08 May 2024 - Banks and IT were in RED, but Nifty closed flat
BankNifty Analysis - Stance Bearish⬇️
BN was unable to defend the 48115 support resistance today and it was an advantage Bears. The overall price action was neutral and that might be related to the expiry trades. There were a couple of instances where BN moved 100+ pts in minutes - this really had an impact on the algo trades, but happy that major damage was not done.
Both BN and NiftyIT closed the day in the RED, whereas Nifty50 ended the day flat. If IT is also going the banks' way, we might have further downsides.
For tomorrow, I wish to hold on to the Bearish view and then go neutral if we spend considerable time above 48101.
The algos did pretty well today and ended up generating a whopping profit of 54085 INR.
BN was unable to defend the 48115 support resistance today and it was an advantage Bears. The overall price action was neutral and that might be related to the expiry trades. There were a couple of instances where BN moved 100+ pts in minutes - this really had an impact on the algo trades, but happy that major damage was not done.
Both BN and NiftyIT closed the day in the RED, whereas Nifty50 ended the day flat. If IT is also going the banks' way, we might have further downsides.
For tomorrow, I wish to hold on to the Bearish view and then go neutral if we spend considerable time above 48101.
The algos did pretty well today and ended up generating a whopping profit of 54085 INR.
