19 Feb ’24 — BankNifty is still not bullish, 47016 has to break.
BankNifty Analysis - Stance Neutral ➡️
Even though the 4mts chart looks bullish as the moving averages have a positive slope, the reality is quite different. BankNifty has not managed to find the fire to go “BOOM BOOM”, it is totally lazy and lethargic at its current levels. Today we ended up gaining 150 points ~ 0.32% but a few of the major banks like HDFC Bank, Kotak, and AXIS were not that excited. ICICI on the other hand was totally on another orbit today. If you look at the chart below you can see the fear of heights (blue markers). The best way to get through is with a mega gap-up, which will force the weak hands to run for cover.
4mts chart
Make no mistake, BN has rallied 2094 points ~ 4.69% from the recent swing low. But visually that rally is not bullish yet, that is because the time factor is at play. BN is very near the top of the bearish channel. A break above 47016 and then 47465 will give it sufficient momentum to surge through. The biggest factor that is holding up is HDFC Bank which has fallen after its results. We guess the bulls are waiting for HDFCBK to regain its footing so that the index itself can break free. The only way Nifty can get past 22500 is with the help of BankNifty. We do not remember the last time where Nifty50 kept making new highs without the support of BN.
63mts chart
Algo Trading
Our BankNifty algo trades ended today with a gain of Rs3793.
Even though the 4mts chart looks bullish as the moving averages have a positive slope, the reality is quite different. BankNifty has not managed to find the fire to go “BOOM BOOM”, it is totally lazy and lethargic at its current levels. Today we ended up gaining 150 points ~ 0.32% but a few of the major banks like HDFC Bank, Kotak, and AXIS were not that excited. ICICI on the other hand was totally on another orbit today. If you look at the chart below you can see the fear of heights (blue markers). The best way to get through is with a mega gap-up, which will force the weak hands to run for cover.
4mts chart
Make no mistake, BN has rallied 2094 points ~ 4.69% from the recent swing low. But visually that rally is not bullish yet, that is because the time factor is at play. BN is very near the top of the bearish channel. A break above 47016 and then 47465 will give it sufficient momentum to surge through. The biggest factor that is holding up is HDFC Bank which has fallen after its results. We guess the bulls are waiting for HDFCBK to regain its footing so that the index itself can break free. The only way Nifty can get past 22500 is with the help of BankNifty. We do not remember the last time where Nifty50 kept making new highs without the support of BN.
63mts chart
Algo Trading
Our BankNifty algo trades ended today with a gain of Rs3793.
