Nifty Bank IndexShort
26 Sep ’23 Post Mortem on BankNifty - Bearish stance continues.
BankNifty Analysis
Yesterday I had a bearish call for banknifty, recap: “My first target of 44451 was hit — but it was not enough to build up momentum. As long as BN stays below 45399 I wish to maintain the bearish call. This is in spite of the day ending with a gain of 154pts.”
If you look at the 5mts chart pattern, its hard to notice the bearishness, but if you switch to a higher time frame - it will get more obvious. The only limitation being the lower low is still not taken out. The move yesterday has not taken out the last lower high.
I wish to continue the bearish sentiment as long as the lower high is not taken out on the 1hr TF. Totally accept the fact that this down move has not been an inspiration for the bears yet - but my advice to them would be to wait till 44068 is broken.
Yesterday I had a bearish call for banknifty, recap: “My first target of 44451 was hit — but it was not enough to build up momentum. As long as BN stays below 45399 I wish to maintain the bearish call. This is in spite of the day ending with a gain of 154pts.”
If you look at the 5mts chart pattern, its hard to notice the bearishness, but if you switch to a higher time frame - it will get more obvious. The only limitation being the lower low is still not taken out. The move yesterday has not taken out the last lower high.
I wish to continue the bearish sentiment as long as the lower high is not taken out on the 1hr TF. Totally accept the fact that this down move has not been an inspiration for the bears yet - but my advice to them would be to wait till 44068 is broken.
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