8th Dec ’23 - RBI’s meet clears the air for banknifty & finnifty
BankNifty Analysis
Banks had a totally different chart pattern than Nifty50 today. I would say the pattern by BankNifty was more mature and stable compared with Nifty. At no point in time, a breakdown was visible in BN today - yes, we dropped 0.67% ~ 316pts in between, but it was not as scary as N50.
4mts chart link - click here
RBI Governor maintained status-quo today, A few of the important points from his meeting today -
Remember how the banks were shy on 6th and 7th of December? The air is now clear for them - there are no hidden surprises from RBI this time. This could be one of the reasons we had an intraday bounce of 449pts ~ 0.96% after 1pm today.
63mts chart link - click here
For the last 2 days, I was neutral on Banknifty - after the clarity shown today, I wish to change my stance back to bullish. The new ATH is now 47303.65. Would like to see some action by banks in the next week.
Banks had a totally different chart pattern than Nifty50 today. I would say the pattern by BankNifty was more mature and stable compared with Nifty. At no point in time, a breakdown was visible in BN today - yes, we dropped 0.67% ~ 316pts in between, but it was not as scary as N50.
4mts chart link - click here
RBI Governor maintained status-quo today, A few of the important points from his meeting today -
- Repo rate at 6.5% - unchanged
- Withdrawal of accommodation stance - unchanged
- CPI inflation fell by 2% after the last MPC meet
- Real GDP for 2023-24 projected at 7%
- Connected lending framework - work in progress
- UPI limit enhanced
- Set up a Fintech Repository
Remember how the banks were shy on 6th and 7th of December? The air is now clear for them - there are no hidden surprises from RBI this time. This could be one of the reasons we had an intraday bounce of 449pts ~ 0.96% after 1pm today.
63mts chart link - click here
For the last 2 days, I was neutral on Banknifty - after the clarity shown today, I wish to change my stance back to bullish. The new ATH is now 47303.65. Would like to see some action by banks in the next week.
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