04 Mar ’24 — BankNifty still has to overcome the 47465 resistanc
BankNifty Analysis - Stance Neutral ➡️
BankNifty is still stuck at the 47465 resistance level and this according to me was the primary reason why even Nifty could not find the upward thrust. There were 4 specific instances when BN tried to break the resistance and move up but all of them got rejected. This does not really mean that the Bulls are tired or out of steam, it is just that they are unable to win the hand.
4mts chart
By this time, we all know what is going to happen next - A gap-up above the resistance line and then boom-boom. The gap-up will change the dynamics in the Bull’s favor and the short covering will give it a bit more thrust. The moment that happens, we will be able to change the stance from neutral to bullish. This would also mean Nifty50 would be scaling new heights. What is totally unpredictable is NiftyIT, playing hard to get. Seems like the fight to be the Nifty’s torch bearer is happening between IT and Banks.
63mts chart
Algo Trading
Our algo trades ended today with a gain of 27037. We manually closed the day @ 11.15 as the MTM felt decent enough for the 2hrs of trade. We will only get to know if it was the right decision or not when we run the backtest.
I am a registered financial advisor & would be happy to assist with your queries or doubts. If privacy is required, you can DM me too.
BankNifty is still stuck at the 47465 resistance level and this according to me was the primary reason why even Nifty could not find the upward thrust. There were 4 specific instances when BN tried to break the resistance and move up but all of them got rejected. This does not really mean that the Bulls are tired or out of steam, it is just that they are unable to win the hand.
4mts chart
By this time, we all know what is going to happen next - A gap-up above the resistance line and then boom-boom. The gap-up will change the dynamics in the Bull’s favor and the short covering will give it a bit more thrust. The moment that happens, we will be able to change the stance from neutral to bullish. This would also mean Nifty50 would be scaling new heights. What is totally unpredictable is NiftyIT, playing hard to get. Seems like the fight to be the Nifty’s torch bearer is happening between IT and Banks.
63mts chart
Algo Trading
Our algo trades ended today with a gain of 27037. We manually closed the day @ 11.15 as the MTM felt decent enough for the 2hrs of trade. We will only get to know if it was the right decision or not when we run the backtest.
I am a registered financial advisor & would be happy to assist with your queries or doubts. If privacy is required, you can DM me too.
