25 Sep ’23 Post Mortem on BankNifty - bear below 45399BankNifty Analysis
The real reason Nifty50 went sharply up from 11.00 to 13.30 was due to banknifty. In the same period BN added 534pts ~ 1.20%. The spikes in most banks did not have a natural rhythm to it. Most likely this may be due to some news event. I was not able to find any relevant trigger post market hours also.
The chart patterns were similar on ICICI, AXIS and SBIN whereas HDFCBK went in the opposite direction. KOTAK was immensely strong today. If you look at the 1hr chart it still shows weakness - the hourly candle at 13.15 is a strong evidence for that. Even though we had 2 good green candles prior to that - the bears managed to drive down the price @ 13.15.
14.15 the bulls managed to drive the prices back up, but did not get full strength. My first target of 44451 was hit - but it was not enough to build up momentum. As long as BN stays below 45399 I wish to maintain the bearish call. This is in spite of the day ending with a gain of 154pts. I would prefer to change my status to neutral only if we have a range bound trade tomorrow also.
