OldMonk13

OldMonk13

Nifty is stuck in a range between 23100 and 22870. Though the higher time frame fair value gaps suggest a bullish price action, the news based uncertainty tells us to trade with caution. Wait for a break out on wither side. In this rage trade only if you are able to read the fine but violent moves.

OldMonk13

Yesterday's sell off was evident from the third hour when the momentum was arrested at once. I did not read it back then. Lost money expecting ATH. It was picture perfect price action. Let us see Bank Nifty will continue the uptrend today OR retrace further down before it continues the rally to ATH.

OldMonk13

Nifty is opening above ATH , not supported by global cues. Where are we headed. No idea. We will have to wait and watch for what the informed houses are doing with the privileged information about exit polls they might have. No price action or technical analysis here.

OldMonk13

Bank Nifty could face major resistance at 49000. Now that Nifty is at ATH and global markets are not supportive, not sure how this will play out. Wait and watch.

OldMonk13

Yesterday's high and low could be the range you want to look for. Let us see what the big hands have in store for Nifty. Will prefer to wait and watch before entering positions as US saw a good sell off from ATH and it was sudden.

OldMonk13

Bank Nifty could face big bears at 48500. The next stop and retrace level could be the 50% retracement and could consolidate for big moves on expiry tomorrow. Again will wait to get a feel of the intend of big hands before jumping into trades.

OldMonk13

Nifty FUT does not seem keen to move up and that is a little worrisome. We are at striking distance to ATH but the timing is not to brilliant. Election results are still a couple of weeks away. We could move up a little and then retrace to consolidate near the 50% mark. This looks like a logical scenario. But informed institutions could take big positions and that...

OldMonk13

Bank Nifty has not reached the X marked spot yet. A little higher ticks can be expected before it consolidates OR is shot down to a short term low. I will be more comfortable shorting Nifty at open.

OldMonk13

Looks like Nifty has walked straight into a spot marked with a big X like in the KGF2 movie. And is waiting to be shot down by bear cartel. This is the narrative that played out in my head. Nifty could either consolidate OR fall from here. On the contrary of Nifty Gaps up OR there is fresh buying in some heavy weights, good enough to make 22500 sellers run for...

OldMonk13

Bank nifty faces the same scenario as Nifty. Let us see what the bears hold at higher levels for the Optimists. HDFC Bank will be in focus.

OldMonk13

Nifty is all posed to open in the Bear's den. The higher probability is a few up ticks and then bears overporwer the bulls and sell aggressively. But if the bulls are aggressive enough and fresh buying comes in, there will be an epic short covering rally. Be prepared to trade. Could be a happening expiry.

OldMonk13

Bank Nifty has more breathing space towards the higher side therefore this expiry could be a big trending one. Counting on that.

OldMonk13

Nifty is nearing it's 50% retracement at 22300, but I believe the major resistance will be at 22500. My view was entirely invalidated yesterday, and I took and SL. Today will be wait and watch how she behaves at major retracement levels.

OldMonk13 Updated 

The higher the Gap up today, the mor confident I shall be to sell on the first tick. There is one stop NIFTY missed in this pilgrimage downhill: "21800". When she realizes it, she would turn around and rush to make that final downward journey before continuing up to where she belongs. A gap down opening is when things will become tricky. In this case there might...

OldMonk13

The "Channel bottom visit" we were referring to a few days ago, is done and the Level we marked " TO be protected" on 2nd May has been visited and protected (No close below that). We got the ritualistic bounce off there and now what ? The way back up to the top of the channel is not going to be an easy one and looks less probable. Was this bounce, induced by Amit...

OldMonk13 Updated 

Will be interesting to see where we open. A gap up will my ideal scenario where we could short with a tight SL from the word "GO...". A neutral opening, again if we plan to go short, the position size will have to be significantly smaller. In case of Gap down opening, I shall wait for a retracement to sell into. That's the plan.

OldMonk13

This is the support we have been waiting for since 2nd of May. Now that we have made daily candles that look a lot like reversal candles to me, I am absolutely sure about being unsure on what to to. Will perhaps let Bank Nifty decide for herself on a moon first. Till then, I have a seat with the audience.

OldMonk13

Will the banks be able to close this week above these crucial levels is the big question. Them Bank Nifty remains the lone crusader who never gave into this bloodbath.