16 Jan ’24 — BankNifty is < bullish & > bearish trendline ➡️
BankNifty Analysis - Stance Neutral ➡️
BankNifty was sailing smoothly till 12.59 today when it fell below a weak trend line. Till then it was holding its end of the bargain when the sectors around it were falling, most noticeably NiftyIT. Yesterday we changed the stance of BN from neutral to bullish - but we did not get the required pump-up today, hence we are reverting back to the neutral stance.
4mts chart
BN fell close to 302pts ~ 0.63% between 12.03 and 13.35 - it was during this phase that it breached the shallow trend line. Even though that trend line is insignificant in the grand scheme of things, it may be more than enough to discourage the weak bulls. Surprisingly, BN did not fall below the 47996 zone which would have meant pure bearishness.
63mts chart
The chart may look complex with many lines crisscrossing, but it is simple to understand. The line connecting 47010 to 48265 is the shallow trend line formed due to the bullish move from the 10th of Jan. The flatter downward-sloping line from the ATH & connecting the peaks is a bearish trend line. Right now BN is below the bullish line and above the bearish line, if it falls further we go into the bearish zone. If the chart felt too complicated - drop in a comment & we will be happy to help.
BankNifty was sailing smoothly till 12.59 today when it fell below a weak trend line. Till then it was holding its end of the bargain when the sectors around it were falling, most noticeably NiftyIT. Yesterday we changed the stance of BN from neutral to bullish - but we did not get the required pump-up today, hence we are reverting back to the neutral stance.
4mts chart
BN fell close to 302pts ~ 0.63% between 12.03 and 13.35 - it was during this phase that it breached the shallow trend line. Even though that trend line is insignificant in the grand scheme of things, it may be more than enough to discourage the weak bulls. Surprisingly, BN did not fall below the 47996 zone which would have meant pure bearishness.
63mts chart
The chart may look complex with many lines crisscrossing, but it is simple to understand. The line connecting 47010 to 48265 is the shallow trend line formed due to the bullish move from the 10th of Jan. The flatter downward-sloping line from the ATH & connecting the peaks is a bearish trend line. Right now BN is below the bullish line and above the bearish line, if it falls further we go into the bearish zone. If the chart felt too complicated - drop in a comment & we will be happy to help.
