02 Aug 2024 - BankNifty perfectly flat with last week's level!
BankNifty Stance Neutral ➡️
Would you really believe me when I say the close of 23rd Jul and 2nd Aug Friday are the same? Unlike Nifty, BN did not hit a new high this week, the 11.21 candle of 29th Jul stands out real bad 1158pts ~ 2.21% in an hour. Was that an early warning shot? Quite unlikely as the follow through was just not there, it may go down as another stop loss hunt.
This week we also saw the circular from SEBI saying that people are losing close to 40000+ crores in futures and options trading. I am not really sure why the research is so shallow, the market is not losing 40000 crore per se. There are winners also in the markets, 40000+ cr is getting transferred from the losers to the winners just like any efficient markets. I do not really see a problem here.
I wrote an article about that, take a look.
PostMortem of SEBI’s consultation paper on “Measures to strengthen index derivatives framework for increased Investor protection and Market stability”
If we are going down, Banknifty has to crack and it looked pretty strong on Friday by losing only 0.41% vs N50 1.17%. Monday is going to be exciting for all of us. Will the bears awaken this time?
Would you really believe me when I say the close of 23rd Jul and 2nd Aug Friday are the same? Unlike Nifty, BN did not hit a new high this week, the 11.21 candle of 29th Jul stands out real bad 1158pts ~ 2.21% in an hour. Was that an early warning shot? Quite unlikely as the follow through was just not there, it may go down as another stop loss hunt.
This week we also saw the circular from SEBI saying that people are losing close to 40000+ crores in futures and options trading. I am not really sure why the research is so shallow, the market is not losing 40000 crore per se. There are winners also in the markets, 40000+ cr is getting transferred from the losers to the winners just like any efficient markets. I do not really see a problem here.
I wrote an article about that, take a look.
PostMortem of SEBI’s consultation paper on “Measures to strengthen index derivatives framework for increased Investor protection and Market stability”
If we are going down, Banknifty has to crack and it looked pretty strong on Friday by losing only 0.41% vs N50 1.17%. Monday is going to be exciting for all of us. Will the bears awaken this time?
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