Nifty Bank IndexGiá xuống
21 Sep ’23 Post Mortem on BankNifty - will 44429 get broken ?
BankNifty Analysis
One thing that really gave me confidence in the bearish move was the build up of momentum in banknifty. I did not get this feedback from Nifty, but Banknifty’s pulse gave me hope that further down moves are highly possible.
Since I rely on options flow also to gauge the sentiment - the intensity of CE shorts were too good today especially in the last 1 hour of trade.
Nifty had a flattish day after the 1st hourly candle - but take a look at banknifty. The 3rd candle onwards everything was in RED. 567pts out of 760 came in this period - and the rest points actually came in gap-down. When the market falls in normal trading hours - it gives a boost of confidence vs fall via gap-downs. That is because traders prefer to see the sentiment changing hands.
For tomorrow I am continuing the bearish stance with the first target being 44429 and then 44236. If 44068 gets taken out in next 2 sessions - it is going to be a game changer
One thing that really gave me confidence in the bearish move was the build up of momentum in banknifty. I did not get this feedback from Nifty, but Banknifty’s pulse gave me hope that further down moves are highly possible.
Since I rely on options flow also to gauge the sentiment - the intensity of CE shorts were too good today especially in the last 1 hour of trade.
Nifty had a flattish day after the 1st hourly candle - but take a look at banknifty. The 3rd candle onwards everything was in RED. 567pts out of 760 came in this period - and the rest points actually came in gap-down. When the market falls in normal trading hours - it gives a boost of confidence vs fall via gap-downs. That is because traders prefer to see the sentiment changing hands.
For tomorrow I am continuing the bearish stance with the first target being 44429 and then 44236. If 44068 gets taken out in next 2 sessions - it is going to be a game changer
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