28 Jul ’23 Post Mortem on BankNifty | Bears are still in control
Banknifty did not disappoint the bears as much as Nifty did today. The day began with a gap down right at the swing low of yesterday and in no time we reached the 45380 levels. From there we had a gradual drop to the intraday low of 45238.
There was a pullback of 272pts ~ 0.6% but bears managed to close the day with a total cut of 0.46% ~ 211pts below yesterday’s close. NiftyIT had a bigger fall today, but the interesting aspect is the sector rotation was absent between the IT and banks.
Instead all the other major sectors like energy, metals, fmcg took the initiative to keep Nifty close to green and away from a bear attack.
On the 1hr TF we continue to hold onto our bearish view as long as the double top pattern holds.
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Comment with your thoughts, opinion or bias, I will respond with mine :)
There was a pullback of 272pts ~ 0.6% but bears managed to close the day with a total cut of 0.46% ~ 211pts below yesterday’s close. NiftyIT had a bigger fall today, but the interesting aspect is the sector rotation was absent between the IT and banks.
Instead all the other major sectors like energy, metals, fmcg took the initiative to keep Nifty close to green and away from a bear attack.
On the 1hr TF we continue to hold onto our bearish view as long as the double top pattern holds.
...
Comment with your thoughts, opinion or bias, I will respond with mine :)
Trade closed: stop reached:
bearish view closed - moved to neutral stance
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