Nifty Bank IndexShort
20 Jan ’24 — Will Quarterly results help the BankNifty bulls?
BankNifty Analysis - Stance Bearish ⬇️
For some or the other reason, the 4mts & 63mts charts are not visible on TradingView. It may be due to this unscheduled working day and they might be facing issues with data feeds from vendors. We had a bearish view yesterday also and despite BN ending the day today with 357pts ~ 0.78% we are still maintaining the bearish stance.
16mts chart
A shallow support and resistance zone has formed between 45609 and 46025. The first critical support is unchanged at 45399 and the critical resistance at 47465. BankNifty was single-handedly responsible for limiting the losses on Nifty today - so we need to give due credit for that. But take a look at the chart - The fall from 48000+ levels did not just come because HDFCBK had poor results, it may be unwinding by FIIs considering the fiscal policy changes or reforms expectations for Budget 2024. So even if we have super duper results like the KOTAKs and ICICIs - we may not scale up that quickly. Honestly, we prefer if BN could reclaim the ATHs and support Nifty to crawl back into the channel. The US market hit a new ATH yesterday - SPX and the mood is euphoric.
For some or the other reason, the 4mts & 63mts charts are not visible on TradingView. It may be due to this unscheduled working day and they might be facing issues with data feeds from vendors. We had a bearish view yesterday also and despite BN ending the day today with 357pts ~ 0.78% we are still maintaining the bearish stance.
16mts chart
A shallow support and resistance zone has formed between 45609 and 46025. The first critical support is unchanged at 45399 and the critical resistance at 47465. BankNifty was single-handedly responsible for limiting the losses on Nifty today - so we need to give due credit for that. But take a look at the chart - The fall from 48000+ levels did not just come because HDFCBK had poor results, it may be unwinding by FIIs considering the fiscal policy changes or reforms expectations for Budget 2024. So even if we have super duper results like the KOTAKs and ICICIs - we may not scale up that quickly. Honestly, we prefer if BN could reclaim the ATHs and support Nifty to crawl back into the channel. The US market hit a new ATH yesterday - SPX and the mood is euphoric.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.