OldMonk13

OldMonk13

The last time Bank Nifty tried going up without testing the bottom of this channel was in Jan 2024. Look at what happened then. We opened to a large Gap down and completed the ritual. That ritual is pending in Bank Nifty. If that is the case, we will see a sting into the bottom before we continue higher.

OldMonk13

If we consider the high and low of the last day candle in futures as a range, a break in either direction can give a sharp sting that way before turning and going the opposite way. This is just a story that played in my head. And the probability of this being on the down side seems more likely. 22350 and 22300 may be likely in this case before we see a short...

OldMonk13

Bank Nifty again is more resilient than NIFTY. It is seen respecting the Daily FVG and looks ready consolidate with a positive bias. Just the hammer created on the top of a rally caps the up side. Hope sellers take a breather before they swing back into action.

OldMonk13

Shorters at 22800-900 range have proved me wrong. I should have thought of the "Retracement" shorters, who are essentially piggyback day traders who wat for a retracement to institutional bulk orders and punch in their own, hoping the levels hold. Plus the news of taxation, did th trick. In this case, we should either fly or Consolidate. Not fall further.

OldMonk13

22650. Who are these straddle writers who believe in the fables of the fall of Titans? Depending on the Pre market open price, we can see when they will run for cover. Not IF, but WHEN. Let us see if we can gather enough buyers to take out the fabled 22800 short sellers today. Most likely it might happen by the end of the day.

OldMonk13

The FVG has been respected and this implies we are ready to fly. All will depend on the nerves of 49500 straddle writers. What steel their nerves are made of. If they run, Bank nifty runs to 50k. Now 50K is a psycho level and so are the sellers there. Overall I am bullish.

OldMonk13

Bank Nifty was never bearish the whole time. There is every possibility that 49300 will be protected this week. Every dip in the morning should be seen as a chance to buy calls. Unless some extraordinary selling comes in the market, Bank Nifty should either consolidate or fly. The only negative is the bearish day candle formed yesterday. The top of which will be...

OldMonk13

Chances are that Nifty could trade between 22800 and 22450 to 500 range today. If Nifty comes to either of these levels, look for contra trades in the opposite direction.

OldMonk13

Bank nifty in in no man's land. The close of tomorrow's candle will give us some level to mark. There seems to be decent absorption at 49580. But how strong these shorters are will be have to be seen tomorrow. Ideally a HANDLE will have to be formed for a healthy up move. Now, how big a handle?

OldMonk13

There is one significant support that has to be protected this week. Any retracement will have to be absorbed around this area and Nifty will gather steam to revisit OR perhaps even break ATH. 22800 in FUT is where bears have big orders. Let's see what happens when we retest that area to eat up all those orders.

OldMonk13

Bank Nifty in fact never turned bearish. Also the sellers who are at 49000 do not seem as strong as the ones at 22800 for Nifty. On the whole, looks like if the market flies to the moon, Bank Nifty could land in Mars.

OldMonk13

Nifty Weekly candle closure becomes crucial. But in the last couple of weeks whenever we talked of weekly highs or lows, they were taken the same day. In any case, 22800 is the speed breaker on the upward journey.

OldMonk13

The real hammer happened in BNF spot. And BNF never crossed over to the bearish territory. It s time to go retest the previous high Unless the Mauritius guys re waiting to sell at a better price.

OldMonk13

Well technically both the candles do not fit the definition of a hammer where the wick has to be double the length of the real body. But the price action is the same. The previous swing is tested. Almost. Now it's time to test the previous high.

OldMonk13

Bank nifty on the other hand has to move up a little lesser than nifty and close the day to stay UN bearish in the larger view. But when I look at it through a bear's lens, this is more of a larger stretch of plain slope for the lady to slide down. SHort SHort SHort. .... Unless KOTAK bhai or LIC bhai is ready with BUY's.

OldMonk13

Nifty has to close a good 2% up so convince me that she has turned her back to the bears. Till then everything looks red. The world is red. Money from Mauritius is keeping us RED. DII's will get a good deal on good stocks.

OldMonk13

Weekly close above this level becomes curcial. There will have to be some deep pockets that come it and take it higher. Which seems unlikely.

OldMonk13

Weekly Candle will have to reverse drastically and close above the marked levels OR we are going below 22000