12 Feb ’24 BankNifty breaks a support, stance changed - BEARISH
BankNifty Analysis - Stance Bearish⬇️
We expected BankNifty to stay neutral today after what it did in the last session. Just to recap, BN broke through the resistance of 45399 last session and ended the day near the highs. We were expecting that momentum to continue today also as Banks had no inherent weakness to start with. But what happened today was unexpected - the swing range was a whopping 1118pts ~ 2.44%. And today’s low took out the last session’s swing low as well.
4mts chart
If you notice the encircled region, once BN broke the support of 45399 - it attempted to go up but failed miserably. That was the exact phase where we understood that the Bears may overpower the Bulls. We fell 715 points ~ 64% right from those levels. So in case you got into the bearish stance late in the day - you would have still ended up the day in pretty good greenery.
63mts chart
44542 support level is quite near and BN tested 44633 levels ~ 91pts away. If the Bears are still in form tomorrow, we should expect the 44542 to be taken out in the forenoon session tomorrow. The next level in play would be the most important 44068 levels. We wish to start the day tomorrow with a bearish stance and take up short opportunities as and when it present itself.
Algo Trading
Our BankNifty algo trades ended today with a loss of 2538 points.
We expected BankNifty to stay neutral today after what it did in the last session. Just to recap, BN broke through the resistance of 45399 last session and ended the day near the highs. We were expecting that momentum to continue today also as Banks had no inherent weakness to start with. But what happened today was unexpected - the swing range was a whopping 1118pts ~ 2.44%. And today’s low took out the last session’s swing low as well.
4mts chart
If you notice the encircled region, once BN broke the support of 45399 - it attempted to go up but failed miserably. That was the exact phase where we understood that the Bears may overpower the Bulls. We fell 715 points ~ 64% right from those levels. So in case you got into the bearish stance late in the day - you would have still ended up the day in pretty good greenery.
63mts chart
44542 support level is quite near and BN tested 44633 levels ~ 91pts away. If the Bears are still in form tomorrow, we should expect the 44542 to be taken out in the forenoon session tomorrow. The next level in play would be the most important 44068 levels. We wish to start the day tomorrow with a bearish stance and take up short opportunities as and when it present itself.
Algo Trading
Our BankNifty algo trades ended today with a loss of 2538 points.
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