05 Apr -Algo trades went from profits to loss in last 30mts -BNBankNifty Analysis - Stance Bullish ⬆️
The line we drew yesterday was more or less right. Banknifty respected the trend line and moved ahead when Nifty was trading flat. RBI MPC outcome expectations were not the reason we had the fall yesterday. I can say that with a high level of certainty because today we went past yesterday’s high. And as soon as we cut through that level an additional boost of 300+ points came in via short-covering or long build-up.
I guess we discussed a higher-high, higher-low formation last week. I just drew that with the green-colored path lines. Can you spot the HH, HL pattern? All this was possible only after the 47465 resistance was breached. Also, notice how the momentum picked up right after the crossing.
The major highlights from the RBI MPC meeting were
The Repo rates are unchanged at 6.5%
The stance is the withdrawal of accommodation (M3 money supply can be tracked to see if liquidity is getting removed or not)
Inflation projected at 4.5% for current FY
GDP expected at 7.6% for the current FY
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Algo Trading
Our algo trades ended today with a loss of Rs3246, things were cruising quite well when BN picked up momentum in the last 30 to 40mts.
