23rd Oct ’23 - BankNifty is well below the 28th June levels
BankNifty Analysis
BankNifty on the other hand had a gap up open, thanks to the excellent results from ICICI Bank. To a great extent, BankNifty resisted the down move on Nifty. Even till 13.55, it was only 0.17% below the previous close.
But right after that, it fell like a house of cards. Whatever support ICICI gave till then was undone. ICICI ended up closing negative 0.3%, remember that it stayed green till 14.55. An intraday swing of 2.06%.
BankNifty also broke 2 supports today, 43404 and 43253, both of them after 14.55. These supports offered no protection today, the momentum to cruise through was that strong. Fortunately, the 43012 support (3rd support) was held today.
On the daily time frame, BankNifty has already undone the 28th June adventure. We are now trading at levels seen in the first week of May. The next major support after 43012 comes at 42576 and then at 42130. Going by the depth of the red candle today - it is quite likely that we retest those levels quickly.
BankNifty on the other hand had a gap up open, thanks to the excellent results from ICICI Bank. To a great extent, BankNifty resisted the down move on Nifty. Even till 13.55, it was only 0.17% below the previous close.
But right after that, it fell like a house of cards. Whatever support ICICI gave till then was undone. ICICI ended up closing negative 0.3%, remember that it stayed green till 14.55. An intraday swing of 2.06%.
BankNifty also broke 2 supports today, 43404 and 43253, both of them after 14.55. These supports offered no protection today, the momentum to cruise through was that strong. Fortunately, the 43012 support (3rd support) was held today.
On the daily time frame, BankNifty has already undone the 28th June adventure. We are now trading at levels seen in the first week of May. The next major support after 43012 comes at 42576 and then at 42130. Going by the depth of the red candle today - it is quite likely that we retest those levels quickly.
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