29 Dec ‘23 - Banks took a break, still a Happy NEW YEAR close.
BankNifty Analysis: Stance - Bullish
Banks were appearing pretty lousy today, the fall did not halt at 10.11 today when Nifty50 found its support. BankNifty went further down and got its rejection only at the bottom level of the ascending channel.
4mts chart link - click here
We have never seen an ascending channel that works with so much perfection. Yesterday BN finished on the top line, the gap-down opening tipped the scale in the bear’s favor but was run out at the bottom level. Interestingly only BankNifty took the beating, FinNifty ended the day much better (exact 0.22% loss closing as of N50).
63mts chart link - click here
You can notice how beautifully BankNifty is respecting the channel. As long as we do not break the lower trend line, the bullish case is still intact.
Thank you for staying with me this year. Your readership, comments, and suggestions are always appreciated. Wish you a happy and prosperous NEW YEAR 2024.
Banks were appearing pretty lousy today, the fall did not halt at 10.11 today when Nifty50 found its support. BankNifty went further down and got its rejection only at the bottom level of the ascending channel.
4mts chart link - click here
We have never seen an ascending channel that works with so much perfection. Yesterday BN finished on the top line, the gap-down opening tipped the scale in the bear’s favor but was run out at the bottom level. Interestingly only BankNifty took the beating, FinNifty ended the day much better (exact 0.22% loss closing as of N50).
63mts chart link - click here
You can notice how beautifully BankNifty is respecting the channel. As long as we do not break the lower trend line, the bullish case is still intact.
Thank you for staying with me this year. Your readership, comments, and suggestions are always appreciated. Wish you a happy and prosperous NEW YEAR 2024.
