11 Sep ’23 Post Mortem on BankNifty - some more ground to cover
BankNifty Analysis
Banknifty had a long call for today even though the I-CRR news would have impacted it more than Nifty50. One of the reasons is the distance left to ATH vs Nifty50. BankNifty had more distance to cover the ATH and for this reason I had the continuation of bullish stance from Friday.
The strength in BankNifty was obvious when NiftyIT started giving up some gains. It was BankNifty’s persistence that kept Nifty surging ahead and finally helped it take out the all time highs. Once Nifty got its boost, even NiftyIT started contributing.
During the last 1hr the boost Nifty50 got from all the sub sectors was humongous. For this same reason there could be some shaving off tomorrow unless BankNifty keeps firing.
BankNifty has to catch up 691pts ~ 1.52% to take out its personal ATH. If this comes by tomorrow - then Nifty50 will also remain in green. Ideally it should. I wish to continue my bullish stance in BankNifty for tomorrow and expect a turbulent FinNifty especially for the near ATM calls.
Banknifty had a long call for today even though the I-CRR news would have impacted it more than Nifty50. One of the reasons is the distance left to ATH vs Nifty50. BankNifty had more distance to cover the ATH and for this reason I had the continuation of bullish stance from Friday.
The strength in BankNifty was obvious when NiftyIT started giving up some gains. It was BankNifty’s persistence that kept Nifty surging ahead and finally helped it take out the all time highs. Once Nifty got its boost, even NiftyIT started contributing.
During the last 1hr the boost Nifty50 got from all the sub sectors was humongous. For this same reason there could be some shaving off tomorrow unless BankNifty keeps firing.
BankNifty has to catch up 691pts ~ 1.52% to take out its personal ATH. If this comes by tomorrow - then Nifty50 will also remain in green. Ideally it should. I wish to continue my bullish stance in BankNifty for tomorrow and expect a turbulent FinNifty especially for the near ATM calls.
