09 Aug 2024 - BankNifty is still at the 50% retracement - 50500

Nifty Stance Bearish ⬇️
Unlike Nifty, BankNifty made a new low on the 6th of August after falling almost 1620pts ~ 3.16% on the 5th. Even though we shifted the stance to bearish - the current fall has no real momentum for continued action.
The OTM options did not inflate enough signalling that -3% of a day will be shortlived. The price action on the 6th did not create fresh shorts that would have driven the markets to further low. Instead, it created a low of 70pts just for the name's sake. 
The Fib levels show we are at the 50% retracement level. The other important levels are:
38.2% level at 50300
61.8% level at 50698

Next week we have the market holiday on the 15th so both BN and N50 will have their expiry on the 14th Aug. We hope to get some real directional movement in a week or two as the geo-political tensions in the Middle East are rising.
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