28th Dec ’23 - 94% of Q3 gains came in DEC - BankNifty AmazingBankNifty Quarterly Analysis
Surprisingly BankNifty rose only 9.56% ~ 4232pts compared to 11.6% by Nifty. There are 2 reasons for this.
RBI’s I-CRR and CAR weight adjustments decisions rocked the boat and BN fell much more than N50
NiftyIT rose to the occasion and supported N50, in the same period NiftyIT gained almost 12%
1D chart link - click here
BankNifty Monthly Analysis
94% of the Quarterly gains came in the December series alone. It was like a relay race and during the last lap, BN ran so fast that it made up for the losses in the earlier 2 months.
1D chart link - click here
BankNifty Analysis
The gap up really helped BankNifty to cross the top boundary of the ascending channel. After that happened, all BN had to do today was to resist falling below that inclined support level. In fact BN did that beautifully today and in the process hit a new ATH of 48636.
4mts chart link - click here
The monthly options expiry is much better than the weekly ones. Primarily because the premiums are pretty high when Nifty and BankNifty have expiry on the same day. From a trader’s perspective, the earnings are directly proportional to the premiums the strike carries. During volatile expiries like today, the premium is too sugary to resist.
63mts chart link - click here
BN trade above the ascending channel top line is not that clear from the chart as the line is seen as cutting it through. On a lower TF, you can clearly see the difference. For tomorrow also, we are going with the bullish stance.
