BankNifty Analysis - Stance Bullish ⬆️ BankNifty gets a status change today to bullish. Look at the 12.47 candle that took out the resistance of 47465. Even the next candle formed was strongly bullish. We are now at a stage where BankNifty is strongly bullish and Nifty is showing some weakness due to the tech sector. If Nifty starts falling, there is no way...
BankNifty Analysis - Stance Neutral ➡️ BankNifty is still stuck at the 47465 resistance level and this according to me was the primary reason why even Nifty could not find the upward thrust. There were 4 specific instances when BN tried to break the resistance and move up but all of them got rejected. This does not really mean that the Bulls are tired or out of...
BankNifty Analysis - Stance Neutral ➡️ BankNifty also gets a stance change today i.e. from bearish to neutral. All that is pending is to take out the 47465 resistance to go bullish. Most likely that should happen tomorrow and we are eagerly waiting to trade on another Saturday. BN closed the day with a gain of 1166 points ~ 2.53%. But unlike Nifty, BN is not near...
BankNifty Analysis - Stance Bearish ⬇️ BankNifty ended the day in GREEN, up 157pts, but we are still bearish as the resistance line was not taken out (bearish trend line). Also, we are in the bearish channel, the longer we stay in it - the stronger the BEARS grows. 3 candles between 09.59 to 10.07 gave away 498pts ~ 1.08%. And we really thought, it could be the...
BankNifty Analysis - Stance Bullish ⬆️ Although BankNifty created a double top (M pattern) on the 4 mts time frame today, the stance is still bullish. The reason we did not change the stance for BN even though we downgraded N50 was that BN did not even test the support level today. Despite the selling pressure on all other counters, the Banks did not attempt to...
Nifty Analysis - Stance Neutral ➡️ Recap from yesterday: “On the 63mts TF, N50 is still looking strong — we would keep our first support level(weak) at 22051 and the main support at 21913.” 4mts chart Bulls were roaring and seemed like the entire territory was under their control and then suddenly from nowhere, we got a flash crash. Nifty50 hits a new ATH of...
Nifty Analysis - Stance Bullish ⬆️ Recap from yesterday: “On the 63 mts time frame, Nifty looks strong and pumped up. We continue to hold on to our bullish stance, if BN or IT index joins N50 — the build-up in momentum will be a treat to watch.” 4mts chart Exciting times as Nifty50 has conquered a new milestone “22000” and BankNifty just turned bullish today....
BankNifty Analysis - Stance Neutral ➡️ Even though the 4mts chart looks bullish as the moving averages have a positive slope, the reality is quite different. BankNifty has not managed to find the fire to go “BOOM BOOM”, it is totally lazy and lethargic at its current levels. Today we ended up gaining 150 points ~ 0.32% but a few of the major banks like HDFC Bank,...
BankNifty Analysis - Stance Neutral ➡️ The move BankNifty made did not correlate with Nifty50 today. BN’s gap-up was sold into and then we recovered once the gap was closed. Yes, there was no selling pressure which was common to both. The straddles on BN were progressing better than expected when we had a quick surge and an equivalent fall between 13.31 and...
BankNifty Analysis - Stance Neutral ➡️ BankNifty does the impossible today, the reason we are saying this is because, despite a UP day yesterday, BN was unable to get past the resistance of 45399. See what happened today - we opened gap-down and by 10.55 we were back at the resistance level of 45399. The rejection made sense then as the mood was still bearish and...
Nifty Analysis - Stance Neutral ➡️ Recap from yesterday: “On the 63mts chart, Nifty is still neutral with no clear indication of the next direction. BankNifty is bearish and the chances of Nifty going down may be higher due to that. The first target to break should be 21491 below which the bearish momentum will pick up an avalanche effect.” 4mts chart Nifty...
BankNifty Analysis - Stance Bearish⬇️ BankNifty had a lot of anomalies today. Firstly, the start was slightly on the higher side and BN did not fall, unlike Nifty. We ended up defending yesterday’s swing low which came as a big surprise. You might remember, we had a bearish call for BN today and the fact that the downside move was not even attempted came as a...
Nifty Analysis - Stance Neutral ➡️ Recap from yesterday: “For tomorrow we wish to keep our eyes open for any bearish clues although we wish to stay neutral to start with. As always, we prefer BankNifty to make its move first and then Nifty50 will align itself to that direction.” 4mts chart We really thought the open may be flat and we would start falling, but...
BankNifty Analysis - Stance Bearish⬇️ We expected BankNifty to stay neutral today after what it did in the last session. Just to recap, BN broke through the resistance of 45399 last session and ended the day near the highs. We were expecting that momentum to continue today also as Banks had no inherent weakness to start with. But what happened today was...
Nifty Analysis - Stance Neutral ➡️ Recap from yesterday: “For Monday, we wish to maintain our stance of neutrality. To go long the resistance of 21913 has to be taken out and to go short 21615 has to be broken first and then 21491” 4mts chart Nifty opened a bit gap-up and then started declining immediately. It made a two-legged downward move today taking out...
BankNifty Analysis - Stance Neutral ➡️ BankNifty defends the 45399 level with so much ease today. After witnessing the rout yesterday, we seriously thought BN would take longer than usual to recover the lost ground. Do you remember the discussion we had about the 2 strong RED candles before breaking the 45399 levels yesterday? Today’s counter move made them look...
BankNifty Analysis - Stance Neutral ➡️ Unfortunately, BankNifty has not gotten a stance upgrade yet, we still are in neutral territory. Only if we get past 46800 - the stance can be revised. Our opening minutes were almost there ~ 46062 levels but we quickly lost ground. In total, we gave up 439pts ~ 0.95% from the highs - but this was not scary or unusual - it...
BankNifty Analysis - Stance Neutral ➡️ Is BankNifty bearish? - absolutely not. Is it bullish? It's too early to say. One thing is sure - there is some weakness impacting the banks. Are the unsecured loans haunting them? None of the balance sheets from the quarterly results are bleeding - but something is still bothering them. Today was a fine day for the banks to...