19 Jul ’23 Post Mortem on BankNifty, Upside looks very promising
Banknifty on the other hand had a perfect range bound trade today, the option prices also reflected this & there was absolutely no spike in premiums.
Yesterday we had an action packed price action, whereas it was calm and quiet today. So we have an inside day today meaning the big-boys have taken a day of rest. Most likely we could see a continuation of price action of what we had on 18th July.
But these days Banknify has lost its wild swinging nature, in fact Nifty is showing more tendency to swing. Like mentioned earlier, reasons like this are prompting banknifty traders to switch back to nifty for more bang!
1hr TF should show bullishness, again due to the bearish trend line breakout. The retest of the trend line should happen real quick if bears would like to pass a message, otherwise the field is set for more bull runs.
Again I wish to stay out from trading as we dont have strong support levels.Only if the premiums look enticing, I could go ahead and sell them. Tomorrow’s expiry looks uneventful if the premiums stay like this. Let us hope RELIANCE brings in some drama tomorrow & the banks are called upon to counterbalance the weight on Nifty50.
Yesterday we had an action packed price action, whereas it was calm and quiet today. So we have an inside day today meaning the big-boys have taken a day of rest. Most likely we could see a continuation of price action of what we had on 18th July.
But these days Banknify has lost its wild swinging nature, in fact Nifty is showing more tendency to swing. Like mentioned earlier, reasons like this are prompting banknifty traders to switch back to nifty for more bang!
1hr TF should show bullishness, again due to the bearish trend line breakout. The retest of the trend line should happen real quick if bears would like to pass a message, otherwise the field is set for more bull runs.
Again I wish to stay out from trading as we dont have strong support levels.Only if the premiums look enticing, I could go ahead and sell them. Tomorrow’s expiry looks uneventful if the premiums stay like this. Let us hope RELIANCE brings in some drama tomorrow & the banks are called upon to counterbalance the weight on Nifty50.
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