03 Jun 2024 - BankNifty has more steam left even after 4% rally
Last week we wrapped up the discussion saying BankNifty is looking more bullish than Nifty. We also said the torch bearer would be Banks in case of a positive scenario. India's growth story will have to come via Bank's is their base case, this explains the 40% plus dependency of the index on Financial Sectors.
BankNifty managed to close higher than the open value, almost 2000pts ~ 4% in what became a mega gap. The new ATH is 51106, notice that we managed to conquer 51000 levels too.
Our stance is bullish with the first support at 49937 levels.
Once the counting is in progress tomorrow - we could expect real volatility and fake moves too. We would get exact clarity only by Wednesday, Jun 5th, incidentally it's an expiry day too.
BankNifty managed to close higher than the open value, almost 2000pts ~ 4% in what became a mega gap. The new ATH is 51106, notice that we managed to conquer 51000 levels too.
Our stance is bullish with the first support at 49937 levels.
Once the counting is in progress tomorrow - we could expect real volatility and fake moves too. We would get exact clarity only by Wednesday, Jun 5th, incidentally it's an expiry day too.