18 Jul ’23 Post Mortem on BankNifty | 557pts fall in 1hr ?
Banknifty saw some profit booking today & it seems healthy. Thats right after we broke the all time high by 09.25. Interestingly finnifty also hit the day’s high at the same timeline but it could not take out the previous ATH.
There was a fall of 557pts ~ 1.22% between 11.15 to 12.20 but even this did not take banknifty much below the prev. close of 45449.75. It also means the selling momentum was not picking up pace - another bad news for the bears.
Also the impact on Nifty50 was not heavy as NiftyIT started to support and rallied almost 1.6% afternoon.
Hitting a new ATH for banknifty was something special, this has to do with the impressive quarterly results. Seems like the other banks may have similar or better numbers to report than Hdfcbk, saw the IndusInd bank results post market hours - that looked good as well.
On an hourly time-frame banknifty is sill looking bullish - mostly because of its trend line break and the break-out momentum. Today’s fall was also arrested quickly which may be of interest to the bulls.
There was a fall of 557pts ~ 1.22% between 11.15 to 12.20 but even this did not take banknifty much below the prev. close of 45449.75. It also means the selling momentum was not picking up pace - another bad news for the bears.
Also the impact on Nifty50 was not heavy as NiftyIT started to support and rallied almost 1.6% afternoon.
Hitting a new ATH for banknifty was something special, this has to do with the impressive quarterly results. Seems like the other banks may have similar or better numbers to report than Hdfcbk, saw the IndusInd bank results post market hours - that looked good as well.
On an hourly time-frame banknifty is sill looking bullish - mostly because of its trend line break and the break-out momentum. Today’s fall was also arrested quickly which may be of interest to the bulls.
