17 Jul '23 Post Mortem on BankNifty up 826pts b/w 12.45 to 15.20
The real move on banknifty came after HDFCBK declared its results i.e after 12.45. Till then it was happy to trade in a flattish manner. The opening 4 x 5mts candle was interesting, but the downside was also limited as there was no real selling pressure.
Once the HDFCBK results were out, banknifty started surging. Even other banks also joined the party. We went up 826pts ~ 1.85% between 12.45 to 15.20. Once it crossed the 45000 level - it was like it found some additional firepower.
Most of them would have missed the counterbalance move in NiftyIT. It fell over 2.26% ~ 715pts during the period when banknifty was gaining. This might be to keep nifty50 in a tight range.
On Friday we discussed how the breakout from the bearish trend line would give banknifty momentum. Today was an example of that, even though enticing - I did not build up long position in banknifty today. Thought will reserve the funds for the FinNifty expiry tomorrow.
Once the HDFCBK results were out, banknifty started surging. Even other banks also joined the party. We went up 826pts ~ 1.85% between 12.45 to 15.20. Once it crossed the 45000 level - it was like it found some additional firepower.
Most of them would have missed the counterbalance move in NiftyIT. It fell over 2.26% ~ 715pts during the period when banknifty was gaining. This might be to keep nifty50 in a tight range.
On Friday we discussed how the breakout from the bearish trend line would give banknifty momentum. Today was an example of that, even though enticing - I did not build up long position in banknifty today. Thought will reserve the funds for the FinNifty expiry tomorrow.
