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...
BankNifty Analysis - Stance Bullish ⬆️
Yesterday we discussed the possibility of HDFC Bank making a move and quite fortunately that came true today. We rallied an impressive 769pts ~ 1.66% today to take out the first resistance (bearish trendline break). Would you believe the elephant jumped 2.63% today along with AXIS Bank 2.41%, Kotak Bank 1.8%. ICICI Bank &...
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 also does not get a stance revision today, but the progress it has made in the bullish direction is commendable. The first thing it did today was to defend the descending trendline (see encircled region). And from there it almost followed a steady 45-degree climb - showing strength. Except for the first 45 minutes,...
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...
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...
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...
BankNifty Analysis - Stance Neutral ➡️
BankNifty was more flattish today even though the chart pattern shows a bearish tinge. We lost 145pts ~ 0.32% today, but if a trader got into a straddle position after the first candle - it would have ended quite perfectly today. This means that the net loss for the banknifty was decided in the opening 4 or 5 minutes and the...
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...
BankNifty Analysis - Stance Neutral ➡️
BankNifty has made some interesting patterns on the 16mts TF. It looks like BN made quick surges to a specific price level and then cooled off softly. Much like a mini-flag pattern. BankNifty may be showing signs of going up if that is the case. We can only confirm if the next resistance of 47465 is broken - and if that...
BankNifty Analysis - Stance Neutral ➡️
Strange-looking 1st and 2nd candles and then a flat price action all through the day. It is quite commendable that Nifty’s bearish ghosts did not haunt BankNifty today. Even though we closed just below the SR zone of 45399 - the price action did not give a clear clue if it was bearish or bullish.
4mts chart
Maybe...
BankNifty Analysis - Stance Neutral ➡️
BankNifty also gets a stance upgrade - from bearish to neutral. The price action was not as beautiful as Nifty50 today. One reason would be the outlier performance by Reliance today +7%, whereas the main weightlifters for BankNifty were HDFCBK 1.38%, Kotak +3.08%, ICICBank 0.64%.
4mts chart
The support/resistance of 45399...
BankNifty Analysis - Stance Bearish ⬇️
The stance of BankNifty continues to be bearish as it was nothing like the Nifty today. The major reason is the rejection of resistance at 45399. After opening near the support level of 44542, BN made a quick surge to the resistance of 45399 by 09.59. The rejection came by 10.43 and that RED candle spoke for itself.
4mts...
BankNifty Analysis - Stance Bearish ⬇️
Banknifty fell an unbelievable 1696pts ~ 3.64% from the HOD to the LOD. As usual, the gap-up of 472pts would have painted the wrong picture today especially when the Traders came ready to play ICICI on the long side. Never in the day, we got a bullish signal today - it was a one way journey from that gap-up to the low of the...
BankNifty Analysis - Stance Bearish ⬇️
For some or the other reason, the 4mts & 63mts charts are not visible on TradingView. It may be due to this unscheduled working day and they might be facing issues with data feeds from vendors. We had a bearish view yesterday also and despite BN ending the day today with 357pts ~ 0.78% we are still maintaining the bearish...
