06 Jul '23 Post Mortem on BankNifty Expiry
Weekly Analysis BankNifty
Between the last expiry & today, banknifty has gained 923pts ~ 2.08%. The rally not as neat as Nifty50 but more than enough to get the job done. Remember BN hit a new ATH this week.
Today's Analysis
BankNifty did not follow N50 initially, for a noticeable time BN was hinting at a sideways move. HDFCBk started the day in red, ICICI & Kotak was looking to rally but the other major banks were not that excited at start.
If you notice, when N50 hit a new ATH, BN was still not able to get through the recent swing high. Still BN managed to close the day with gains of 0.42%. At 14.15 seeing the huge green candle, i even thought we might cross the 45500 levels today.
What BN has done today is to defend the recent support level. I have also drawn the 44778 line to show the recent level from where we have a breakaway gap.
When the interest rates rise, the banks come under severe stress as the NPAs could rise. Having said that US02Y is at 5.06% something not seen for the last 15 years. And the last time we had something like this a recession followed.
The banks in India are still on cloud 9, as RBI has not allowed the interest rate of bonds to exceed the 7.2% as of now!
Between the last expiry & today, banknifty has gained 923pts ~ 2.08%. The rally not as neat as Nifty50 but more than enough to get the job done. Remember BN hit a new ATH this week.
Today's Analysis
BankNifty did not follow N50 initially, for a noticeable time BN was hinting at a sideways move. HDFCBk started the day in red, ICICI & Kotak was looking to rally but the other major banks were not that excited at start.
If you notice, when N50 hit a new ATH, BN was still not able to get through the recent swing high. Still BN managed to close the day with gains of 0.42%. At 14.15 seeing the huge green candle, i even thought we might cross the 45500 levels today.
What BN has done today is to defend the recent support level. I have also drawn the 44778 line to show the recent level from where we have a breakaway gap.
When the interest rates rise, the banks come under severe stress as the NPAs could rise. Having said that US02Y is at 5.06% something not seen for the last 15 years. And the last time we had something like this a recession followed.
The banks in India are still on cloud 9, as RBI has not allowed the interest rate of bonds to exceed the 7.2% as of now!
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