BankNifty Analysis - Stance Bearish ⬇️ BankNifty ended the day in GREEN, up 157pts, but we are still bearish as the resistance line was not taken out (bearish trend line). Also, we are in the bearish channel, the longer we stay in it - the stronger the BEARS grows. 3 candles between 09.59 to 10.07 gave away 498pts ~ 1.08%. And we really thought, it could be the...
Nifty Analysis - Stance Neutral ➡️ Recap from yesterday: “If Nifty50 had broken the 21913 today, we would have changed the stance from bullish to bearish right away. Hence we are going with a neutral stance tomorrow and would immediately go bearish if we have a gap down opening or sustained trades below the 21913 after the opening hour” 4mts chart One of the...
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 Neutral ➡️ Recap from yesterday: “They need to take out the 22051 and 21913 support levels, which is only possible if we have a macro level bad news. Banks are the only sector that could give away such an opportunity. Already the FIIs are not so happy with the future prospects of the financial sector in India. A small trigger could set the...
BankNifty Analysis - Stance Neutral ➡️ BankNifty is still managing to stay below the bearish trend top line and that means we are in the bearish channel as of now. You might wonder if we are in the bearish channel - why is our stance still neutral? The answer is that, even though we have entered the bearish channel, BN has not shown any signs of breakdown. We are...
Nifty Analysis - Stance Bullish ⬆️ Recap from yesterday: “Ideally, we should expect the leg2 to start soon, but the premiums are not indicative. Also, we have the monthly expiry this week and things could get a bit volatile before we find a clear trend.” 4mts chart Nifty50 would have given enough choppiness for those bullish today to test your courage. But N50...
BankNifty Analysis - Stance Neutral ➡️ BankNifty on the other hand was looking weaker. Technically BN only lost 0.5% vs Nifty 0.41% - but the price action & visual impact showed the Banks ceding their bullish control. If you look at the sloping bearish trend line, we opened below that went up for a brief time and then fell back below water. We rejected the...
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 ⬆️ BankNifty fell 108pts today and still, it looks bullish for us. The reason is, the bearish trend line was rejected and as long as we stay on top - we are immune to bear attack. A few candles were quite abnormal today, with the price action from 10.19 to 10.38 and then the 13.19 candle that single-handedly took out 193...
Nifty Analysis - Stance Bullish ⬆️ Recap from yesterday: “As soon as the 22051 resistance gave away, we had to change our stance from neutral to bullish. We would now like to see how higher the markets can go, we are assuming the momentum may not take us to 22700 for the monthly expiry.” 4mts chart All 3 indices - Nifty50, BankNifty, and NiftyIT- were stuck in...
BankNifty Analysis - Stance Bullish ⬆️ BankNifty did not have as much of a wild swing as Nifty50 had today, interestingly the SR trendline (blue sloping line in the below chart) was in action. We fell below this support at 09.59 and stood there till 14.59. Only in the last 30mts we managed to go above this level. If you notice in detail it is when BN crossed this...
Nifty Analysis - Stance Bullish ⬆️ Recap from yesterday: “Since Nifty50 fell below our support line, we had to reverse the stance back to neutral. In case Nifty50 climbs back up tomorrow and hits a new ATH, today’s move will just appear as a blip, and the stance will go back to bullish.” 4mts chart Honestly speaking, we fell into the bear trap today as the...
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 Neutral ➡️ Recap from yesterday: “On the 63mts TF, N50 is still looking strong — we would keep our first support level(weak) at 22051 and the main support at 21913.” 4mts chart Bulls were roaring and seemed like the entire territory was under their control and then suddenly from nowhere, we got a flash crash. Nifty50 hits a new ATH of...
BankNifty Analysis - Stance Bullish ⬆️ Yesterday we discussed the possibility of HDFC Bank making a move and quite fortunately that came true today. We rallied an impressive 769pts ~ 1.66% today to take out the first resistance (bearish trendline break). Would you believe the elephant jumped 2.63% today along with AXIS Bank 2.41%, Kotak Bank 1.8%. ICICI Bank &...
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....
BankNifty Analysis - Stance Neutral ➡️ Even though the 4mts chart looks bullish as the moving averages have a positive slope, the reality is quite different. BankNifty has not managed to find the fire to go “BOOM BOOM”, it is totally lazy and lethargic at its current levels. Today we ended up gaining 150 points ~ 0.32% but a few of the major banks like HDFC Bank,...
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...