13 June 2024 - BankNifty is not making a new top, bulls tired?
BankNifty Stance Bullish ⬆️
The stance of banknifty is still bullish, but the pattern is not like Nifty50. Banks are a bit weaker than Nifty. If you notice today, Nifty50 hits its intraday low around 11.20 whereas BN hit it around 15.00. Till 11.20 both N50 and BN were moving alike after which BN did not recover but kept melting down slowly.
Still, we ended the day almost flat, thanks to the gap up open. Last year we had a similar repetitive pattern, open high and then close the day near the previous day's close. Much of the action is happening outside of market hours prompting a gap.
BankNifty is yet to reclaim its top of 51133, seems like it may take a bit longer. I am still sticking to the view of 11th June, where we said we would switch the stance to neutral if BN is unable to break free from these levels.
The stance of banknifty is still bullish, but the pattern is not like Nifty50. Banks are a bit weaker than Nifty. If you notice today, Nifty50 hits its intraday low around 11.20 whereas BN hit it around 15.00. Till 11.20 both N50 and BN were moving alike after which BN did not recover but kept melting down slowly.
Still, we ended the day almost flat, thanks to the gap up open. Last year we had a similar repetitive pattern, open high and then close the day near the previous day's close. Much of the action is happening outside of market hours prompting a gap.
BankNifty is yet to reclaim its top of 51133, seems like it may take a bit longer. I am still sticking to the view of 11th June, where we said we would switch the stance to neutral if BN is unable to break free from these levels.