30th Nov ’23 - BankNifty stalled today, not sure of the reason
BankNifty Today Analysis
From yesterday’s analysis, I was long into BankNifty and was quite surprised to see the breach of support level 44542 by 09.45. The candle that crossed this SR line took out 154pts, luckily no damage was done and we found a safety net at 44280 levels.
5mts chart link - click here
I have not fully subscribed to the idea that the opening fall was due to the over-buying yesterday. Anyway, the bears were not able to overpower the bulls today, if so then we should have retested the 44063 levels. I do not plan to change my stance to neutral until that happens.
1hr chart link - click here
The exit polls declared after hours today might show its impact in the forenoon session. I did not carry forward any position for tomorrow and decided to play as it is after the opening. If Banknifty is not able to accelerate to the next resistance of 45399, it could pose some trouble to the current trend. We all know how important the banks are for Nifty’s ATH recoup.
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BankNifty Monthly and Weekly Analysis
BankNifty gained an impressive 1023pts ~ 2.36% over the last week, whereas the monthly gains of 1446pts ~ 3.36% were sub-par compared with Nifty. One of the reasons could be attributed to the news event on 17th Nov that took out some bullish momentum on banks.
From yesterday’s analysis, I was long into BankNifty and was quite surprised to see the breach of support level 44542 by 09.45. The candle that crossed this SR line took out 154pts, luckily no damage was done and we found a safety net at 44280 levels.
5mts chart link - click here
I have not fully subscribed to the idea that the opening fall was due to the over-buying yesterday. Anyway, the bears were not able to overpower the bulls today, if so then we should have retested the 44063 levels. I do not plan to change my stance to neutral until that happens.
1hr chart link - click here
The exit polls declared after hours today might show its impact in the forenoon session. I did not carry forward any position for tomorrow and decided to play as it is after the opening. If Banknifty is not able to accelerate to the next resistance of 45399, it could pose some trouble to the current trend. We all know how important the banks are for Nifty’s ATH recoup.
--
BankNifty Monthly and Weekly Analysis
BankNifty gained an impressive 1023pts ~ 2.36% over the last week, whereas the monthly gains of 1446pts ~ 3.36% were sub-par compared with Nifty. One of the reasons could be attributed to the news event on 17th Nov that took out some bullish momentum on banks.
