BankNifty Analysis - Stance Bearish⬇️ BankNifty had a lot of anomalies today. Firstly, the start was slightly on the higher side and BN did not fall, unlike Nifty. We ended up defending yesterday’s swing low which came as a big surprise. You might remember, we had a bearish call for BN today and the fact that the downside move was not even attempted came as a shocker.
4mts chart Secondly, BN ended up rallying 927pts ~ 2.07% intraday and was still unable to break the 45399 resistance. If you ask us, it did break the resistance on the 4mts & 16mts chart. But on the 63mts chart, it is still unbroken. ICICI Bank & AXIS Bank were in tremendous form today rallying 2.38% and 2.3% respectively. The bulk of the gains today came from these 2 counters. HDFC Bank showed some intent to break through the 1400 level but was cut short.
63mts chart We are drawing a new trend line (purple color) - A bearish line. The difference here is that it is cutting through the candles on many occasions. Since it is not the perfect way to draw the line, we may even take it off shortly. The only reason we drew it was to plot the course BN is currently sailing. Tomorrow being an expiry day, we hope the bearish momentum will pick up the pace and the levels of 44542 and 44068 will get broken. The new purple line will serve as a dynamic resistance tomorrow.
Algo Trading Our BankNifty algo trades ended today with a loss of 560 points.
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