You wont believe banknifty only fell 0.24% vs Nifty50 0.28%. But if you look the chart pattern, the feeling you get is total bearishness. This is mostly due to the previous session's price action & a continuing lower high pattern.
The 09.20 candle itself fell by 162pts, and then the late selling adjustments in HDFCBK, ICICI, SBI & profit taking in Kotak Bank all led to a fall of 310pts between 14.40 to 15.10.
Since HDFC is getting delisted, a minor was fall was expected as all the future dated expiries will end today. This will also lead to price correction on HDFCBK to maintain the ratio arbitrage.
How tomorrow is going to shape up is still remains a mystery, during the closing hours there was immense shorts getting written at CE side.
If Banknifty has to support Nifty50 then it needs to break out from the lower high pattern.
Hoping tomorrow's expiry will be a volatile one!
The 09.20 candle itself fell by 162pts, and then the late selling adjustments in HDFCBK, ICICI, SBI & profit taking in Kotak Bank all led to a fall of 310pts between 14.40 to 15.10.
Since HDFC is getting delisted, a minor was fall was expected as all the future dated expiries will end today. This will also lead to price correction on HDFCBK to maintain the ratio arbitrage.
How tomorrow is going to shape up is still remains a mystery, during the closing hours there was immense shorts getting written at CE side.
If Banknifty has to support Nifty50 then it needs to break out from the lower high pattern.
Hoping tomorrow's expiry will be a volatile one!
@viswaram
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