08 Sep ’23 Post Mortem on BankNifty - Stance is still bullish
Banknifty was also continuing from the momentum it got from the last hours of 6th Sep. We had an intraday rally of 563pts ~ 1.26% to hit a new swing high of 45383. Again the bulk of the contribution came from HDFCBK.
The candles at 14.30 & 14.35 took out some steam or else the 45400 levels may have been breached today. Those 2 candles are the reason why I am a bit cautious for Monday - as I said in the Nifty analysis above, I need to wait and watch how the market reacts to the I-CRR partial withdrawal news.
The important levels have been highlighted in orange horizontal lines. 44967 is already taken out today, the next resistance is 45398 and then 45719. BankNifty has a bit more ground to gain with respect to Nifty to take out the ATHs. Any positive news on the I-CRR will give it more wings, whereas negative news might create a huge fall. Since we are dependent on fundamentals on Monday - it is best advised to stay out.
Technically I wish to maintain the bullish bias and hoping for a close between 45398 and 45719 on Monday.
The candles at 14.30 & 14.35 took out some steam or else the 45400 levels may have been breached today. Those 2 candles are the reason why I am a bit cautious for Monday - as I said in the Nifty analysis above, I need to wait and watch how the market reacts to the I-CRR partial withdrawal news.
The important levels have been highlighted in orange horizontal lines. 44967 is already taken out today, the next resistance is 45398 and then 45719. BankNifty has a bit more ground to gain with respect to Nifty to take out the ATHs. Any positive news on the I-CRR will give it more wings, whereas negative news might create a huge fall. Since we are dependent on fundamentals on Monday - it is best advised to stay out.
Technically I wish to maintain the bullish bias and hoping for a close between 45398 and 45719 on Monday.
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