20th Oct ’23 - Unwilling to Die attitude from BankNifty
BankNifty Analysis
The greatest surprise of today came from BankNifty. A perfect flat closing today. I was hoping for a 400+ pts fall today considering how the global indices ended the trade yesterday, also how the US banks were tanking.
The resilience Indian banks showed today deserves special mention. If you look at the price action today, we went green by 09.35 and then had a range-bound trade. At 13.15 we had a 114pts surge super-strong green candle, but we quickly retraced that. If BankNifty had fallen just as much as Nifty50 today - the entire story would have been different. The immense weight BN has over N50 ensured the cuts are not that deep.
On the hourly time frame, things look still bearish as the 44068 resistance still stands. I agree that we did not have momentum today, but if we stay in this zone - the selling will intensify. My targets of 43404 and 43253 remain unchanged.
The greatest surprise of today came from BankNifty. A perfect flat closing today. I was hoping for a 400+ pts fall today considering how the global indices ended the trade yesterday, also how the US banks were tanking.
The resilience Indian banks showed today deserves special mention. If you look at the price action today, we went green by 09.35 and then had a range-bound trade. At 13.15 we had a 114pts surge super-strong green candle, but we quickly retraced that. If BankNifty had fallen just as much as Nifty50 today - the entire story would have been different. The immense weight BN has over N50 ensured the cuts are not that deep.
On the hourly time frame, things look still bearish as the 44068 resistance still stands. I agree that we did not have momentum today, but if we stay in this zone - the selling will intensify. My targets of 43404 and 43253 remain unchanged.
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