05 Jan ’24 — BankNifty gets a sharp reversal at 14.19 & pulls UP
BankNifty Analysis - Stance Neutral ➡️
BankNifty opened inline and was looking quite decent till 10.07. The fall that came after that took out 559pts ~ 1.16%. Not quite sure what triggered that fall. Due to this, the impact was felt even on Nifty50. NiftyIT was roaring green at one end and then BankNifty underperforming at the other.
4mts chart link
Remember, we changed our stance from bearish to neutral yesterday and this fall started creating conflicting thoughts in our mind. What if the price action we had yesterday was a blip? But we got the right answers between 14.15 to 14.31 when Nifty50 managed to pull back. This also lifted BankNifty to ensure a flat closing for today.
63mts chart link
The neutral stance continues. On the downside, we have protection at 47539, and on the upside, the channel bottom line will prove as a minor resistance. As long as BN stays between these two, we will be glad to look out for non-directional option strategies.
BankNifty opened inline and was looking quite decent till 10.07. The fall that came after that took out 559pts ~ 1.16%. Not quite sure what triggered that fall. Due to this, the impact was felt even on Nifty50. NiftyIT was roaring green at one end and then BankNifty underperforming at the other.
4mts chart link
Remember, we changed our stance from bearish to neutral yesterday and this fall started creating conflicting thoughts in our mind. What if the price action we had yesterday was a blip? But we got the right answers between 14.15 to 14.31 when Nifty50 managed to pull back. This also lifted BankNifty to ensure a flat closing for today.
63mts chart link
The neutral stance continues. On the downside, we have protection at 47539, and on the upside, the channel bottom line will prove as a minor resistance. As long as BN stays between these two, we will be glad to look out for non-directional option strategies.
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