A thread where we analyze the reasons for today's fall from a purely technical perspective
#stockmarketcrash #StocksToBuy #StockMarket #stock #Nifty #nifty50 #NiftyBank #StockMarketindia #stocks
#stockmarketcrash #StocksToBuy #StockMarket #stock #Nifty #nifty50 #NiftyBank #StockMarketindia #stocks
Notice the green arrows
These are the days when Banknifty opened gap down but bounced in the first 5 min only creating an opportunity for scalpers
I myself have used some of these opportunities
These are the days when Banknifty opened gap down but bounced in the first 5 min only creating an opportunity for scalpers
I myself have used some of these opportunities
You will notice similar thing happening in nifty as well
When the market opened gap down today, habitual scalpers punched call buy orders and got trapped
When the market opened gap down today, habitual scalpers punched call buy orders and got trapped
Banknifty was holding stronger last few weeks compared to nifty
And had taken support from 40500-40250 level 4 times already
Hence it had higher chances of breaking as the support was becoming weaker
And had taken support from 40500-40250 level 4 times already
Hence it had higher chances of breaking as the support was becoming weaker
40250 was also the 20 EMA level
Making it the ultimate support level for Banknifty
20 EMA had also been respected three times making it weaker after every bounce
Making it the ultimate support level for Banknifty
20 EMA had also been respected three times making it weaker after every bounce
Today when banknifty opened, in the first 5 min candle itself it showed it's weakness by falling 200 pts from open
And trapped the scalpers and broke down the important support of 40250
And trapped the scalpers and broke down the important support of 40250
At 09:20 only call writing was starting to take place at 40500 indicating weakness in the index
Similiar Call writing was happening in Nifty as well but banknifty was weaker comparatively
Similiar Call writing was happening in Nifty as well but banknifty was weaker comparatively
It was a perfect setup to short even for someone who is not an expert in OI analysis and trades from purely technical viewpoint
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