It was show of strength reserved only for the bulls in the bank. Rest all places rush to cover the stale longs unwound in big time.
When was the last time one witnessed NIFTY in marginal RED while Nifty Bank is roaring Green. The differential move is near 2%
If differential is the only factor, then it was in 2022 such a move did unfold, but not with NIFTY near neutral or shade RED and NIFTYBANK deep green. That time both were reasonably up.
Are we about to witness move from equity to bonds, thus helping the banks as rush of liquidity in bonds can push the yields down, the cost of deposits can go down, in turn the profits on the securities portfolio.
The rise is on the back of stronger volume and has more strength to go.
The shorter frames might show some profit taking, and may move in tandem with the broader market, but the big frames is clearly in favour of bulls.
Heavy weights moving this space and that is the story and caution, more so, private banks those whose costs are relatively challenging are the major beneficiary in this up move. That is also the reason you witness CNXFINANCE moving higher too.
Supports move from 49200 to -50200 as the new base.
Supports 51200-50800-50550
Supply 51700-51900-52100
When was the last time one witnessed NIFTY in marginal RED while Nifty Bank is roaring Green. The differential move is near 2%
If differential is the only factor, then it was in 2022 such a move did unfold, but not with NIFTY near neutral or shade RED and NIFTYBANK deep green. That time both were reasonably up.
Are we about to witness move from equity to bonds, thus helping the banks as rush of liquidity in bonds can push the yields down, the cost of deposits can go down, in turn the profits on the securities portfolio.
The rise is on the back of stronger volume and has more strength to go.
The shorter frames might show some profit taking, and may move in tandem with the broader market, but the big frames is clearly in favour of bulls.
Heavy weights moving this space and that is the story and caution, more so, private banks those whose costs are relatively challenging are the major beneficiary in this up move. That is also the reason you witness CNXFINANCE moving higher too.
Supports move from 49200 to -50200 as the new base.
Supports 51200-50800-50550
Supply 51700-51900-52100
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