29 Jan ’24 — A flag like formation on 63mts TF - BankNifty
BankNifty Analysis - Stance Neutral ➡️
BankNifty also gets a stance upgrade - from bearish to neutral. The price action was not as beautiful as Nifty50 today. One reason would be the outlier performance by Reliance today +7%, whereas the main weightlifters for BankNifty were HDFCBK 1.38%, Kotak +3.08%, ICICBank 0.64%.
4mts chart
The support/resistance of 45399 was in play today and it proved quite sticky. Although BN got to this level by 09.31 - we never had a strong breakout today. On the 4mts TF it appears we broke the resistance between 09.59 to 11.15 - but it was not strong enough as we fell back to it by 11.19. On a close-to-close basis, BankNifty gained an impressive 576pts ~ 1.28% but the charts do not signify a bullishness yet.
63mts chart
The pattern formed today more or less looks like a flag formation - so the bullishness could come at any moment. BankNifty has a lot of catching up to do, so the run could get quite wild too. If the FII selling in HDFCBK has ended, it could be a good relief to the Bulls. We have changed the stance from bearish to neutral as BN has defended the 44542 support & is just above the 45399 SR. The moment we break these supports, we will go back to bearish mode.
Algo Trading
Our BankNifty algo trades ended today with a loss of 608 rupees per lot
BankNifty also gets a stance upgrade - from bearish to neutral. The price action was not as beautiful as Nifty50 today. One reason would be the outlier performance by Reliance today +7%, whereas the main weightlifters for BankNifty were HDFCBK 1.38%, Kotak +3.08%, ICICBank 0.64%.
4mts chart
The support/resistance of 45399 was in play today and it proved quite sticky. Although BN got to this level by 09.31 - we never had a strong breakout today. On the 4mts TF it appears we broke the resistance between 09.59 to 11.15 - but it was not strong enough as we fell back to it by 11.19. On a close-to-close basis, BankNifty gained an impressive 576pts ~ 1.28% but the charts do not signify a bullishness yet.
63mts chart
The pattern formed today more or less looks like a flag formation - so the bullishness could come at any moment. BankNifty has a lot of catching up to do, so the run could get quite wild too. If the FII selling in HDFCBK has ended, it could be a good relief to the Bulls. We have changed the stance from bearish to neutral as BN has defended the 44542 support & is just above the 45399 SR. The moment we break these supports, we will go back to bearish mode.
Algo Trading
Our BankNifty algo trades ended today with a loss of 608 rupees per lot
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