23 Aug 2024 - BankNifty stance went wrong, not changing neutral
BankNifty Stance Neutral ➡️
Despite BN moving up 587pts ~ 1.17% this week, I am not intending to change the stance to bullish yet. The last time I checked, I preferred a close above 51400 to go long.
We had a flattish Monday, followed by a highly volatile Tuesday. In fact, the moves on Tuesday would have hurt the algo traders pretty dearly, the reason I am sure is because I was one of them.
Wednesday we had a normal and non-directional day, but the last 1 hour of trade was pretty unusual. We went up 366pts in the last 1 hour, giving some early clues that Thursday may be a green day. Friday was again consolidation just like Nifty.
From the Algo perspective, the returns were quite low this week for me even for the good nontrending days. I assume it could be due to the lower premiums and hence the proportionately lower decay.
Wish to start trades on Monday with a neutral stance and then go long if we go above 51400.
Despite BN moving up 587pts ~ 1.17% this week, I am not intending to change the stance to bullish yet. The last time I checked, I preferred a close above 51400 to go long.
We had a flattish Monday, followed by a highly volatile Tuesday. In fact, the moves on Tuesday would have hurt the algo traders pretty dearly, the reason I am sure is because I was one of them.
Wednesday we had a normal and non-directional day, but the last 1 hour of trade was pretty unusual. We went up 366pts in the last 1 hour, giving some early clues that Thursday may be a green day. Friday was again consolidation just like Nifty.
From the Algo perspective, the returns were quite low this week for me even for the good nontrending days. I assume it could be due to the lower premiums and hence the proportionately lower decay.
Wish to start trades on Monday with a neutral stance and then go long if we go above 51400.
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