23rd Nov ’23 - BankNifty takes out a resistance today 🐂 soon
BankNifty Analysis
BankNifty made some interesting strides today. After opening inline, it went to the resistance level of 43566 really quickly. By 10.00 we had a close above this level on the 5mts TF. I did update on the trading view minds that, I changed my stance from bearish to neutral because of this.
5mts chart link - click here
Even though we did not go much higher, BankNifty was able to retain the lead and hold the ground. The Final close was also above this level opening up opportunities for further up moves. Fundamentally I still don't know if the banks have priced in the CAR and risk weight increment news perfectly, but from a technical chart perspective - it seems like the bearishness is almost over.
1hr chart link - click here
BankNifty has a lot of ground to cover to get back at the bullish trend line. The first target would be to take out the 44063 resistance level and give some food for the bulls to charge. Over the last few sessions, I had a bearish view on the 17th & 20th, a neutral view on the 21st, and then a bearish view on the 22nd. Today I have changed the stance to neutral again. At present Nifty and BankNifty are in a neutral stance. Logically the directional bias has to be in sync for both Nifty and BankNifty, that's when the real magic happens. I am quite sure if BankNifty goes bullish tomorrow, Nifty will also get its stance changed.
BankNifty made some interesting strides today. After opening inline, it went to the resistance level of 43566 really quickly. By 10.00 we had a close above this level on the 5mts TF. I did update on the trading view minds that, I changed my stance from bearish to neutral because of this.
5mts chart link - click here
Even though we did not go much higher, BankNifty was able to retain the lead and hold the ground. The Final close was also above this level opening up opportunities for further up moves. Fundamentally I still don't know if the banks have priced in the CAR and risk weight increment news perfectly, but from a technical chart perspective - it seems like the bearishness is almost over.
1hr chart link - click here
BankNifty has a lot of ground to cover to get back at the bullish trend line. The first target would be to take out the 44063 resistance level and give some food for the bulls to charge. Over the last few sessions, I had a bearish view on the 17th & 20th, a neutral view on the 21st, and then a bearish view on the 22nd. Today I have changed the stance to neutral again. At present Nifty and BankNifty are in a neutral stance. Logically the directional bias has to be in sync for both Nifty and BankNifty, that's when the real magic happens. I am quite sure if BankNifty goes bullish tomorrow, Nifty will also get its stance changed.
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