07 Feb ’24 — BankNifty needs to go above 46800 for stance change
BankNifty Analysis - Stance Neutral ➡️
Unfortunately, BankNifty has not gotten a stance upgrade yet, we still are in neutral territory. Only if we get past 46800 - the stance can be revised. Our opening minutes were almost there ~ 46062 levels but we quickly lost ground. In total, we gave up 439pts ~ 0.95% from the highs - but this was not scary or unusual - it is just that a single 4mts candle at 11.31 stands out, it took out 109pts ~ 0.24%.
4mts chart
Till then BankNifty was looking quite okay with a gradually falling bias, that candle would have woken up the straddle sellers as their stop losses would have hit. If they kept the other leg open till the last minute, quite sure that would have given a scare too. Finally, we ended the day positively with a net gain of 127pts ~ 0.28%. The intraday day recovery of 317pts really helped BN gain back its lost ground to an extent.
63mts chart
Between the last expiry and today - we have just lost 0.12% ~ 53pts which is not significant at all. But what is more important is that the support of 45399 is defended properly. As we drew the IH&S yesterday - we need a close above 46800 for strong bullish momentum to pick up and most likely that should help us take out the 47465 resistance as well. Will it happen tomorrow? Not sure. Will it happen in the next expiry? We would like to place our bets.
Algo Trading
Our BankNifty algo trades ended today with gains of 8204 rupees. The 11.31 stunt took away some gains, but we gained back the lost ground as further trades were not violent.
Unfortunately, BankNifty has not gotten a stance upgrade yet, we still are in neutral territory. Only if we get past 46800 - the stance can be revised. Our opening minutes were almost there ~ 46062 levels but we quickly lost ground. In total, we gave up 439pts ~ 0.95% from the highs - but this was not scary or unusual - it is just that a single 4mts candle at 11.31 stands out, it took out 109pts ~ 0.24%.
4mts chart
Till then BankNifty was looking quite okay with a gradually falling bias, that candle would have woken up the straddle sellers as their stop losses would have hit. If they kept the other leg open till the last minute, quite sure that would have given a scare too. Finally, we ended the day positively with a net gain of 127pts ~ 0.28%. The intraday day recovery of 317pts really helped BN gain back its lost ground to an extent.
63mts chart
Between the last expiry and today - we have just lost 0.12% ~ 53pts which is not significant at all. But what is more important is that the support of 45399 is defended properly. As we drew the IH&S yesterday - we need a close above 46800 for strong bullish momentum to pick up and most likely that should help us take out the 47465 resistance as well. Will it happen tomorrow? Not sure. Will it happen in the next expiry? We would like to place our bets.
Algo Trading
Our BankNifty algo trades ended today with gains of 8204 rupees. The 11.31 stunt took away some gains, but we gained back the lost ground as further trades were not violent.
