02 Feb ’24 — There is something bothering the Banks, is it PayTM

NSE:BANKNIFTY   Nifty Bank Index
BankNifty Analysis - Stance Neutral ➡️
BankNifty surprises everyone today, the meltdown first started in the banks and persisted in the banks. Nifty was near the ATH - understandable, but BankNifty is a long way from its top - so the fear of highs could not be the reason for the fall today. The price action showed something deeper is troubling the banks - is it the PayTM & RBI tussle to be blamed? Or are the unsecured short-term small-amount loans turning RED?

4mts chart
Anyway, the big-boys know it better than us and soon we will all know. Unfortunately from a technical analysis perspective, we cannot plan for these events. Today’s price action shows a big RED, but a week’s data looks neutral.

63mts chart
Just when BN was trying to recover from the blow on 17th and 23rd Jan, we got the RED today. The recovery from 25th Jan via bouncing off the support looked promising and when the 45399 resistance was cut through - our hopes got pinned for a bullish comeback. The charts however still show neutral trade possibilities and the support of 45399 and resistance of 47465 as the first hurdle for a directional trend.


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.