dates

Balance zones rocked!
Excellent day: My best ever!

NIFTY :

▫️After the sharp weekly fall from all time high. Touched the channel trendline support price zone of 21960 levels
▫️That's Fibonacci retracememt reversal levels of .786 and has given bullish reversal signals too from this trendline demand zone.
▫️More upside targets till 22570 expected with lower side capped at 21820

BANKNIFTY :

▫️Banknifty index has closed exactly at important trendline support of the parallel channel (47300 levels ).
▫️As per PCR and oversold condition in index , A good bounce is expected from today's closing price till 48540 , with lower side capped at 46960

▫️Resistance at :
47740 / 47850 / 48060 / 48250 / 48540
▫️Support at :
47240 / 46960

BNF 13th May prognosis

BNF opened in the lower quadrant of the previous day's (PD) value area and swiftly descended, momentarily breaching the poor low at 47445 before bouncing back. This "Look Below and Fail" move, as coined by Jim Dalton, often entails clearing the previous day's high. However, the PD featured double distribution with singles at 47950 levels. The subsequent reversal, originating a few ticks below the previous day's Half Back (marked by the white line on the chart), hinted at the involvement of weak hands operating at visual levels.

Following this seller-initiated move, bullish attempts during the E and H periods to break the ongoing OTF down were half-hearted, leading to continued downward movement till the close. As a result, the value area shifted lower, and both the time point of control (TPOC) and volume point of control (VPOC) migrated downwards, albeit with TPOC closing higher than VPOC. This subtle shift hints at the beginning of accumulation.

Since May 3rd, BNF has been primarily experiencing OTF down movements, prompting speculation about whether the inventory is "short to too short." The upcoming trading session will shed light on this question.

On the downside, a singles zone of trapped shorts exists from 47060 to 47185 levels, often serving as a zone where trapped shorts square off their positions by buying, providing price stability and inviting further buying. However, if significant selling pressure is observed, the trapped shorts may remove their bids, leading to a swift decline. Therefore, 47060 and 46800 are crucial support zones to monitor.

On the upside, the first resistance zone is at 47950. Clearing this level could open up targets at 48200 and 48500. With elections, news flow, and overall environment of uncertainty, I will focus on these key zones to take trading cues.

How things interconnect...

Was watching Kapil dhama, he said suppose the highest oi is at 700 and 800 strike in nifty so we shall short the strike of 750 if we get combined premium of 65 to 70 (each being around 33 to 35) and keep SL of combined premium..

Combined SL can be placed manually on each strike or by a software.. (in software they exit when combined premium rises 10% above shorting combined ie 77( one is 50 other is 27 ), while in manually each strike would be having combined premium of SL ie from 67 to 72, where in may be the sl hit on one and exit on other would give more dent than 10% exit on software.

Now see how their SL gets hit .. and operators enter their , and made that strike zero, and this was in nifty till Feb 24 , now these premiums have changed .. as the value of nifty has changed from being below 17000 to being above 20000..

What I found is ..
Friday trap Asmita Patel sellers
Monday Tuesday make inner circle DJ Bhai do a hell lot of adjustments
And on expiry go for killS of straddle players.. likes of Kapil dhama..

And if you change to strangles ..
Then you're welcome to freak trades.. 😜😜😀😀

TODAY'S LOW 21821 LOWER SIDE CAPPED TODAY AND GOOD MOVE ON UPSIDE & FIRST BULLISH CLOSE

Today's low 46893 lower side capped & good strong support bullish reversal move done as per our technical chart 📈

BNF 14May prognosis

Yesterday's trading action in BNF was characterized by an Open Test Drive (OTD), with the market opening right at the previous day's (PD) close before initially moving upward. However, it faced rejection from the singles at 47550 levels, leading to a swift downward movement towards the support zone around 47900. Despite this initial setback, BNF demonstrated considerable resilience and staged a sharp recovery in the D period.

After a brief pause, BNF once again experienced a dip below the volume-weighted average price (VWAP), surprising many traders and triggering stop-loss orders. However, the market swiftly reversed course and initiated a staggering rally of over 700 points, closing near the day's high.

The significant move during the J period created singles between 47550 and 47650 levels, indicating a double distribution pattern. These levels will likely be crucial for today's trading activity. Breaching this zone could lead to a further decline towards 47900 levels. On the other hand, staying above this zone and experiencing a bounce could target the previous G2 high. Subsequently, the singles at 47950 levels may serve as the next resistance, followed by a potential target of 48200, where the AB poor high acts as a key visual reference.

Given the expiry of FINNIFTY today, expect the unexpected

BNF: 15May prognosis

Today's trading in BNF resembled the complex relationships in the movie "Silsila," with price action (aka Amitabh Bachchan) moving back and forth between key levels like characters played Jaya Bachchan, and Rekha. Despite a stormy start with a wide opening range of 330 points, BNF remained within this range throughout the day, gradually tightening as trading progressed. This led to the development of a prominent Point of Control (PPOC) at 47830 levels, indicating a fair price for transactions.

Visual references such as the AB poor low and poor high suggest significant market dynamics. The AB poor low, formed during a sharp downturn from the day's high, implies strong support in this region. Similarly, the poor high and an elongated ledge with clustered lows around 47350 levels indicate the presence of short-term players in the market.

Tomorrow's trading will be crucial, with different scenarios depending on price behavior. If the price sustains below 47830, I'll be monitoring for a potential Look Below and Fail (LBF) or continue (LBC) scenario around 47600 levels. A successful LBF could lead to a move towards the previous day's high, while an LBC might indicate further downside towards 47300 - 47000 levels.

Conversely, if the price sustains above 47850, I'll be watching for a Look Above and Fail (LAF) or continue (LAC) scenario. A rejection after clearing the previous day's high could lead to a move towards the previous day's low. However, if the price continues to move up, we might see a move towards 48200 - 48350 levels.

With BNF expiry tomorrow, expect heightened volatility and potential fireworks!

#Sastasundar
Cmp 294
Double bottom also symmetrical triangle pattern breakout
Aiming for 380-400

Look above and fail: Perfect case study. Price opens, goes above PD; Is rejected. Goes down and clears previous day low. That we had AB poor low was additional magnet to attract price down.