BN 03 Apr - The bulls are ready to charge, will N50 spoil it?BankNifty Analysis - Stance Bullish ⬆️
BankNifty also defended its current levels very beautifully today. The open was pretty bad as we dropped to 47278 levels by 09.27. If you observe the charts you can quickly understand that it was well below the support and that should have triggered a further fall if the Bears had an upper hand. Unfortunately, the trend is still in favor of the Bulls as the recovery was intense. A look at the 10.11 candle that cut through the 47465 resistance will give all the proof you require. BN ended up recovering 398 points from the lows and unlike Nifty we closed near the highs of the day.
If you ask me, the trend is still favoring the bulls 5 out of the 6 candles today are in GREEN with the odd RED candle being a doji. It might be very unfortunate if Nifty50 has plans to reverse now as BN looks quite ready to break out. We all know how much energy will unwind when N50 and BN are aligned in the same direction. For the last 3 sessions, we have both of the indices upward looking but with no followthrough action. Let us hope tomorrow is that day wherein we expect a directional move.
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Algo Trading
Our algo trades ended today with a gain of Rs44262, this is the 3rd consecutive day where I had to exit the trades prematurely as the hourly profit targets were hit.
