PostMortem on BankNifty Today & Analysis of 01 JAN 2023
The first trading day of the calendar year 2023 & the major global markets are on NEW YEAR's holiday. So the action we had today was much limited to local cues.
Although there was some participation of FIIs - they remained net sellers even today also.
Coming to banknifty, the open was inline with the pattern of 30th Dec and then we had a big jump at 09.30 & 09.35 candles, +286 pts. This ensured that the resistance level of 43252 is brought into action today.
From there we had the first swing high of 43362 at 10.05 and then a pull back to the support level, 2nd swing high at 10.35 & a third at 11.10.
Unable to move higher bank nifty cooled off with almost a 45 degree fall till 14.15. Total fall of 321pts. I assume here is where the FIIs would have unwound their position. And the best part the period from 14.20 to close where it pulled back to the resistance level and closed at 43234 - a pretty strong candle at 14.45.
We discussed last week how the bank nifty bulls are feeling, they literally are in the driver's seat.
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Banknifty components had anomaly today, lets discuss one by one
HDFCBANK
had a gap down opening and went lower initially, then it climbed back till 11.05. Then the fall till 14.25 and then a recovery to finally close flattish.
ICICIBANK
was strong from the start, in fact the only major component not to go into red today. Today's swing was within the range set on 29th and 30th dec.
SBIN
eventhough had a good opening, the final chart pattern was a bit flattish with negative bias.
AXISBANK
started gap down and then went up till 10.55 & then a decent fall back to the flat line till 14.15. From there till close an unbelievable spike. Close to 1.4% move in final 75mts.
KOTAKBANK
also had a positive vibe till 11.05 and then a fall till 14.25. Almost a similar spike from 14.35 to close like axis.
INDUSINDBK
was in a flattish with minor declining bias. Again the spike at 14.25 till end ensure the final close is in green
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15mts vs 1hr TF. The 15mts shows uptrend with today's move at a critical resistance point.
1hr TF shows a decent pull back from the 14th Dec fall. But the pattern is no bullish as it could even be a lower high, so until 44151 is not taken out we dont have to look for bullish case.
Although there was some participation of FIIs - they remained net sellers even today also.
Coming to banknifty, the open was inline with the pattern of 30th Dec and then we had a big jump at 09.30 & 09.35 candles, +286 pts. This ensured that the resistance level of 43252 is brought into action today.
From there we had the first swing high of 43362 at 10.05 and then a pull back to the support level, 2nd swing high at 10.35 & a third at 11.10.
Unable to move higher bank nifty cooled off with almost a 45 degree fall till 14.15. Total fall of 321pts. I assume here is where the FIIs would have unwound their position. And the best part the period from 14.20 to close where it pulled back to the resistance level and closed at 43234 - a pretty strong candle at 14.45.
We discussed last week how the bank nifty bulls are feeling, they literally are in the driver's seat.
---
Banknifty components had anomaly today, lets discuss one by one
HDFCBANK
had a gap down opening and went lower initially, then it climbed back till 11.05. Then the fall till 14.25 and then a recovery to finally close flattish.
ICICIBANK
was strong from the start, in fact the only major component not to go into red today. Today's swing was within the range set on 29th and 30th dec.
SBIN
eventhough had a good opening, the final chart pattern was a bit flattish with negative bias.
AXISBANK
started gap down and then went up till 10.55 & then a decent fall back to the flat line till 14.15. From there till close an unbelievable spike. Close to 1.4% move in final 75mts.
KOTAKBANK
also had a positive vibe till 11.05 and then a fall till 14.25. Almost a similar spike from 14.35 to close like axis.
INDUSINDBK
was in a flattish with minor declining bias. Again the spike at 14.25 till end ensure the final close is in green ---
15mts vs 1hr TF. The 15mts shows uptrend with today's move at a critical resistance point.
1hr TF shows a decent pull back from the 14th Dec fall. But the pattern is no bullish as it could even be a lower high, so until 44151 is not taken out we dont have to look for bullish case.
