18 Apr - BankNifty Algos did well as it was not expiry today
BankNifty Analysis — Stance Bearish⬇️
“The power of a strong support/resistance zone will help you in your technical analysis” — Anonymous.
See what happened today, BN started strong and was keeping its head above the 47465 support for a long time. Between 10.19 to 10.31, there was an attempt to break this SR, but it failed. BN reclaimed the 47700 levels and was coasting perfectly when the flash crash happened. Between 13.23 to 13.27, BN gave away 557pts ~ 1.17% also ensuring the SR breach.
By 13.39, the breach was confirmed and BN continued its downward moves. A session low of 46982 was hit at 15.15 post which we had a 240+ pts recovery.
The last 4 candles on the 63mts TF are all red and the support of 47465 has yielded. I am yet to mark the next support level, which I will do by tomorrow. I wish to hold on to my bearish view for tomorrow as well.
The Algo on BN was in good shape till the 13.23 impact took away the gains. Ended the day with a loss of 40,724.
“The power of a strong support/resistance zone will help you in your technical analysis” — Anonymous.
See what happened today, BN started strong and was keeping its head above the 47465 support for a long time. Between 10.19 to 10.31, there was an attempt to break this SR, but it failed. BN reclaimed the 47700 levels and was coasting perfectly when the flash crash happened. Between 13.23 to 13.27, BN gave away 557pts ~ 1.17% also ensuring the SR breach.
By 13.39, the breach was confirmed and BN continued its downward moves. A session low of 46982 was hit at 15.15 post which we had a 240+ pts recovery.
The last 4 candles on the 63mts TF are all red and the support of 47465 has yielded. I am yet to mark the next support level, which I will do by tomorrow. I wish to hold on to my bearish view for tomorrow as well.
The Algo on BN was in good shape till the 13.23 impact took away the gains. Ended the day with a loss of 40,724.
