16 Feb ’24 — BankNifty will have to support N50 next week for ⬆️

NSE:BANKNIFTY   Nifty Bank Index
BankNifty Analysis - Stance Neutral ➡️
The move BankNifty made did not correlate with Nifty50 today. BN’s gap-up was sold into and then we recovered once the gap was closed. Yes, there was no selling pressure which was common to both. The straddles on BN were progressing better than expected when we had a quick surge and an equivalent fall between 13.31 and 14.11. We assume it may be connected with a news/event that broke about Paytm & selection of any of the banks for its payment settlements.

4mts chart
On the higher timeframe, you can notice how BN is making progress to its next resistance level of 47465. Since it is inside a descending (but not parallel) channel, it need not even break the resistance for a stance revision to bullish. All it has to do is take out the 47016 levels soon and break the upper end of the channel. Since Nifty50 has made its intention clear to go long, BankNifty willingly or not would have to support that cause. We wish to maintain a neutral stance till then and go bullish as and when the conditions specified are fulfilled.

63mts chart

Algo Trading
Our BankNifty algo trades ended today with a gain of 3835 points.


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