9th Nov ’23 - BankNifty PostMortem - Neutral stance continues...
BankNifty Analysis
BankNifty traded totally differently from Nifty50 today. Nifty opened higher and was trading lower, whereas BankNifty took support in the first candle (43566) and was trading higher. We even took out the last swing high to hit an intraday high of 43876 by 11.55.
The afternoon session perfectly matched Nifty’s price action. A gradual but steady downward move. Nifty took out the intraday low in the afternoon session whereas BankNifty stayed above water.
One other reason for this was because the bulk of the loss on Nifty50 came from NiftyIT, RELIANCE & ADANIENT i.e. non BankNifty stocks. So I guess the participants would have purchased Bank stocks to limit the losses on Nifty.
On the 1hr chart, BankNifty is also looking tired. To break through the next resistance of 44063, requires a strong build-up of momentum which looks quite difficult now. BankNifty has not made a rounded top-like formation like Nifty, but if we are to fall from here, BN has to fall first. I wish to maintain my neutral stance for tomorrow as well, the levels being 44063 on the upside and 43566, 43404 on the downside. If either of these levels are broken, I would change my stance to bullish or bearish. Will update the tradingview minds here when I do.
BankNifty traded totally differently from Nifty50 today. Nifty opened higher and was trading lower, whereas BankNifty took support in the first candle (43566) and was trading higher. We even took out the last swing high to hit an intraday high of 43876 by 11.55.
The afternoon session perfectly matched Nifty’s price action. A gradual but steady downward move. Nifty took out the intraday low in the afternoon session whereas BankNifty stayed above water.
One other reason for this was because the bulk of the loss on Nifty50 came from NiftyIT, RELIANCE & ADANIENT i.e. non BankNifty stocks. So I guess the participants would have purchased Bank stocks to limit the losses on Nifty.
On the 1hr chart, BankNifty is also looking tired. To break through the next resistance of 44063, requires a strong build-up of momentum which looks quite difficult now. BankNifty has not made a rounded top-like formation like Nifty, but if we are to fall from here, BN has to fall first. I wish to maintain my neutral stance for tomorrow as well, the levels being 44063 on the upside and 43566, 43404 on the downside. If either of these levels are broken, I would change my stance to bullish or bearish. Will update the tradingview minds here when I do.
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