22 Feb ’24 — BankNifty is bullish even though we had a RED Day
BankNifty Analysis - Stance Bullish ⬆️
BankNifty did not have as much of a wild swing as Nifty50 had today, interestingly the SR trendline (blue sloping line in the below chart) was in action. We fell below this support at 09.59 and stood there till 14.59. Only in the last 30mts we managed to go above this level. If you notice in detail it is when BN crossed this resistance that N50 surged past its 22051 SR. Let us not steal the credit as it was all NiftyIT that helped N50 do its magic. BankNifty even though ended with a loss of 0.21% - we are still bullish on it.
4mts chart
In fact, we had one 63mts candle below the blue trend line today and ideally, we should have changed the status from bullish to neutral. Had BN stayed lower and not reclaimed its lost ground, we would have 100% gone with a neutral stance for tomorrow. As it stands the next resistance is at 47465 and it is a tough level. If the euphoria from the US markets is spilling to ours tomorrow (SPX +1.96%, NDQ +2.87% as of writing) - then we might even have an outlier GREEN session tomorrow.
63mts chart
BankNifty did not have as much of a wild swing as Nifty50 had today, interestingly the SR trendline (blue sloping line in the below chart) was in action. We fell below this support at 09.59 and stood there till 14.59. Only in the last 30mts we managed to go above this level. If you notice in detail it is when BN crossed this resistance that N50 surged past its 22051 SR. Let us not steal the credit as it was all NiftyIT that helped N50 do its magic. BankNifty even though ended with a loss of 0.21% - we are still bullish on it.
4mts chart
In fact, we had one 63mts candle below the blue trend line today and ideally, we should have changed the status from bullish to neutral. Had BN stayed lower and not reclaimed its lost ground, we would have 100% gone with a neutral stance for tomorrow. As it stands the next resistance is at 47465 and it is a tough level. If the euphoria from the US markets is spilling to ours tomorrow (SPX +1.96%, NDQ +2.87% as of writing) - then we might even have an outlier GREEN session tomorrow.
63mts chart
