Postmortem on #BankNifty - 27 SEP 2022
Bank nifty opened at 38811 just above the resistance line marked for yesterday. It tried to rally but was short lived. From 9.15 to 9.30 due to the upward move the CE options near ATM surged pretty heavily. This may be because the call writers would have got nervous and exited the short position fearing market will move significantly higher.
Or weak hands would have bought CE options thinking market has reversed and will go up. What really happened is that the buyers of CE options would have lost significant premium as BN continued in its downward journey.
From 9.35 to 10.40 BN tested the support line and finally breaking it at 10.45. The candles that formed after 10.45 somehow indicated that BN will move further down - but that did not happen too.
Most of the trading for the remainder of the day happened around this SR level. But something to note is that from 14.05 to 15.00 - the downward move away from the support line triggered fresh Call options shorting, the volumes traded is a measure of the intensity of short positions.
The final 30mts of trade did not however result in the squaring up of these fresh shorts somehow indicating the confidence in the call writers that BN may not move up for this expiry.
5mts chart when viewed for the previous days together - shows bearishness. Fresh lower lows are getting formed
1hr TF - for further downside the next support line has to be taken out failing which the momentum will be lost and BN may start consolidating. Also the 37900 support line proves quite strong as BN overcame that on 23rd & 29th Sep. So BN may have to take out the last 30 days of strength.
Bank nifty important support and resistance lines
s1:37946, s2: 37247
r1: 38698, r2: 39326
more ideas at viswaram.substack.com
no predictions, no trade recommendations !
Or weak hands would have bought CE options thinking market has reversed and will go up. What really happened is that the buyers of CE options would have lost significant premium as BN continued in its downward journey.
From 9.35 to 10.40 BN tested the support line and finally breaking it at 10.45. The candles that formed after 10.45 somehow indicated that BN will move further down - but that did not happen too.
Most of the trading for the remainder of the day happened around this SR level. But something to note is that from 14.05 to 15.00 - the downward move away from the support line triggered fresh Call options shorting, the volumes traded is a measure of the intensity of short positions.
The final 30mts of trade did not however result in the squaring up of these fresh shorts somehow indicating the confidence in the call writers that BN may not move up for this expiry.
5mts chart when viewed for the previous days together - shows bearishness. Fresh lower lows are getting formed
1hr TF - for further downside the next support line has to be taken out failing which the momentum will be lost and BN may start consolidating. Also the 37900 support line proves quite strong as BN overcame that on 23rd & 29th Sep. So BN may have to take out the last 30 days of strength.
Bank nifty important support and resistance lines
s1:37946, s2: 37247
r1: 38698, r2: 39326
more ideas at viswaram.substack.com
no predictions, no trade recommendations !
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