12 Sep ’23 Post Mortem on BankNifty - Rally is still not dead
BankNifty Analysis
Yesterday I had a long call on BankNifty - just because there was some room to catch up. In fact the banks did really well today not to concede the gains. Opening was a gapup like Nifty and we fell 424pts ~ 0.93% by 09.55. From there we had a minor reversal and went uptil 45620 (yesterday’s close levels) and then started falling from there.
The leg 2 had a fall of 297pts ~ 0.65% and we hit the lows for the day by 12.55. The recovery from the leg2 was not that strong. ICICI, HDFC bank did well today and did not succumb to the broad based selling.
The real reason Nifty50 had a flat close today was due to NiftyIT that rallied 2.1% between 09.55 to 12.00. 09.55 is the exact time stamp from where Nifty50 and BankNifty started its pullback.
BankNifty is yet to play out the breakout pattern. Agreed that we had a good surge from the 44068 levels - but its not enough. Whether it will go up from here really depends on many factors. Globally things are not looking that great because the OIL prices are hovering around 92 USD.
I wish to change the stance from bullish to 50% bullish & 50% neutral. My stop loss will be the 45275 levels below which I wish to reverse and go short.
Yesterday I had a long call on BankNifty - just because there was some room to catch up. In fact the banks did really well today not to concede the gains. Opening was a gapup like Nifty and we fell 424pts ~ 0.93% by 09.55. From there we had a minor reversal and went uptil 45620 (yesterday’s close levels) and then started falling from there.
The leg 2 had a fall of 297pts ~ 0.65% and we hit the lows for the day by 12.55. The recovery from the leg2 was not that strong. ICICI, HDFC bank did well today and did not succumb to the broad based selling.
The real reason Nifty50 had a flat close today was due to NiftyIT that rallied 2.1% between 09.55 to 12.00. 09.55 is the exact time stamp from where Nifty50 and BankNifty started its pullback.
BankNifty is yet to play out the breakout pattern. Agreed that we had a good surge from the 44068 levels - but its not enough. Whether it will go up from here really depends on many factors. Globally things are not looking that great because the OIL prices are hovering around 92 USD.
I wish to change the stance from bullish to 50% bullish & 50% neutral. My stop loss will be the 45275 levels below which I wish to reverse and go short.
