Bank nifty opened gap up right at the resistance level and then made a quick drop to close the gap. Remember i was bearish on 2nd Dec Friday — and i expected the market to go further lower. It did go lower till 09.55 — but the series of price moves after that really surprised me.
Bank nifty kept on building strength and really had a trending up day. It made a top at 12.50 — then a quick pull back and then the 2nd leg of rally to ensure the closing was above the resistance line.
The price action (see yellow drawing below) is in perfect harmony with the last day's closing trade — so my bearish call was in accurate. Bank nifty knows something that we do not — because the global macro news are not positive, but BN finds the strength to rally.
Kotak securities goofed up today & since i trade using their NEST Trader | Neo app — i wasnt able to exit any trades today. It seems their NEST adapter was down which created a system wide downtime for almost all the users today.
The issue was that there was volatility in the day — and i was lucky enough to get into the trade. But i was not able to square off. Anyway i have opened up a SCORES complaint with SEBIE/KL22/54859/D/1 — and my proposed solution is that the trading member has to take up the claims if he/she is unable to provide a platform wherein the customer cannot punch orders.
Of the bank nifty components — 5mts TF
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HDFC bank almost had a good negative start, and then a rally from 10.45 much similar to the bank nifty move
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ICICI had a gap up and then fell to flat line. From there it traded flattish but with ups & downs may be indicating volatility.
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SBI was very bullish and the slope of the upmove also very steep
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AXIS bank a down day with the chart showing a mild bearishness
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Kotak had a vertical fall first 5mts and then had a rally and a sharp drop followed by another rally and then another sharp drop — final close was flattish
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IndusInd had a good bullish chart pattern.
15mts is showing confusing signals at present. We would need some more action to take on a direction
1hr TF is still bullish — what would have happened today appears to be a leg of uptrend. But still we need more clarity to finalize.
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