BANKNIFTY Pre-Market Analysis November 14, 2023
Banknifty will fly up tomorrow?
Flash from the past:
In the previous session, BankNifty opened gap down with a hangover from the Muharat Trading, but obeyed the support resistance lines and climbed back to the stairs to reach 44000 and ended in a bullish note. It gave perfect breakouts and bulls were in control for a ling time.
Technicals:
The weekly and daily chart still suggest a bullish trend, for at least short term in BankNifty. If the market opens and sustains above 44000, the trend is likely to continue and can hit 45000 easily before the fall. If the market opens below 43700 breaking the trendline support 9green line), the fall will happen prematurely! But, my bet is still on the bullish trend.
Market Cues:
Investors sent stocks soaring on Tuesday, cheering the October Consumer Price Index report that showed inflation slowed more than expected last month.
The Dow Jones Industrial Average soared 565 basis points, while the S&P 500 and Nasdaq 100 both rocketed more than 2%.
The latest CPI report reinforced a potential end to the interest-rate hikes that have hurt growth for over the past year, making a soft landing scenario more likely for the US economy. The odds of a rate hike at the Federal Reserve's December meeting fell from 14% to 0% following the report, according to the CME FedWatch Tool.
In Conclusion, tomorrow's expiry might be possibly a gap-up opening and can end up in flat or a fall at the end - who knows!
PS: This is only for learning purpose. I am not a SEBI registered analyst. You are only responsible for your trades!
Flash from the past:
In the previous session, BankNifty opened gap down with a hangover from the Muharat Trading, but obeyed the support resistance lines and climbed back to the stairs to reach 44000 and ended in a bullish note. It gave perfect breakouts and bulls were in control for a ling time.
Technicals:
The weekly and daily chart still suggest a bullish trend, for at least short term in BankNifty. If the market opens and sustains above 44000, the trend is likely to continue and can hit 45000 easily before the fall. If the market opens below 43700 breaking the trendline support 9green line), the fall will happen prematurely! But, my bet is still on the bullish trend.
Market Cues:
Investors sent stocks soaring on Tuesday, cheering the October Consumer Price Index report that showed inflation slowed more than expected last month.
The Dow Jones Industrial Average soared 565 basis points, while the S&P 500 and Nasdaq 100 both rocketed more than 2%.
The latest CPI report reinforced a potential end to the interest-rate hikes that have hurt growth for over the past year, making a soft landing scenario more likely for the US economy. The odds of a rate hike at the Federal Reserve's December meeting fell from 14% to 0% following the report, according to the CME FedWatch Tool.
In Conclusion, tomorrow's expiry might be possibly a gap-up opening and can end up in flat or a fall at the end - who knows!
PS: This is only for learning purpose. I am not a SEBI registered analyst. You are only responsible for your trades!
Trade active:
As expected, huge gap up.
Comment:
A bearish flag is forming in 5 minute time frame now
Comment:
If level of 44250 is broken, the price will rebound and try to make a cup and holder pattern