Nifty Bank IndexLong
BANKNIFTY Pre-Market Analysis Nov 17, 2023
Bank Nifty going red?
On November 16, the Bank Nifty opened flat and has underperformed and closed lower by 40 points to 44,162. The index has reached the daily upper Bollinger band 44,400 and witnessed some selling pressure at the end.
Technicals:
We have seen a bullish pennant forming in Bank Nifty followed by a Double Top Pattern. The surprising element was the breakout happened prematurely and quick in a few minutes. The weekly chart of Bank Nifty is still bullish and I believe it has the capacity to hit a new ATH or at least 45000, before the wedge breakdown.
Crucial Support level: 44,100 – 43,900
Market Cues:
RBI released a bunch of News which are good and bad for banking sector which is expected to crate a mixed sentiments. The US markets and Gift Nifty is trading in red which further pushes the possibility of a red Friday.
Unlike Nifty, which has a PCR of over 1, Bank Nifty has a PCR of 0.81, indicating that traders are still bullish on the index.
Disclaimer: This is just my pre-market analysis. You are only responsible for your trades.
Hit like and follow me to get market updates.
On November 16, the Bank Nifty opened flat and has underperformed and closed lower by 40 points to 44,162. The index has reached the daily upper Bollinger band 44,400 and witnessed some selling pressure at the end.
Technicals:
We have seen a bullish pennant forming in Bank Nifty followed by a Double Top Pattern. The surprising element was the breakout happened prematurely and quick in a few minutes. The weekly chart of Bank Nifty is still bullish and I believe it has the capacity to hit a new ATH or at least 45000, before the wedge breakdown.
Crucial Support level: 44,100 – 43,900
Market Cues:
RBI released a bunch of News which are good and bad for banking sector which is expected to crate a mixed sentiments. The US markets and Gift Nifty is trading in red which further pushes the possibility of a red Friday.
Unlike Nifty, which has a PCR of over 1, Bank Nifty has a PCR of 0.81, indicating that traders are still bullish on the index.
Disclaimer: This is just my pre-market analysis. You are only responsible for your trades.
Hit like and follow me to get market updates.
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