This thread is continuation of earlier one, I felt thread name change is necessary
Both Nifty & Bank nifty on a major trend line violation, considering weekly Bank nifty expiry , more choppiness expected. Nifty oversold on Daily chart , chances of bounce back. World market , especially Dow Jones Ind Avg trend turned negative.
Nifty exactly at support level of 10118 next support for Nifty being 10068 / 9985, For bank Nifty support being
25190
As always these are chart observations , not a recommendation
As expected Nifty/bank nifty bounced back. Yesterday nifty was closed at support level, & today almost at resistance level of 10219 and not able to close above 10250 . For tomorrows closing of Nifty & Bank Nifty being very important Nifty seems to be in the process of right shoulder formation. For Nifty closing above 10260, For Bank Nifty above 25500 are seems to be very important.
Metal Index bounced from its support level of 3633, chances of metal index break below it
Are we still on for 9500? Have some cash I would like to invest.
Of course , As i would like to share chart observations & also try to update my self , I don’t " Recommend anything" If you are an investor , i feel , its better to wait for some more correction or till the State election results announced
Even after good news & FII / DII combined buying of 2742 Cr, Nifty lost some gains & closed just above important level of 10260 / 10275 by just 23/ 8 points , very near to days low , this shows of market weakness, and also weakness in world market especially Dow Jones Ind Avg, lost most of its recent gains.
Bank nifty seems to be bit stronger but nearing overbought level. Important level for Nifty being 10260/ 10219 and for bank nifty 25500/ 25388 as chart observations.
Nifty level 10260 seems to be a great support ( todays Nifty low was 10261.5) Reliance & HDFC Bank lifted Nifty & Bank Nifty , otherwise weakening indices. Nifty & bank nifty are seems to be at " no mans land"
Nifty and Bank nifty are not able to hold higher level, now they are at a turning point as i called them in " no mans land" in fact bank nifty was closed down. Volatility ( INDIAVIX) going to increase , Nifty needs to close above 10334 , support being 10308/10290
For bank nifty 25785 being a important point on upside and 25500 on the downside.
Bank nifty not able to close above important level of 25785, new support for BN being 25750 / 25678. weakness in PVt Banks being balanced by PSU Banks so there is a uncertainty on the direction of Bank nifty.
Nifty has taken the support of 10308 ( day low was 10309.55) . 10387 being important level , if nifty closes above this level , chances of Nifty reaching new level of 10600. Support for nifty being 10312 / 10281
But interesting thing is that , topping formation on Reliance ( double top) HDFC Bank ( triple top)
As expected volatility increased and may increase further
For Nifty 10308 seems to be a good support , ( almost for 3 days nifty tested days lows near to 10308 / todays low was 10307.30) as long as Nifty holds 10308 / 10290 on closing basis , chances of upside for Nifty is 50-50 since Nifty not able to close above 10387 level.
For Bank nifty closed below support level of 25750, new supports being 25694 / 25603 / 254800, , For BN 25480 being important level on closing basis.
INDIAVIX dropped , but it may rise.
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Yeah. Bank Nifty closed below the 5 Day EMA in the daily chart as well
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I think nifty will need to open gap up near or above the resistance of 10385 to have a chance at breaking it.
Resistance during the market hours is too high near these levels and there is good selling pressure from 10360 itself. Today, bulls tried hard for few hours in the morning to move above this but it failed. And then it started to fall steeply - fell to 10310 in just 2 hours. Towards the end, it returned to its neutral position around 10350.
I Feel nifty level 10387 is important on closing basis, you are right that 10360 being a good resistance level even on Nifty future level of 10364/10379, i am holding a OTM PUT option , let me see what happens tomorrow
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OTM put for November series?
Not sure if there is enough time to fall to a good extent. But if it’s in December, i think its a good bet. Unless there is some good upward push, its hard for nifty to hold this level.
Nifty able to cross important level of 10387 with struggle , European Market supported, higher levels for Nifty is possible , but one needs to be trade cautiously by reducing volume, Higher level for Bank nifty possible but uncertain. Interesting thing is that Nifty chart comparable to Reliance chart , while HDFC Bank chart comparable to bank nifty chart., Reliance moving to new high , same for Nifty .
Resistance for nifty being 10490 / 10536 , For BN resistance being 25791 / 25834
My OTM PUT gone in to water , i bought it for hedging , but my trade on NCC & Tara Jewel bailed it out.
Nifty is gaining slowly , todays market action indicates , till the NOV month expiry or till state election results nifty move will be upwards and then take a plunge, same thing for BN, Metal Index one of the early mover during 2016, will continue to correct , Support being 3690 level.
Support for Nifty being 10382 and resistance being 10425 For BN support being 25830 & resistance being 25987 as todays market observations
Momentum for the market is dropping, a kind of “hinge” formation being happening especially for , PSU banks Metal index correct further, sudden drop in metal index is possible.
For almost , better half of the day Bank nifty low was exactly at 25830 , dropped below it , but able to close above it. so on closing basis 25830 level being good support for BN
Nifty not able to close above important level of 10382/ 10387, its upside is dented. next support for nifty being 10352 / 10347 / 10330 / 10322
For BN support being 25800 / 25775 / 25757
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Nice effort from your side, to summarize the daily movement (which is very small for the last few days) into a narrative.
Just a small suggestion, the title doesn’t make much sense now considering the nature of the posts. Can we instead rename the thread/ start a new one, like this one (Weekly Banknifty Tracking upto Nov Expiry - Views/Trade ideas) but for nifty? That’ll help also bring more participants to the topic.
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I totally agree with your suggestion and even I am planning to start a thread to track Nifty starting from December. Kudos to @q45 for sharing his view continuously on this
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Tomorrow we can have directional move for next week after seeing steady move for a week.
Thank you. for the Kudos and to @Vigneshwaran_Vick also , you both are good in Option analysis, And your kudos makes me feel that my insight are good & makes me confident that i am not wasting viewers time. my idea was to share and get updated myself , not, to be a solo… Yes you are right , the title is not matching one , in-fact i was thinking to change it , it is difficult to get best head line , but i will not run this thread forever , if i feel it reached a certain level , i will stop it