29 Aug ’23 Post Mortem on BankNifty - Bulls absent due to ONAM?
BankNifty Analysis
Yesterday I had a bullish call for banknifty, but we ended up the day flat. Although the bulls got the gap-up above the swing high of yesterday - they were unable to capitalize on it.
Since there was that gap up, the slow but falling price action ensured that the index is not closing in red. Intraday we had a fall of 239pts ~ 0.54% which is nothing compared to the usual strength of banknifty.
I was joking in our trading discord group that, today being the ONAM festival (regional festival of Kerala), the big-boys would have gone for the mega feast (sadhya) that they preferred not to swing the markets that hard.
If we look at the 1hr chart, the bullish momentum should come soon. Firstly because the support is still strong and secondly we are out of the falling wedge. Today might have been a resting day probably - I am personally expecting some serious movements either tomorrow or by 31st Aug.
I wish to maintain my bullish stance for tomorrow and would prefer to remain a bull till the support is not taken out.
Yesterday I had a bullish call for banknifty, but we ended up the day flat. Although the bulls got the gap-up above the swing high of yesterday - they were unable to capitalize on it.
Since there was that gap up, the slow but falling price action ensured that the index is not closing in red. Intraday we had a fall of 239pts ~ 0.54% which is nothing compared to the usual strength of banknifty.
I was joking in our trading discord group that, today being the ONAM festival (regional festival of Kerala), the big-boys would have gone for the mega feast (sadhya) that they preferred not to swing the markets that hard.
If we look at the 1hr chart, the bullish momentum should come soon. Firstly because the support is still strong and secondly we are out of the falling wedge. Today might have been a resting day probably - I am personally expecting some serious movements either tomorrow or by 31st Aug.
I wish to maintain my bullish stance for tomorrow and would prefer to remain a bull till the support is not taken out.
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