06 Sep ’23 Post Mortem on BankNifty & Weekly Expiry Analysis
BankNifty Weekly Expiry Analysis
Between the last expiry and today, banknifty got only 4 trading sessions. The last expiry was on Thursday and from this series we have weekly expiries on Wednesdays now. We have gone up by 405pts ~ 0.92pts although the chart doesnt give you that impression
BankNifty Today Analysis
Banknifty had some strange price behaviour today. Firstly it was its first independent expiry after having moved out from Thursdays to Wednesdays. Strange because except HDFCBK every other bank was in the red. Price wise we fell 0.83% ~ 368pts with the low point being 44207.
HDFCBK with its 41% weightage on banknifty can single handedly dictate the terms. Firstly I am not very sure all the banks were falling today & HDFCBK outperforming by a huge margin. This screenshot was taken at 11.54 and see the anomaly.
On the 1hr TF banknifty is still respecting the triple top formation made on the descending trend line. I had a neutral call yesterday and would like to maintain the neutral stance till this status quo is maintained. If BN falls below 44068, I would prefer to go bearish. And if it goes past 44900 we can expect more bullishness.
Between the last expiry and today, banknifty got only 4 trading sessions. The last expiry was on Thursday and from this series we have weekly expiries on Wednesdays now. We have gone up by 405pts ~ 0.92pts although the chart doesnt give you that impression
BankNifty Today Analysis
Banknifty had some strange price behaviour today. Firstly it was its first independent expiry after having moved out from Thursdays to Wednesdays. Strange because except HDFCBK every other bank was in the red. Price wise we fell 0.83% ~ 368pts with the low point being 44207.
HDFCBK with its 41% weightage on banknifty can single handedly dictate the terms. Firstly I am not very sure all the banks were falling today & HDFCBK outperforming by a huge margin. This screenshot was taken at 11.54 and see the anomaly.
On the 1hr TF banknifty is still respecting the triple top formation made on the descending trend line. I had a neutral call yesterday and would like to maintain the neutral stance till this status quo is maintained. If BN falls below 44068, I would prefer to go bearish. And if it goes past 44900 we can expect more bullishness.
