Short Market Report 17.01.22
SHORT MARKET REPORT
Nifty proved to be quite strong in spite of the unanswered negativity following HDFC bank results and posted a bullish candle. Bank nifty reacted violently in the first few minutes then turned mildly bearish due to the same reason ending up in a gravestone doji indicating substantial selling pressure. The pressure though seemed to ease off by EOD
Veteran analysts are of the opinion that this is a bullish consolidation but I would add to that some bearish conviction. Not necessarily does it mean that 38000 will be broken but there is some bearish bias as suggested by the numbers, at least in bank nifty.
The chart pattern in HDFC bank looks like it has been traded by institutions and likely they have created short positions. So there is some chance that hdfc bank might fall further. Also, there is some short build up in bank nifty futures.
Tomorrow we might get a gap up followed by a sell off in bank nifty. things, may be different in nifty as option sellers are playing 18300 short straddle
Nifty
Bias Neutral
Conviction Bullish
Bank Nifty
Bias bullish
Conviction bearish
Trading Ideas
In case of a gap up opening in Bank nifty, watch out for start of a sell off and 38400 PE can be a good buy.
Stocks to keep on radar
Cummins
CanFin Homes
Ultracem
Tata Motors
Nifty proved to be quite strong in spite of the unanswered negativity following HDFC bank results and posted a bullish candle. Bank nifty reacted violently in the first few minutes then turned mildly bearish due to the same reason ending up in a gravestone doji indicating substantial selling pressure. The pressure though seemed to ease off by EOD
Veteran analysts are of the opinion that this is a bullish consolidation but I would add to that some bearish conviction. Not necessarily does it mean that 38000 will be broken but there is some bearish bias as suggested by the numbers, at least in bank nifty.
The chart pattern in HDFC bank looks like it has been traded by institutions and likely they have created short positions. So there is some chance that hdfc bank might fall further. Also, there is some short build up in bank nifty futures.
Tomorrow we might get a gap up followed by a sell off in bank nifty. things, may be different in nifty as option sellers are playing 18300 short straddle
Nifty
Bias Neutral
Conviction Bullish
Bank Nifty
Bias bullish
Conviction bearish
Trading Ideas
In case of a gap up opening in Bank nifty, watch out for start of a sell off and 38400 PE can be a good buy.
Stocks to keep on radar
Cummins
CanFin Homes
Ultracem
Tata Motors
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