24 Jan ’24 — BN still looks bearish to me, will it go neutral?
BankNifty Analysis - Stance Bearish ⬇️
The stance of BankNifty continues to be bearish as it was nothing like the Nifty today. The major reason is the rejection of resistance at 45399. After opening near the support level of 44542, BN made a quick surge to the resistance of 45399 by 09.59. The rejection came by 10.43 and that RED candle spoke for itself.
4mts chart
We started falling and BN went underwater again by 11.27. Interestingly BN made a W pattern on the 4mts chart today - but it means nothing if the resistance is not taken out.
63mts chart
The first candle steals all the show today - its low right at the support of 44542, its high right at the resistance of 45399. Nifty will not be that strong in the upward direction until BN joins it. Right now N50 is neutral and BN is bearish. To lose bearishness, BN has to take out the resistance and close near 46151. Since both BN and N50 have expiry tomorrow, it will be an option sellers day as the premiums will be juicy enough.
The stance of BankNifty continues to be bearish as it was nothing like the Nifty today. The major reason is the rejection of resistance at 45399. After opening near the support level of 44542, BN made a quick surge to the resistance of 45399 by 09.59. The rejection came by 10.43 and that RED candle spoke for itself.
4mts chart
We started falling and BN went underwater again by 11.27. Interestingly BN made a W pattern on the 4mts chart today - but it means nothing if the resistance is not taken out.
63mts chart
The first candle steals all the show today - its low right at the support of 44542, its high right at the resistance of 45399. Nifty will not be that strong in the upward direction until BN joins it. Right now N50 is neutral and BN is bearish. To lose bearishness, BN has to take out the resistance and close near 46151. Since both BN and N50 have expiry tomorrow, it will be an option sellers day as the premiums will be juicy enough.
