16 May 2024 - BankNifty goes bullish, strong intraday rally
BankNifty Analysis — Stance Bullish ⬆️
The stance on BN also revised to bullish not because we took out the resistance, but due to the 707pts ~ 1.5% intraday rally that came right from the support level. Usually, powerful moves like this will have extended legs that could start appearing in days to follow.
We only need to know whether the move came out from a news event or not because if it did, then no amount of technical analysis can codify it. BN has also formed a W pattern showing bullishness.
On the 63mts TF, the final candle of the day almost fills the gap between the support and resistance. Hoping to see follow through tomorrow.
The algos were at a loss today, understandably so because of the wild swings we got today.
The stance on BN also revised to bullish not because we took out the resistance, but due to the 707pts ~ 1.5% intraday rally that came right from the support level. Usually, powerful moves like this will have extended legs that could start appearing in days to follow.
We only need to know whether the move came out from a news event or not because if it did, then no amount of technical analysis can codify it. BN has also formed a W pattern showing bullishness.
On the 63mts TF, the final candle of the day almost fills the gap between the support and resistance. Hoping to see follow through tomorrow.
The algos were at a loss today, understandably so because of the wild swings we got today.
