15 Sep ’23 Post Mortem on BankNifty - new ATH for monday?

BankNifty Analysis

Banknifty also had a similar chart pattern like Nifty50. The good thing is that it has caught up near the all time highs. We just have 98pts to be taken out for a new lifetime high.

Today’s price action and the far OTM premiums were totally out of sync. The volatility was falling still there were adequate price swings - which is not the case usually. I waited and waited for the prices to hit the limit price and ended up not getting filled. Today’s message being - Dont be too greedy, especially in low VIX environment.

On the 1hr TF banknifty is still looking strong. The main question is what was the freak behaviour of HDFCBK in the last 30mts of trade today. If its a positive news flow we will end up hitting a new ATH on monday. If its negative - it could end up crashing the markets as well - such is the power of this elephant.
For monday I wish to maintain the bullish stance and would like to reverse and go short only if the 45910 levels are getting taken out.