18 Jan ’24 — BankNifty bounces of from the support @ 45399 😔BankNifty Analysis - Stance Bearish ⬇️
What happened with BankNifty today was more or less as per the script. The opening 4mts gave us some idea of what to expect, the reason being the bounce from 45399 support. Even though the opening was gap-down, adequate selling pressure was not there to take out the support level. Ideally, it had to be taken out via the gap itself - and that did not happen.
4mts chart
BN impressed with a midday rally of 747pts to close the gap. Later it gave away 58% of those points to close at 45762, down 350pts ~ 0.76% vs yesterday. We would not know how long this correction phase persist, deep down - we prefer to see a broader bear rally.
There is a thing or two about the bear market. Have you seen videos of how Bear catches fish in the river? It goes to those areas called rapids where the Fish has to jump to escape the current. The bear has to just stand at those levels with his mouth wide open - the fish automatically goes straight in as it cannot maneuver mid-air. Bear market price action is more or less similar - the retail traders are helpless and out of the driving seat. If they survive, it will just be at the mercy of the big boys.
63mts chart
The stance is still bearish and the first target is 45399 and it has to be taken out pretty soon. The longer we wait out, the dip buyers will re-emerge. Other support areas nearby are 44542 and 44068 - if the momentum carries, then we should be testing them this month itself.
