27th Sep 2024 - BankNifty ended the week in RED, consolidating?
BankNifty Stance Neutral ➡️
Looks can be deceiving, BankNifty ended the week negative, losing 104pts ~ -0.19%. The reason I chose the title "Who is contributing to the gains" is really valid here. NiftyIT only went up 48pts ~ 0.11%. So who really helped Nifty go up 1.38%?
The truth is, there was a strong sector rotation, and the laggards caught up this week. The leaders ending the week flat could be a warning sign of consolidation or reversal.
BN has been a true leader and its last bullish leg started on 9th Sep. We are up 3456pts ~ 6.86% since then. For the next week, I would like to change the stance to neutral and go bullish if we are breaking out again.
Looks can be deceiving, BankNifty ended the week negative, losing 104pts ~ -0.19%. The reason I chose the title "Who is contributing to the gains" is really valid here. NiftyIT only went up 48pts ~ 0.11%. So who really helped Nifty go up 1.38%?
The truth is, there was a strong sector rotation, and the laggards caught up this week. The leaders ending the week flat could be a warning sign of consolidation or reversal.
BN has been a true leader and its last bullish leg started on 9th Sep. We are up 3456pts ~ 6.86% since then. For the next week, I would like to change the stance to neutral and go bullish if we are breaking out again.
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