HDFC BANK and HDFC declared merger on 4/4/22 and since then both these scripts along with BNF are in downward mode. on 4/4/22 BNF was at 38300 and HDFC Bank was at Rs 1700 level. HDFC Bank made a low of 1280 and Bank Nifty made a low of 32300 .
HDFC Bank hold 27% weightage in BNF and one of the most closed held stock by FII. Basically price of HDFC Bank are moved by FII money on both sides. If HDFC Bank is falling, then its a clear case of FII selling . We also witnessed intense selling by FII after this news.
Now coming back to HDFC Bank, If we draw AVWAP from 4/4/22 high of 1707, then HDFC Bank is closing above that AVWAP for the second time. From the period 27/5/22 to 1/6/22, it closed above that AVWAP and made a high of 1420 and then again reversed badly. Now this is again crossing
that AVWAP from 7/7/22 & made a high of 1408. Ydy close was at 1399. Small cool off from high. Whats interesting it the Option Chain this time. U can see in below pic that on Friday, HDFC Bank was up by just 1 points, but we see across the board ITM CE unwinding & ITM PE writing
So a close above 1420, will really set the fire in stock. Already the OC is feeling the pain from CE writer perspective.
NOW lets go to BNF, BNF never closed above AVWAP drawn from HDFC BANK news day. Ydy close is just at those levels,(AVWAP at 35152, close at 35190).
NOW lets go to BNF, BNF never closed above AVWAP drawn from HDFC BANK news day. Ydy close is just at those levels,(AVWAP at 35152, close at 35190).
Now see the monthly OC of BNF, its hiding more than its showing. Believe me, its hiding more than its showing. Wont give those details here. Given a logical food for thought. In past I had posted one tweet on what happens to BNF when HDFC Bank moves, plz go through it.
Now let me show you one more thing --- BNF 5m chart. Its upward trending since 1/7, but has given immense volatality intraday to keep the retail traders(like me ) out of the game. This allows the biggies(like u) to move market up comfortably with rally of disbelief.
I dont have any position in market, but can sense one serious big upmove in BNF.
Also market is kaka of all of us and we need to react as it acts.
PS :: If we give back the AVWAP mentioned , then it can be serious big fall on downside also. All depends on how market works !
Also market is kaka of all of us and we need to react as it acts.
PS :: If we give back the AVWAP mentioned , then it can be serious big fall on downside also. All depends on how market works !
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