BANKNIFTY has gained 0.29% ~ 123pts from the last Thursday to today. Except for the 1st hourly strong candle on 17th, the rest of the trading was range bound with a slight positive bias.The range banknifty traded in (max swings) indicated below. It just had a maximum swing of 1.28% and this explains why the options premium had no air in it.
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NIFTY on the other hand fell 1.14% ~ 203pts this week. The 1st candle of 17th basically set the tone for this week. The rest of the trades were contained within the shadow of this 1hr candle. ---
20th April Analysis
BankNifty is struggling to break-out from this level. Might be its taking a rest before the next move - but as it stands its out-performing Nifty50 quite strongly.
Even though bank nifty was unable to take out the recent swing high, the downside protection is seen as quite strong. No matter what happens - bank nifty is not falling to the 41624 levels.
Nifty50 on the other hand is going through a weak sentiment, triggered by the IT QoQ results.
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Looking at the option's premium data I strongly felt we have a down-trend post 12.30 - but the lows were strongly protected on both the indices. I must say my debit spread again went to zero !
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15mts chart is looking strong as ever, today's price action has confirmed that bulls are still in control. Yesterday I was of the impression that the support of 41624 could get taken out by 20th or 21st - thats because of a weak global sentiment. Seems like bank nifty has no intention to give up the gains!
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1hr chart is also looking quite strong, the 14.15 candle of today (+156 pts) ensured that the swing-low of 42034 is not getting taken out. Also this candle gave so much of confidence to the bears - I could say with confidence that this move ensured even the Nifty50 is closing in green today!
To view all the 7 charts visit viswaram. com
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Penerbitan berkaitan
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.