10 Jan ’24 — Banks did not have the bull-punch today despite N50
BankNifty Weekly Expiry Analysis
Between the last expiry and today, BN fell 383pts and most importantly breached a support level (47539). Even though the start of the week was good, the bulls gave away the control to the bears by Friday.
16mts chart link
BankNifty Today Analysis - Stance Bearish ⬇️
Unlike Nifty50, BankNifty did not have a strong pullback today. There was no wedge like formation, but the negativity was missing totally. The open was gap-down from which BN recovered decently and then remained range bound. BN was trading in green for most of the time today.
4mts chart link
BN is not out of the bearish hold yet. The first thing that has to be taken care of is the 47539 resistance and the best way to take that out is via a gap up. It has become quite predictable these days, the way to go past a level is via a gap-up or gap-down. Neither the bulls nor the bears have the nerve to battle it out during the trading day.
63mts chart link
Our stance remains bearish even for tomorrow. Will switch to neutral if we have a 63mts candle above the resistance level marked in blue. Even though we have the Nifty50 expiry tomorrow, the options premiums are looking pretty dead. Hoping BN strikes will have some juice for tomorrow.
Between the last expiry and today, BN fell 383pts and most importantly breached a support level (47539). Even though the start of the week was good, the bulls gave away the control to the bears by Friday.
16mts chart link
BankNifty Today Analysis - Stance Bearish ⬇️
Unlike Nifty50, BankNifty did not have a strong pullback today. There was no wedge like formation, but the negativity was missing totally. The open was gap-down from which BN recovered decently and then remained range bound. BN was trading in green for most of the time today.
4mts chart link
BN is not out of the bearish hold yet. The first thing that has to be taken care of is the 47539 resistance and the best way to take that out is via a gap up. It has become quite predictable these days, the way to go past a level is via a gap-up or gap-down. Neither the bulls nor the bears have the nerve to battle it out during the trading day.
63mts chart link
Our stance remains bearish even for tomorrow. Will switch to neutral if we have a 63mts candle above the resistance level marked in blue. Even though we have the Nifty50 expiry tomorrow, the options premiums are looking pretty dead. Hoping BN strikes will have some juice for tomorrow.
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