OldMonk13

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

OldMonk13

How bulls behave at expiry remains to be seen. Uncertainty as Spot has broken out but future has not.

OldMonk13

This level will be crucial. If it retraces till here and takes a rejection. BUY.

OldMonk13

Nifty was in no mood to let doubters put her down. Bulls are buying back into the Indian dream. Or are they selling a pipe dream to retail pockets? Now hold your breath and look up to see how much profit is enough profit to take home for these big guys.

OldMonk13

At least Bank Nifty is listening to me. It did stop indeed. Now let us see how bullish the bullish of bulls are on Indian Banks and their short-term growth prospects. No one is accumulating HDFC at least as expected. Fresh buyers have to come in and buy some banks take it higher.

OldMonk13

Next stop will be crucial for Bank Nifty. Momentum has to sustain, if not there will be profit booking at this level.

OldMonk13

Nifty will need fresh buyers to pump in big orders from here, if institutions decide to book profits. But then who are these buyers keeping Nifty afloat? Will they be able to hold it till elections?

OldMonk13

Bank Nifty Fut could retest 47300 levels before the next leg of up move. But if it breaks today's high with strength and sustains above it with a full bodied day candle, then the narrative flips and I am a bull.

OldMonk13

Nifty FUT did break out from the level, the weekly candle also gave a close above this level, but boy look at that candle. This is not confidence inducing at all.