16 Apr - BankNifty takes support, 47465 crucial for trend conti.
BankNifty Analysis - Stance Bearish⬇️
BN managed to hold on to 47465 levels quite decently. All intraday straddlers would have had a decent day as there were no swings or whipsaws. We opened below the 47465 level but managed to close above it giving some hope to the Bulls.
If we close above 47465 levels on the 18th, I might change my stance from bearish to neutral. For bearish continuation, we need strong downside momentum - agreed that we lost 288pts ~ 0.6% today, but not breaking the support level is considered a negation of the trend.
In the higher time frame, this is more obvious. See the closing 63mts candle, it is strong green with the lower part of the body right at the 47465 level. The next move would be more based on news than technical analysis, so it would even make sense to keep a close eye on macros like Iran-Israel conflict.
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BN algos ended the day with a profit of 26757, again exited prematurely in the opening 30mts itself as the time condition of the profits were met.
BN managed to hold on to 47465 levels quite decently. All intraday straddlers would have had a decent day as there were no swings or whipsaws. We opened below the 47465 level but managed to close above it giving some hope to the Bulls.
If we close above 47465 levels on the 18th, I might change my stance from bearish to neutral. For bearish continuation, we need strong downside momentum - agreed that we lost 288pts ~ 0.6% today, but not breaking the support level is considered a negation of the trend.
In the higher time frame, this is more obvious. See the closing 63mts candle, it is strong green with the lower part of the body right at the 47465 level. The next move would be more based on news than technical analysis, so it would even make sense to keep a close eye on macros like Iran-Israel conflict.
---
BN algos ended the day with a profit of 26757, again exited prematurely in the opening 30mts itself as the time condition of the profits were met.
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