Even Nifty50 had that unusual surge. I was monitoring all 8 nifty50 stocks — and could not believe a bit of it. It may been due to the month end rebalancing but it took me a while to get my grip on things.
The opening candle was red — just that. There was 1 attempt to break below 26th closing prices — but we recovered pretty quickly from that. For a change the option prices had some zing today making me believe that we are going to have a down day.
For 5hr 35mts there was no clear indication of the direction, but the momentum was helping banknifty drift higher. And then the 15.00 candle happened. I was checking my twitter feed to see if Russia called off the war or not.
What really changed was the way option prices behaved — most of them would have caught off-guard. The premiums jumped 50% to 95% in this quick 5 to 10mts.
Nifty50 on the other hand was already having a positive momentum right from the start today. The last 30mts move helped it cross the 17976 resistance with ease. I still dont think its a short covering bounce — it should be rebalancing by the institutions.
15mts of banknifty is showing a flattish slope comparing nifty50, but do keep in mind it was banknifty that helped nifty crawl out from the fall it had due to NiftyIT from 17th April.
1hr has taken out the 43012 resistance today which is another win for the bulls. The next resistance of 43253 was kissed but ran out of time. I know how exactly the bears are feeling like, because I am one of them.
Monday will be a holiday, still no one wanted to take the money of the table. Usually such high euphoria wont last — till then its better that bears like me hibernate.
Comments
Post a Comment