28 Mar ’24 — BankNifty has to break 47465 to go bullish
BankNifty Analysis - Stance Neutral ➡️
BankNifty made its run today, but nothing as dramatic as Nifty50. We went up 590pts ~ 1.26% and then gave up 443pts ~ 0.93% in the last 45mts. The stance on BN is still neutral. If we had broken the 47465 resistance today and closed above, we would have changed the status to bullish. At one point, breaking 47465 was looking almost certain.
4mts chart
If you look at the higher time frame, you would quickly agree with my view. BN has a bullish edge but is still neutral. For a strong bullish move, the resistance has to be broken, and if we do that we might create a new higher high from the bottom made on 24th Jan. When we resume trading on 1st April, we wish to start with a neutral bias, and go long if we breach 47465.
63mts chart
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Algo Trading
Expecting choppiness today, did not run the Algo trades today. In hindsight, that proved to be the right decision. Otherwise, the entire month’s gain would have been wiped out.
BankNifty made its run today, but nothing as dramatic as Nifty50. We went up 590pts ~ 1.26% and then gave up 443pts ~ 0.93% in the last 45mts. The stance on BN is still neutral. If we had broken the 47465 resistance today and closed above, we would have changed the status to bullish. At one point, breaking 47465 was looking almost certain.
4mts chart
If you look at the higher time frame, you would quickly agree with my view. BN has a bullish edge but is still neutral. For a strong bullish move, the resistance has to be broken, and if we do that we might create a new higher high from the bottom made on 24th Jan. When we resume trading on 1st April, we wish to start with a neutral bias, and go long if we breach 47465.
63mts chart
-
Algo Trading
Expecting choppiness today, did not run the Algo trades today. In hindsight, that proved to be the right decision. Otherwise, the entire month’s gain would have been wiped out.
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