01 Mar ’24 — BankNifty gets an upgrade - from Bearish to Neutral
BankNifty Analysis - Stance Neutral ➡️
BankNifty also gets a stance change today i.e. from bearish to neutral. All that is pending is to take out the 47465 resistance to go bullish. Most likely that should happen tomorrow and we are eagerly waiting to trade on another Saturday. BN closed the day with a gain of 1166 points ~ 2.53%. But unlike Nifty, BN is not near its ATH. We have some more distance to cover.
4mts chart
Look at the number of green candles in the higher time frame. 11 consecutive 63mts candles i.e. 693 hours of unchecked bull run. We are very sure if the same had happened yesterday - a lot of option traders would have tripled their capital. Expiries usually attract hero-zero traders and most of them prefer to load on BankNifty CEs and PEs. BN is safely out of the bearish channel and that is why the stance has been revised from bearish to neutral.
63mts chart
Algo Trading
Our algo trades ended today with a loss of Rs39177. It was on the expected lines as the algo is based on option selling and for strong directional move days like today - it will run into deep cuts. In a way, we are happy that the loss was not 63891.
I am a registered financial advisor & would be happy to assist with your queries or doubts. If privacy is required, you can DM me too.
BankNifty also gets a stance change today i.e. from bearish to neutral. All that is pending is to take out the 47465 resistance to go bullish. Most likely that should happen tomorrow and we are eagerly waiting to trade on another Saturday. BN closed the day with a gain of 1166 points ~ 2.53%. But unlike Nifty, BN is not near its ATH. We have some more distance to cover.
4mts chart
Look at the number of green candles in the higher time frame. 11 consecutive 63mts candles i.e. 693 hours of unchecked bull run. We are very sure if the same had happened yesterday - a lot of option traders would have tripled their capital. Expiries usually attract hero-zero traders and most of them prefer to load on BankNifty CEs and PEs. BN is safely out of the bearish channel and that is why the stance has been revised from bearish to neutral.
63mts chart
Algo Trading
Our algo trades ended today with a loss of Rs39177. It was on the expected lines as the algo is based on option selling and for strong directional move days like today - it will run into deep cuts. In a way, we are happy that the loss was not 63891.
I am a registered financial advisor & would be happy to assist with your queries or doubts. If privacy is required, you can DM me too.
