Nifty Bank IndexShort
27 Sep ’23 Post Mortem on BankNifty - Still in bear's territory
BankNifty Analysis
For BankNifty I had a bearish view today. The day started exceedingly well with a gap down and then a fierce 479pts ~ 1.07% fall w.r.t the previous close. Just like Nifty, BankNifty also started rallying right at 10.35.
BN ended up gaining 483pts ~ 1.1% and ended the day with just -35pts loss. Just like I mentioned in the Nifty analysis above, I wasn't planning for this reversal move - I was just like a deer caught in headlights.
Banknifty is still in bear territory and has to climb above 45399 to regain the bullish bias. Looking at the chart, I am not in favor of going neutral too - maybe the length of RED
candles is clouding my judgment. 44068 is the main support to watch out for.
For BankNifty I had a bearish view today. The day started exceedingly well with a gap down and then a fierce 479pts ~ 1.07% fall w.r.t the previous close. Just like Nifty, BankNifty also started rallying right at 10.35.
BN ended up gaining 483pts ~ 1.1% and ended the day with just -35pts loss. Just like I mentioned in the Nifty analysis above, I wasn't planning for this reversal move - I was just like a deer caught in headlights.
Banknifty is still in bear territory and has to climb above 45399 to regain the bullish bias. Looking at the chart, I am not in favor of going neutral too - maybe the length of RED
candles is clouding my judgment. 44068 is the main support to watch out for.
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