4th Dec ’23 - BankNifty has more firepower than Nifty for upmove
BankNifty Analysis
The real reason for the outperformance on Nifty50 = BankNifty today. In the last newsletter, we discussed how relevant BankNifty’s next move would turn out to be. Would you believe we took out the ATH today and the new value is 46484.45?
5mts chart link - click here
BankNifty went on to take out the 45399 resistance in the gap-up open itself. The momentum was so strong that it was not retested at all. We went flat for a bit but started trending after 12.10. The total gains today was an astonishing 1617pts ~ 3.61%. The options premiums were going crazy today - even the OTM put options. Such was the euphoria today. NiftyIT was not participating at all in the rally today, but I am sure no one would have noticed that as it was overshadowed by BankNifty’s outperformance.
1D chart link - click here
BankNifty has just managed to climb back up to the double top pattern set on 21st July & 15th Sep. Since today’s green marubozu looks pretty strong, we can safely assume we are past that threat. Momentum-wise, BN has more firepower than Nifty for the immediate short term. I prefer to stick with my long stance until 45399 support level is taken out.
The real reason for the outperformance on Nifty50 = BankNifty today. In the last newsletter, we discussed how relevant BankNifty’s next move would turn out to be. Would you believe we took out the ATH today and the new value is 46484.45?
5mts chart link - click here
BankNifty went on to take out the 45399 resistance in the gap-up open itself. The momentum was so strong that it was not retested at all. We went flat for a bit but started trending after 12.10. The total gains today was an astonishing 1617pts ~ 3.61%. The options premiums were going crazy today - even the OTM put options. Such was the euphoria today. NiftyIT was not participating at all in the rally today, but I am sure no one would have noticed that as it was overshadowed by BankNifty’s outperformance.
1D chart link - click here
BankNifty has just managed to climb back up to the double top pattern set on 21st July & 15th Sep. Since today’s green marubozu looks pretty strong, we can safely assume we are past that threat. Momentum-wise, BN has more firepower than Nifty for the immediate short term. I prefer to stick with my long stance until 45399 support level is taken out.
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