09 May 2024 - 47465 is the real laxman rekha, break 2 go full đ»
BankNifty Analysisâ-âStance BearishâŹïž
The bearish call on the BN was spot on, but we ended the day less bearish than N50, for me that is not good enough. Most importantly, BN did not breach the support of 47465, this was very crucial for the momentum to build.
I am not exactly sure if we will start negatively tomorrow or not, a huge gapup or gapdown may work in our favor, but if BN is opening flat at the SR levelâ-âit may even move up a bit. 47465 for me was the critical support that we failed to break.
The price action on a few of the bank stocks looked pretty scary. HDFC Bank -2.37%, IndusInd -2.85%, RBL Bank -3.07%. The only reason we did not fall that much was because ICICI Bank, Kotak, and SBI were holding good at the other end.
The biggest doubt I have these days is Kotak is at multi-year lows, HDFC Bank is almost at the 2020 levels but BankNifty is simply near the ATHsâ-âis ICICI, SBI, and Axis Bank responsible for the stark outperformance???
The stance is still bearish, but the first thing we need to do in the morning session is to take out the 47465 levels failing which we could get a minor pullback or short covering.
Algos ended up generating 8253 INR, not bad despite a trending day.
The bearish call on the BN was spot on, but we ended the day less bearish than N50, for me that is not good enough. Most importantly, BN did not breach the support of 47465, this was very crucial for the momentum to build.
I am not exactly sure if we will start negatively tomorrow or not, a huge gapup or gapdown may work in our favor, but if BN is opening flat at the SR levelâ-âit may even move up a bit. 47465 for me was the critical support that we failed to break.
The price action on a few of the bank stocks looked pretty scary. HDFC Bank -2.37%, IndusInd -2.85%, RBL Bank -3.07%. The only reason we did not fall that much was because ICICI Bank, Kotak, and SBI were holding good at the other end.
The biggest doubt I have these days is Kotak is at multi-year lows, HDFC Bank is almost at the 2020 levels but BankNifty is simply near the ATHsâ-âis ICICI, SBI, and Axis Bank responsible for the stark outperformance???
The stance is still bearish, but the first thing we need to do in the morning session is to take out the 47465 levels failing which we could get a minor pullback or short covering.
Algos ended up generating 8253 INR, not bad despite a trending day.
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