BankNifty

Nish

Well-Known Member
#51
Waited for some lower price in BN 04Mar 34000PE !
From low of 154 to high of 215.

Quick 50 points in just an hour ! :)

If 34500 to 35000 support hold and consolidation phase visible, then will avoid shorts.

May be 35000 to 40000 bullish formula kick-start again !

Till then , Will wait for opportunity on both side with proper SL !
 

Nish

Well-Known Member
#52
Only for my Trading:

1) On 24Feb , would avoid LONGs in N and BN and posibly prefer SHORT with proper SL - if chart 30m permits.

2) On 25Feb expiry, would try LONGs in N and BN after 11:30 onward using very cheap CEs without SL.

3) From 26Feb onwards, would prefer LONGs in N and BN.

All depends on Local and Global cues .

View strictly for STUDY PURPOSE !
 

Nish

Well-Known Member
#53
Was expecting todays Bullish recovery from tomorrow 11:30 afterwards, as mentioned in point 2 in last message. But biggies pre-poned it today only ! Luckily saw a freak gap-up trade in index in 2nd pre-open and adusted my trades accordingly !! :)

Now if no GAP -DOWN or no range-bound trade tomorrow to adjust Expiry Max-Pain or Inside-Bar moves in todays BIG candle, then instead of 25Feb onwards the rally may continue towards N 15500 and BN 35000 to 40000 formula range.

Technical Glitch in Trading Hours is BAD !
It should NOT happen !


View strictly for STUDY PURPOSE !
 
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Nish

Well-Known Member
#54
The Technical Glitch has underlined the importance of implementing the importance of Extended Working Hours for FnO segment like other Global Stock Exchanges and also the need of GIFTcity exchange in Gujrat ! :)
 

Nish

Well-Known Member
#55
BN is abv 37000. Max Pain of 25Feb expiry is below 36000.
Either Max Pain is distorted or Writers of BN has to bring it below 36000 today itself !

Waiting patiently for a proper trade entry in 4Mar expiry ! 38000CE in my watch-list !
 

Nish

Well-Known Member
#56
As expected, option writers trying to bring down BN towards its Max Pain range - slipped from 37000 plus towards 36500 !

But think BN may rebound upward again going forward - if no adverse news !
 

Nish

Well-Known Member
#58
But today's candle is not very encouraging

View attachment 45568
Remember BN_Wkly19Feb2021 PitchFork chart ? That may spans from Mar thru May2021 - if something goes wrong in global markets .

Todays may be profit booking and Gap-Filling day - Hopefully !
Logically 35000 to 40000 block should be filled-up in coming days - with a posible extention towards 42250 +/- - , .. if no adverse news mentioned in prvs post and approx Fibo 35065 lvl remains intact on wkly chart !

Anyways . Trend is Friend ! :)

View strictly for STUDY PURPOSE !
 

Attachments

#59
Well, Nifty has gone up by about 24% from previous ATH (12400 to 15400) whereas Banknifty has gone up by about 15% from previous ATH (32600 to 37700), so yes, seems like the divergence will be filled somehow, either by Nifty falling faster or Banknifty rising faster :)

Just a different view to the same conclusions.
 

Nish

Well-Known Member
#60
BN 2nd low gap around 35500 filled-up quickly. 3rd low gap around 33250 may be filled or may not !

Not sure, but if this high Bond Yield drama subsides quickly then FII and FPIs may lap-up good stocks in EM including India - perticularly PSUs and Banking stocks in coming days thru Big Block Deals, ... ONLY then, BN 36500 to 37500 lvl may be achieved much quickly, hopefully !

All Bullish trades should be hedged or with proper SL !

View strictly for STUDY PURPOSE !
 

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