28 Jun 2024 - Banknifty is up 13.51% from election day lows.
BankNifty Stance Bullish ⬆️
BankNifty took up this week, strong price momentum on almost all bank component stocks - even the elephant started dancing this week. We went all the way up to +1428pts ~ 2.76% before giving away 860+pts to close the week with gains of 1.1% ~ 565pts.
Today's price action felt quite strange, it appeared like we were forming a peak. Banknifty lost 469pts ~ 0.89% today and even during the closing minutes, we were bleeding points.
Nifty on the other hand was kept at bay by RELIANCE, you know how stocks with unusual weightage can skew the final results. Among the Nifty subsectors, only the financials had major cuts - the breadth was still favoring the green side.
BN is up 13.51% ~ 6227pts from the election day lows and 6.87% ~ 3363pts from the 31st May close. Interesting times we are in. We prefer to stay bullish as long as 52068 is respected.
BankNifty took up this week, strong price momentum on almost all bank component stocks - even the elephant started dancing this week. We went all the way up to +1428pts ~ 2.76% before giving away 860+pts to close the week with gains of 1.1% ~ 565pts.
Today's price action felt quite strange, it appeared like we were forming a peak. Banknifty lost 469pts ~ 0.89% today and even during the closing minutes, we were bleeding points.
Nifty on the other hand was kept at bay by RELIANCE, you know how stocks with unusual weightage can skew the final results. Among the Nifty subsectors, only the financials had major cuts - the breadth was still favoring the green side.
BN is up 13.51% ~ 6227pts from the election day lows and 6.87% ~ 3363pts from the 31st May close. Interesting times we are in. We prefer to stay bullish as long as 52068 is respected.