Market is preparing for another downside?


Bank nifty dropped below 24400, as earlier i noticed 20 DMA crossed below 50 DMA that views holds still , if Bank nifty close below some more down side expected , but ITC & Reliance are supporting Nifty


As I observed & expected Bank nifty dropped to 24000, Trend reversal was triggered on 3-10-2017 ( and also on 16-10-2017)due to short covering Bank nifty did not closed below 24000, but the downtrend is strengthening. 23800 is the crucial level, Bank nifty may bounce from 23800 before going down further.
On Nifty there is a sell signal , 10100 & 9950 are crucial level for Nifty. So party is coming to conclusion, bills are being prepared, before guest start leaving Youngsters won"t leave before one last "Rock"These are my observations not recommendation.


Even after positive bias on Monday morning , Bank nifty gone below 24000 to a low of 23912.55 and bounced , short sellers paused in selling ICICI Bank,
Bulls pushed Reliance to a inflection point, in making Nifty risky.
Forthcoming company results may decide the direction of the market.
These are just my observations


HDFC Bank result and trend change on PSU Bank on 18-10-2017 and started moving from 23-10 and todays Govt.Decisions on Bank recapitalization will keep bank nifty either Flat or positively biased, but Now Nifty is weakening , due to Reliance this is todays observation


hdfc bank result did not impact nifty much but infy result may b negative which can pull nifty down.


You are right, but, Cat/ Mouse play is going on between Reliance & HDFC bank, , see today how these two acted and also now a days INFY is not having much influence on Nifty like earlier days


Did u c the news big bank reform govt is infusing money into PSU’s.


Since i rely on TA , my sense was that something is going to happen on PSU Banks ( see my reply on 13-OCT to Mr Hari Babu) and also chart of CANDC ( c&c construction/ Bharatmala project effect) made me to hold on to my United Bank shares
and todays Govt decisions confirm that


Bank Nifty seems to be in a range , now at the top, If Banknifty closes above 25200 trades consistently above it to break the range, In bank nifty, PSU Banks are up while Private banks are down, same thing is within the private banks, For Nifty there is no problem as long as it holds 10200 level, but worrying thing is Reliance, showing on chart some kind of "toppishness"
as these are just observations, i would like add that , there is a lot of debate about TA & "Fundamentals "
I think one should go for , which one works better for them
TA helps & saves traders, while “FUNDAS” are for time pass.
TA saved me from Paper loss of -5000 to a proft


hey @q45 congratulation.


Thank you, but i would like to caution fellow traders about taking new positions in PSU Banks ,before correction


I Do 99.99% Intraday. :joy:

Totally Agree with you @q45 not just PSU banks This is not the right time to buy Any stock for long term Investment.
Market is at all time high. Stocks hitting their all time high.
I would say this is the right time to close your loss making positions and Invest in some good Stocks.
If anyone wanna do anything do BTST, Swing Trading, Intraday.


One interesting thing is that, last time bull market ended after Reliance Power IPO over subscription & listing, that time market was at its peak, :slightly_smiling_face: today Reliance Nippon Life IPO opened & fully subscribed with in 1 Hour & Market is at its Life high


History repeats itself. So People might wanna pay attention. :smiley:


Momentum indicators are turning negative , chances of correction on Nifty & Reliance /HDFC Bank. Support for nifty is 10315 resistance was 10375. Bank nifty is also showing weakness , Metal rally seems to be over,
These are chart observations


Resistance for for Nifty is 10535 & 10735, support being 10417 & 10269, Many index stocks turned negative , be it Reliance, Icici, Airtel , IOC ,BPCL,Maruti and many , For bank nifty resistance 25765 and support being 25575
But FIIs sold -9690.84 , DIIs also turned sellers on net basis
Reliance Nippon listing on Monaday , Will History repeats , Fingers crossed"
As always these are market observations


Reliance Nippon is listing when RCOM is telling customers to migrate to other networks.

Reliance JIO is beneficiary.


Reliance Nippon has nothing to do with telecom business.


Right, i was referring to historical coincidental events, not scaring, Reliance power listed during market height at that time, many people were jumping on to derivatives without knowing the basics of it , same thing is now, many newbies jumping to FNO (derivatives)without knowing it, many Trading QNA is an example. . If a trader loose his capital, it takes decades to recover from the market, unless , he is having a job.
one more coincidental thing is that, Last American market meltdown was due Derivative product "Subprime"
Now “Bitcoin” future(Derivative) is approved by CME of USA and an Unstable President.


Bit coin is going to destroy many for sure. Euphoria will soon fade.