22 Apr - BankNifty also goes neutral, on further gains -ATH nextBankNifty Analysis — Stance Neutral ➡️
The show on BankNifty was sponsored by HDFC Bank which had its quarterly results declared over the weekend. The sharp gap-up opening and then falling to close the gap were all attributed to the price action of HDFCBK.
Despite the elephant losing 1.25% today, BN managed to close in strong GREEN. BN also managed to defend the 47465 support so decently that it too commanded a stance change from Bearish to Neutral.
48103 looks like an interim resistance above which BN could keep up the momentum to even take out the ATH. If we look back at the events that happened from 15th Apr, just notice how quickly the indices are managing to gain back the grounds they ceded. US indices like SPX and NDQ are yet to reverse but see how Indian indices are optimistic.
For tomorrow we wish to start with a neutral stance and then add on bullish positions if the momentum gains.
BankNifty Algos managed to end the day with a gain of Rs31488.
