BankNifty Analysis - Stance Neutral ➡️
Banks were performing as expected today, even though we had a neutral view we ended up losing 0.41% for the day. The stance for tomorrow also continues to be neutral as BN did not breach support or resistance today. The starting candle was perfect as per the script, from there we rose 666pts ~ 1.43% to reach the HOD of 47231...
Nifty Analysis - Stance Bullish ⬆️
Recap from yesterday: “Nifty managed to pull up and close above 22358 which is not a bad thing at all, but what was worrying is how NiftyIT traded today.”
4mts chart
How many of you really thought we would hit a new ATH today? Even if you happened to read yesterday’s post-mortem report - you might not have gathered enough...
Nifty Analysis - Stance Bullish ⬆️
Recap from yesterday: “Our stance continues to be bullish and the first support level would be 22295. It is a shallow support and not quite relevant for a stance change, but the momentum is what really matters.”
4mts chart
For a brief period, Nifty traded below the support level of 22295. Even on the lower timeframe we did...
BankNifty Analysis - Stance Neutral ➡️
BankNifty is still stuck at the 47465 resistance level and this according to me was the primary reason why even Nifty could not find the upward thrust. There were 4 specific instances when BN tried to break the resistance and move up but all of them got rejected. This does not really mean that the Bulls are tired or out of...
Nifty Analysis - Stance Bullish ⬆️
Recap from yesterday: “On the higher timeframe, the last candle of the day stands out, ample GREENery for the Bulls to feast. We are not removing the double top (M pattern) for now, because to negate that Nifty50 has to take out the ATH.”
4mts chart
Was the Nifty’s price action predictable in the last 2 days? What do you...
BankNifty Analysis - Stance Bearish ⬇️
There is no doubt that the stance on Banknifty is anything but bearish. Even though we started quite okay, we quickly gave up the gains. After 10.23 the intensity of selling was quite strong. And once we came back to the bearish channel the depth of the RED candles kept on increasing. Banks were the first to react to the bad...
Nifty Analysis - Stance Bullish ⬆️
Recap from yesterday: “We are not suggesting that all “roads lead to Rome theory” i.e. everything is bullish, but the probability of things going up seems higher than cutting through the supports of 22051 & 21913. You know us, the moment the supports are broken, we will exit the bullish position at a loss and go neutral.”
4mts...
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...
Nifty Analysis - Stance Bullish ⬆️
Recap from yesterday: “On the 63 mts time frame, Nifty looks strong and pumped up. We continue to hold on to our bullish stance, if BN or IT index joins N50 — the build-up in momentum will be a treat to watch.”
4mts chart
Exciting times as Nifty50 has conquered a new milestone “22000” and BankNifty just turned bullish today....
Nifty Analysis - Stance Bullish ⬆️
Recap from yesterday: “From 15th Dec 2023 to 15th Feb 2024 — Nifty was in a narrow range of 21491 to 21913 with a couple of false breakouts/breakdowns. So we are keeping our fingers crossed this time to validate whether it works out. One way to do that is to check for follow-through price action. Blips do not last that long and...
Nifty Analysis - Stance Neutral ➡️
Recap from yesterday: “For tomorrow we wish to keep our eyes open for any bearish clues although we wish to stay neutral to start with. As always, we prefer BankNifty to make its move first and then Nifty50 will align itself to that direction.”
4mts chart
We really thought the open may be flat and we would start falling, but...
Wipro successfully breaks out of its accumulation phase, which lasted from June 2022 to December 2023, and shows a strong retracement to the Fibonacci level of 61.80%. A clear target is now in sight, and the momentum continues.
Nifty Analysis - Stance Neutral ➡️
Recap from yesterday: “For Monday, we wish to maintain our stance of neutrality. To go long the resistance of 21913 has to be taken out and to go short 21615 has to be broken first and then 21491”
4mts chart
Nifty opened a bit gap-up and then started declining immediately. It made a two-legged downward move today taking out...
Nifty Analysis - Stance Neutral ➡️
Recap from yesterday: “Our stance for tomorrow is bullish and since these are all games of probabilities we reserve the right to be wrong as would like to keep the 21826 area as a good stop loss.”
4mts chart
Just when we thought things were swinging in our favor, Nifty took a U-turn and is now back in neutral territory....
Nifty Analysis - Stance Bullish ⬆️
Recap from yesterday: ” Nifty is still undecided on the 63mts TF and for that same reason, we wish to start the day tomorrow with a neutral bias and then go long if we have a green candle above the 21913 zone. Only if BankNifty lends support we can take out the ATH and there is no better day than the expiry day for such...
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...
Nifty Analysis - Stance Neutral ➡️
Recap from yesterday: “The chart pattern is not at all bearish, in fact, it is more bullish than bearish. But we all know for an upward move, the resistance has to be knocked out whereas the support has to be breached for a downward move. For tomorrow, we wish to maintain our neutral stance and wait for some directional clues to...
