02 May 2024 - BankNifty is not bearish yet, still holding gains
BankNifty Analysis - Stance Bullish⬆️
BankNifty's pattern is quite interesting, unlike N50, it did not even attempt to recoup the losses in the last hour of the previous session. It is too early to comment if it is bearishness as the charts do not say so. But the way a few banks dropped today was quite worrying. Despite that, BN did not cede ground - quite surprising on how the other banks came to stabilize the index after Kotak took the beating.
On the 63mts TF, BN looks bullish still - but the obvious thing it had to do was to retrace at least 50% of the RED candle @ 14.30 yesterday. The run up so far has been more than expected, so taking a pause or even giving up some gains is not bad at all. We wish to start the day with a bullish tone and then go neutral if 48934 is getting breached.
Algos made only 859 INR today.
BankNifty's pattern is quite interesting, unlike N50, it did not even attempt to recoup the losses in the last hour of the previous session. It is too early to comment if it is bearishness as the charts do not say so. But the way a few banks dropped today was quite worrying. Despite that, BN did not cede ground - quite surprising on how the other banks came to stabilize the index after Kotak took the beating.
On the 63mts TF, BN looks bullish still - but the obvious thing it had to do was to retrace at least 50% of the RED candle @ 14.30 yesterday. The run up so far has been more than expected, so taking a pause or even giving up some gains is not bad at all. We wish to start the day with a bullish tone and then go neutral if 48934 is getting breached.
Algos made only 859 INR today.
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