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BAJFINANCE

04 Jan ’24 — Banks does the powerlifting for the reversal todayBankNifty Analysis - Stance Neutral ➡️ The powerlifting was done by BankNifty today. The Bajaj Finserv and Finance were on fire today and were propelling FinNifty to a higher variance than BankNifty earlier in the day. However, the close ensured the variance was less than 0.2% 4mts chart link Honestly, we did not see this coming. The setup was perfect for a Bear run, the first hour of trade almost froze us so that we could not build onto expiry positions on Nifty. Since the stop loss was hit, we had to make multiple adjustments to stay in green. Was this a turn of events or a blip is something we are not completely sure of? Ideally, the bear run was just starting, and it would be sad if it ran out like this. 63mts chart link It is prudent to draw a new support line at 47539, the level from where we got the inflection today. To reclaim bullishness, BankNifty has to re-enter the ascending channel. If that happens tomorrow then the level to beat is 48700 which would mean it will take out the ATH. Since we changed the stance to neutral from bearish, a sensible move would be to go sideways without breaking the support of 47539.
NSE:BANKNIFTY
by viswaram
02 Jan ’24 — A Breakdown in Progress? 3 black crowsNifty Analysis - Stance: Neutral Recap from yesterday: “The last candle is looking quite deep and has almost negated the progress of 3 days. If it was not related to any news/event, the outcomes match quite strongly for an interim top-like formation.” 4mts chart link - click here The last 30mts action yesterday was not a blip, we got some continuity today. Nifty50 fell 199pts ~ 0.92% intraday to 21555 by 10.39 and then retraced 50% of that fall. The real impact was on BankNifty and not Nifty. Just like we often say, during trend reversals - BankNifty takes the lead and then Nifty50 follows. We did change the stance on BankNifty to bearish today (more on that in a while). Even NiftyIT took some beating today, the positive contributors to Nifty50 were BAJFINANCE, RELIANCE, and ADANIPORTS. In fact, BAJFINANCE was the main reason FinNifty and BankNifty had a variance of 0.46% today. 63mts chart link - click here We would like to maintain the stance on Nifty to neutral itself. The first target for a trend change will be the breach of the ascending channel top line approx 21530 levels. From a technical analysis perspective, we had the 3 black crows at 14.30 yesterday and the first 2 candles today. The last time we had a breakdown i.e. on 20th Dec, Nifty50 took support at the channel top line - so we must breach that now for extra confirmation.
NSE:NIFTY
by viswaram