10 May 2024 — BankNifty has to take out 47465 for super Bearish'

BankNifty had a better kind of retracement than Nifty, but it was not able to break away from the 47465 today. More importantly, it was not even able to break down either. That signifies the importance of 47465 as a critical SR level. The behavior from open to 10.07 was quite exactly as we wrote about yesterday. This market is held by weak Bears and they run for cover very fast, unable to persist with their short position.


When we connect the last 2 days of price action, the visual impression shows the continuation of bearishness. On Monday we hope the 47465 level gets broken down for the good.

The next major support comes only at 46284 and if we get there — it would have to come from ICICI, AXIS & SBI as these remain the only 3 major banks that have not mean reverted.


The #Banknifty algos made Rs17120 today. The high implied volatility is helping the option sellers.