29 Apr 2024 - BankNifty hits a new ATH, becomes torch bearer...BankNifty Analysis - Stance Bullish⬆️
We were quite sure BN would be bullish today but honestly did not think we would gain 1223 points ~ 2.54% in total. ICICI Bank had good quarterly results, but the outperformance was unexpected, that really fuelled the rally today.
Can you believe, BN overshadowed NiftyIT, reclaimed the torchbearer status, and then hit a new ATH of 49473.6 today? NiftyIT is almost 13% down from its ATH, whereas BN is looking strong and roaring.
The main reason, Nifty went up 1% was attributed to the outperformance in the banks, otherwise it would have ended the day flat. Honestly, there weren't any good news for Nifty to rally, unlike Banks which had good quarterly results impact.
All 6 candles are in green today and all of them are with long bodies, such a treat to the eyes. Let us wait and watch how the expiry will play out tomorrow. My non-directional algo hit a loss of -83618 INR today, quite expected as the index went directional today.
Long