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9th Oct ’23 - War news breaks support of BankNifty PostMortem BankNifty Analysis On Friday I changed my stance from bearish to neutral since we had a strong performance. We pushed through the 44068 resistance and maintained those levels. But today we dropped below that and even closed lower. Notice we took out the 44068 level in the opening 5mts candle itself. From there we hit a new swing low of 43796 and then recovered all the way up to 44068 before falling again. Sometimes the best technical indicator that is available is the support/resistance line. If BankNifty was really having good bullish strength - it would have cut through the resistance. A fall really shows weakness. On the 1hr TF BankNifty came from a double top formation and then made an isolated down day. Followed by 2 isolated up-days. Today we have another isolated down day that tested a new swing low. 43755 and 43603 levels are beneath - but not sure if we could stop there if the fall is mainly due to global macros. Since we have broken the support today, my stance will be bearish for tomorrow. Just think - why are the banks falling? No way they would have sanctioned loans to the firms in Israel right? My wildest guess is that there could be many firms that have strong business relationships with Israel, and those companies may have a higher debt:equity ratio. I am quite sure the details of exposure will come out within the next week. Are the risks evenly balanced - I guess not.
NSE:BANKNIFTYShort
by viswaram
1
Sectorial Ratio chartsThis analysis is to see some of the ratio charts of different sector in comparison to Nifty, which in my opinion can give a directional edge to traders for short to medium term in terms of identifying which sector may be outperforming wider market. Pharma Index / Nifty ratio chart is suggesting a falling wedge BO on weekly charts and possibility of Pharma outperforming for comings weeks is higher with RSI divergence and also MACD signal showing strength. #Banknifty Banknifty / Nifty - C&H breakout and as seen since last few months - Banknifty continue to outperform Nifty and may still continue to lead #CNXFinance Financial sector is also outperforming nifty, looks like buy on dips setup #CNXIT CNXIT vs Nifty is showing weakness but is oversold, chances of bounce back - but may still continue to underperform wider market. #Realty Reality sector is showing signs of outperforming Nifty in coming weeks, with falling wedge visible on ratio charts along with MACD & RSI showing good signs #FMCG FMCG ratio chart can give a C&H breakout, overall looks +ve #CNXAUTO No clear strength or weakness in comparison to Nifty, looks like at par
NSE:CNXPHARMA
by aktradelearning
3
Trend is our Best Friend* Before you expecting anything else from this graph just look at the daily and weekly and Monthly graph * ICICIBank is getting support from its 100 DEMA and 200 DEMA sharply * Now ICICIBank is above all average as well as the Near of all Average Respectively 426-418-420-400 * There is some consolidation in Hourly graph if Nifty continue above 11325 then it will be upper side Breakout * If any one want to pre attempt then Buy with current Price 427 and stoploss would be 420 First Target 438- Second target will be 445 * Try to hold the Position ones you out of Loss
NSE:ICICIBANKLong
by AhmedabadTradebulls
1