the index is moving higher - is this a breakout or a pump and dump move??
BN opened at 42668 made a red candle - but the wick showed the strength in buyers. From there it was kind of flattish day till 12.50 when we had the first signs. And then another warning at 13.50 (look at the surge in CE premiums most of them will have a top wick) indicating a short covering move.
The rally did not stop until 14.55 after which we had sharp down moves and the final closing near the open.
Also the closing minutes did have a surge in options volume on the call side - unable to make out if it was fresh shorts or just unwinding. Since its expiry tomorrow the opening minutes may show the direction of trade.
---
Of the major bank nifty components :-
HDFC bank spent much of the time in the positive territory although it went underwater for some time. The final closing minutes saw sharp selling
ICICI was bullish from the start and went upto 931 and then saw sharp selling.
SBI's move was perfectly bullish, the last 30mts did not do that much of a damage
AXIS went underwater in the opening 10mts but from there it caught a trend and then saw good bullish pattern
Kotak gap'd up and then stuck in that range
IndusInd went underwater and then at 13.50 it rallied, the slope of the rally was near 75 to 80 degree. But this was given up in the last 40mts.
---
SPX vs Bank nifty the spread staying at +5.24% vs 27.92%
SPX has commenced trade on 23rd Nov in positive terittory, above the resistance level of 3991. The next resistance is at 4072 now.
---
15mts vs 1hr - the island day is very visible in the 15mts TF. And today's move is adding bullishness to an already extreme bullish 1hr chart
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