14 Mar ’24 — BankNifty's price action overshadowed by NiftyIT
BankNifty Analysis - Stance Neutral ➡️
Banks were performing as expected today, even though we had a neutral view we ended up losing 0.41% for the day. The stance for tomorrow also continues to be neutral as BN did not breach support or resistance today. The starting candle was perfect as per the script, from there we rose 666pts ~ 1.43% to reach the HOD of 47231 by 11.43. The staling was obvious as there were no special triggers to take up even near the resistance level of 47465.
4mts chart
The fall of 536pts ~ 1.14% from the day’s high also made perfect sense. Unfortunately, Nifty50 does not convey the real truth that happened with the banks as that index was overshadowed by stocks like Adani and NiftyIT components.
On the 63mts time frame, the lower high formation looks much better than N50. Our stance continues to be neutral and would go short if we enter the bearish channel and would go long if the 47465 resistance is breached.
63mts chart
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Algo Trading
Our algo trades ended today with a gain of Rs21565. Even though we had a quick dip in profits by 10.37, the system recovered and closed in green.
Banks were performing as expected today, even though we had a neutral view we ended up losing 0.41% for the day. The stance for tomorrow also continues to be neutral as BN did not breach support or resistance today. The starting candle was perfect as per the script, from there we rose 666pts ~ 1.43% to reach the HOD of 47231 by 11.43. The staling was obvious as there were no special triggers to take up even near the resistance level of 47465.
4mts chart
The fall of 536pts ~ 1.14% from the day’s high also made perfect sense. Unfortunately, Nifty50 does not convey the real truth that happened with the banks as that index was overshadowed by stocks like Adani and NiftyIT components.
On the 63mts time frame, the lower high formation looks much better than N50. Our stance continues to be neutral and would go short if we enter the bearish channel and would go long if the 47465 resistance is breached.
63mts chart
–
Algo Trading
Our algo trades ended today with a gain of Rs21565. Even though we had a quick dip in profits by 10.37, the system recovered and closed in green.
