07 Sep ’23 Post Mortem on BankNifty, change in stance to bullish
BankNifty Analysis
The real reason Nifty50 outperformed in the last 90 minutes was BankNifty. Even NiftyIT contributed, but since the weightage of banking stocks are higher - that made a real difference. BN rallied an impressive 512pts ~ 1.16% from the lows to the highs today.
You might remember the 1hr chart we discussed yesterday, as long as banknifty was staying beneath it - the sentiment would have been bearish. And the moment it broke-out from that trap - it got additional wings.
The reason 14.15 candle went up 221pts could be because of that. It is like the whistle from the pressure cooker - when the steam builds up ample pressure, it lifts the whistle and oozes out. The next resistance points are at 45353, 45727 & 46069. We will get to know tomorrow if the build of steam is good enough to cruise through. I wish to change my stance from neutral to bullish for tomorrow.
The real reason Nifty50 outperformed in the last 90 minutes was BankNifty. Even NiftyIT contributed, but since the weightage of banking stocks are higher - that made a real difference. BN rallied an impressive 512pts ~ 1.16% from the lows to the highs today.
You might remember the 1hr chart we discussed yesterday, as long as banknifty was staying beneath it - the sentiment would have been bearish. And the moment it broke-out from that trap - it got additional wings.
The reason 14.15 candle went up 221pts could be because of that. It is like the whistle from the pressure cooker - when the steam builds up ample pressure, it lifts the whistle and oozes out. The next resistance points are at 45353, 45727 & 46069. We will get to know tomorrow if the build of steam is good enough to cruise through. I wish to change my stance from neutral to bullish for tomorrow.
