PostMortem on BankNifty Today & Analysis of 22 DEC 2022
Bank nifty opened today 42864 just below the resistance level of 42888 and the intention to go lower was very clear. By the 3rd candle the support level of 42574 was tested and by 09.35 we had a first break down.
The candle at 09.45 was pretty strong green and may have deceived many like me to believe the support level is intact. But this was just a fake move and by 10.10 we had clear indications of downtrend.
Although the intensity of downward move was not strong, the breakdown of 3 support levels over last 2 sessions is now looking pretty promising. Today bank nifty fell only 0.49% on a close-to-close basis.
There was a recovery from 12.55 to 14.20, but this was rejected at resistance level. We literally ran out of time or else bank nifty would have fell much more. May be the trades on 23rd Dec will look exciting.
From an expiry stand point we had a fall of more than 1698pts ~ 3.85% from 15th Dec to 22nd - so most of the traders who planned for direction-less option strategies would have taken the beat.
Had a personal emergency so could not prepare & publish this report earlier.
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Of the bank nifty components
Kotak bank was the lone wolf fighting for the green today, rest 5 banks were in red today.
The opening candle was deep red for ICICI, SBIN, AXIS. HDFC Bk managed to do a doji and Kotak did a green.
HDFCBk, ICICI and SBIN managed to climb back to green by 14.15 but got sold into. AXIS, IndusInd never recovered or tried to climb back today.
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15mts and 1hr are looking bearish now. Reinforced with the break in support to aid our bias.
Is this a trend or just an unwinding due to year end profit bookings as discussed on 2nd dec ?
The candle at 09.45 was pretty strong green and may have deceived many like me to believe the support level is intact. But this was just a fake move and by 10.10 we had clear indications of downtrend.
Although the intensity of downward move was not strong, the breakdown of 3 support levels over last 2 sessions is now looking pretty promising. Today bank nifty fell only 0.49% on a close-to-close basis.
There was a recovery from 12.55 to 14.20, but this was rejected at resistance level. We literally ran out of time or else bank nifty would have fell much more. May be the trades on 23rd Dec will look exciting.
From an expiry stand point we had a fall of more than 1698pts ~ 3.85% from 15th Dec to 22nd - so most of the traders who planned for direction-less option strategies would have taken the beat.
Had a personal emergency so could not prepare & publish this report earlier.
---
Of the bank nifty components
Kotak bank was the lone wolf fighting for the green today, rest 5 banks were in red today.
The opening candle was deep red for ICICI, SBIN, AXIS. HDFC Bk managed to do a doji and Kotak did a green.
HDFCBk, ICICI and SBIN managed to climb back to green by 14.15 but got sold into. AXIS, IndusInd never recovered or tried to climb back today.
---
15mts and 1hr are looking bearish now. Reinforced with the break in support to aid our bias.
Is this a trend or just an unwinding due to year end profit bookings as discussed on 2nd dec ?
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