03 Jan ’24 — BankNifty holds the line today, Bears still around.
BankNifty Weekly Expiry Analysis
BN just fell 742pts ~ 1.53% between the last expiry and today, logically it got only 4 working days as the last expiry was on a Thursday. A 742pts move is nothing considering the shape BN is currently in. Since the stance is now bearish, we are hoping for a build-up in the momentum soon.
63mts chart link
BankNifty Today Analysis - Stance Bearish ⬇️
So both BN and N50 have the same stance of “bearish” now. Usually, when the directional bias is the same for both these indices, we expect the markets to cover some ground quickly.
4mts chart link
Except for the opening candle, BN had a pretty boring day otherwise. BN was keeping the losses under control on Nifty. And the banks ICICIBANK, AXISBANK & KOTAKBANK were trending in the opposite direction of HDFCBANK. Yesterday it was the real opposite - HDFC was staying cool while the others were dropping.
The expiry was meaningful today with frequent surges of volatility swinging the strike premiums. Even though BN managed to tread above water for some time, there were no visible signs of a bullish recovery.
16mts chart link
We are quite safely away from the channel now. To renter it, BN will have to rise to 48600+ tomorrow. If it doesn't, then it's in the bear’s control. We continue to look for shorting opportunities with the first target as 47006.
BN just fell 742pts ~ 1.53% between the last expiry and today, logically it got only 4 working days as the last expiry was on a Thursday. A 742pts move is nothing considering the shape BN is currently in. Since the stance is now bearish, we are hoping for a build-up in the momentum soon.
63mts chart link
BankNifty Today Analysis - Stance Bearish ⬇️
So both BN and N50 have the same stance of “bearish” now. Usually, when the directional bias is the same for both these indices, we expect the markets to cover some ground quickly.
4mts chart link
Except for the opening candle, BN had a pretty boring day otherwise. BN was keeping the losses under control on Nifty. And the banks ICICIBANK, AXISBANK & KOTAKBANK were trending in the opposite direction of HDFCBANK. Yesterday it was the real opposite - HDFC was staying cool while the others were dropping.
The expiry was meaningful today with frequent surges of volatility swinging the strike premiums. Even though BN managed to tread above water for some time, there were no visible signs of a bullish recovery.
16mts chart link
We are quite safely away from the channel now. To renter it, BN will have to rise to 48600+ tomorrow. If it doesn't, then it's in the bear’s control. We continue to look for shorting opportunities with the first target as 47006.
