14th Dec ’23 - BankNifty breaksout again and hits ATH Bull-RUN
BankNifty Analysis
If you read the postmortem report yesterday, you might have seen how the W pattern formed yesterday and BankNifty respecting the ascending trend line turned out. BankNifty had a different start today vs Nifty because we opened 0.95% gap-up and then rallied another 0.8% to hit the all time highs.
4mts chart - click here
The 2nd rally was equally intense as the first. And once we hit the ATH - BN turned flat and had a sideways trend till close. Remember we discussed how gap-up and gap-downs are the major weapon used by the big-boys to scare the s**t out of the option sellers? US markets rarely does the gap-ups or gap-downs, I mean the index. Whereas the majority of the gains/loss in our markets are done via gaps.
FED’s rate cuts promise in 2024 looks like more of a political play than an economic one. A rallying market and portfolios in green sounds pretty good for the incumbent leaders. Imagine trying to get re-elected when there is economic depression/recession?
63mts chart link - click here
The stance on BankNifty has been revised to bullish. I have no targets in mind as we are at the ATH. The first support to look at will be 47588. Meanwhile, the charts look perfectly like in the textbook.
If you read the postmortem report yesterday, you might have seen how the W pattern formed yesterday and BankNifty respecting the ascending trend line turned out. BankNifty had a different start today vs Nifty because we opened 0.95% gap-up and then rallied another 0.8% to hit the all time highs.
4mts chart - click here
The 2nd rally was equally intense as the first. And once we hit the ATH - BN turned flat and had a sideways trend till close. Remember we discussed how gap-up and gap-downs are the major weapon used by the big-boys to scare the s**t out of the option sellers? US markets rarely does the gap-ups or gap-downs, I mean the index. Whereas the majority of the gains/loss in our markets are done via gaps.
FED’s rate cuts promise in 2024 looks like more of a political play than an economic one. A rallying market and portfolios in green sounds pretty good for the incumbent leaders. Imagine trying to get re-elected when there is economic depression/recession?
63mts chart link - click here
The stance on BankNifty has been revised to bullish. I have no targets in mind as we are at the ATH. The first support to look at will be 47588. Meanwhile, the charts look perfectly like in the textbook.
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