02 Aug ’23 Post Mortem on BankNifty | Bearish trend continues
From yesterday we were bearish, so the moves in the forenoon session gave us some validation. But it was nothing like Nifty, the cuts in banknifty were not aggressive even though we lost similar points. The options flow was not indicating that deep a fall till afternoon - the premiums on nifty was far superior than banknifty (which has been unusual lately). Sometimes cannot really differentiate which has a higher beta - nifty or banknifty.
Banknifty fell 612pts by 12.00, then 412pts between 12.50 to 14.20 and the final recovery of 361pts in the last hour ensured the final loss was only 1.31% ~ 596pts which is not bad at all. If we stay like this, then banknifty will have to take leadership in the bearish trend. Since it has a 38% weightage - the institutions may target the financial sector to drive down the prices on Nifty too.
The 2 horizontal lines is a safe zone for banknifty, a strong break of 44598 will give bears total control and the double top would have given some bulls to take a breather. We will continue to have a bearish bias till proven wrong.
Banknifty fell 612pts by 12.00, then 412pts between 12.50 to 14.20 and the final recovery of 361pts in the last hour ensured the final loss was only 1.31% ~ 596pts which is not bad at all. If we stay like this, then banknifty will have to take leadership in the bearish trend. Since it has a 38% weightage - the institutions may target the financial sector to drive down the prices on Nifty too.
The 2 horizontal lines is a safe zone for banknifty, a strong break of 44598 will give bears total control and the double top would have given some bulls to take a breather. We will continue to have a bearish bias till proven wrong.
İşlem kapandı: hedefe ulaştı:
shorting worked out okay
