PostMortem on BankNifty Today & Analysis of 16 JUN 2023
Nifty was looking fully loaded to hit a new all time high today, it ended 23 pts short!
Probably Nifty50 requires more postmortem than banknifty today, so let us start there!
N50 started the day gap-up thanks to the +ve handout from SPX yesterday. Once it reached the resistance zone of 18762, it lost steam and was trading sideways.
All of a sudden at 13.55, N50 got some turbo boost and went over the resistance through ease. Not just that, it was poised to take out the ATH. All the candles from 13.55 to 14.55 were green and a rally of 107pts ~ 0.57%. The reversal came exactly when banknifty hit the resistance - which we will discuss below.
Banknifty came back very strong from yesterday's brutal selling. It added 494 pts today thanks to the outperformance by all the major banks. None of the bank stocks closed in red today.
The rally from 13.55 to 14.55 helped banknifty climb 396pts ~ 0.91% vs 0.57% for N50. But look at the encircled region near the 44068 resistance zone. As soon as this was hit, banknifty came tumbling down - pulling down N50 too.
NiftyIT was weak today, otherwise we would have definitely hit a new ATH! Seems like the next week we will have some real action!
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15mts TF shows BN made an attempt to get back to the familiar trading range, as the resistance zone came in the way - that move got spoiled. Will the positiveness of N50 pull up banknifty to new ATHs next week - we will watch next week.
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1hr TF plotted with the Fibonacci retracement shows BN is right at the 61.8% levels from the fall yesterday. It also shows there was some friction at the 50% level where it spent 3hrs today.
The chart is not bearish yet, but the inability to cross the resistance throws some questions on us.
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We had 2 contradicting moves this week. On 13th June Finnifty expiry we had the markets make a fake upmove as proven by the rejection on 14th down move.
On 15th we had a fake down move as proven by the rejection today with a strong upmove.
There is a small subset of traders who understand how the markets are getting manipulated & play along. Unless BSE brings the BANKEX expiry to Wednesday - we are going to witness these unusual speculations.
On a broader note the investors are unaffected - the markets are not going anywhere, literally.
Probably Nifty50 requires more postmortem than banknifty today, so let us start there!
N50 started the day gap-up thanks to the +ve handout from SPX yesterday. Once it reached the resistance zone of 18762, it lost steam and was trading sideways.
All of a sudden at 13.55, N50 got some turbo boost and went over the resistance through ease. Not just that, it was poised to take out the ATH. All the candles from 13.55 to 14.55 were green and a rally of 107pts ~ 0.57%. The reversal came exactly when banknifty hit the resistance - which we will discuss below.
Banknifty came back very strong from yesterday's brutal selling. It added 494 pts today thanks to the outperformance by all the major banks. None of the bank stocks closed in red today.
The rally from 13.55 to 14.55 helped banknifty climb 396pts ~ 0.91% vs 0.57% for N50. But look at the encircled region near the 44068 resistance zone. As soon as this was hit, banknifty came tumbling down - pulling down N50 too.
NiftyIT was weak today, otherwise we would have definitely hit a new ATH! Seems like the next week we will have some real action!
---
15mts TF shows BN made an attempt to get back to the familiar trading range, as the resistance zone came in the way - that move got spoiled. Will the positiveness of N50 pull up banknifty to new ATHs next week - we will watch next week.
---
1hr TF plotted with the Fibonacci retracement shows BN is right at the 61.8% levels from the fall yesterday. It also shows there was some friction at the 50% level where it spent 3hrs today.
The chart is not bearish yet, but the inability to cross the resistance throws some questions on us.
---
We had 2 contradicting moves this week. On 13th June Finnifty expiry we had the markets make a fake upmove as proven by the rejection on 14th down move.
On 15th we had a fake down move as proven by the rejection today with a strong upmove.
There is a small subset of traders who understand how the markets are getting manipulated & play along. Unless BSE brings the BANKEX expiry to Wednesday - we are going to witness these unusual speculations.
On a broader note the investors are unaffected - the markets are not going anywhere, literally.
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