Today we opened inline at 42252 had 2 strong green candles and then started falling. From 09.30 to 13.05 we fell 0.99% ~ 419pts — but the options premium did not surge exponentially. Since the India VIX is ~ 11.6 levels the fear in the markets are already at the lowest point.
Looking at the downfall momentum gaining traction at 12.05 just after yesterday's swing low was taken out, I felt we may fall below the 41600 level today. Unfortunately that did not happen & my wednesday's opinion now stands corrected.
Even after the fall today, bank nifty's chart is still showing bullishness, how the global trade happens today might have a role to play on Monday.
15mts is now in a sideways range from 17th. 41968 to 42500 has been the swing this week if not for a blip highlighted in blue.
This week's price action makes a flag & pole type of pattern (even though not perfect) on the 1hr TF. The chart is not showing any signs of slowing down. We hoped the 41624 support levels will get tested this week — but that scare is now out.
What will the bears do now?
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