21 Mar ’24 — BankNifty was never bearish, today is proof.
BankNifty Analysis - Stance Neutral ➡️
BankNifty gaps up 422pts ~ 0.91% but doesn't go anywhere. We are neither bullish nor bullish again. One thing was quite clear today, the downside was quite absent today. In fact, our lows of 46651 were protected pretty well. The gaps were because of the outperformance by SPX, NDQ yesterday. Yesterday, the US FED decided to keep the rates flat and also indicated there could be up to 3 interest rate cuts this year. Even though it could be an election gimmick, the markets reacted positively and this spillover effect ensured we are also outperforming. But what it really did was abort the bearish flow. BankNifty was never bearish, but Nifty was and that flow got interrupted.
4mts chart
On the higher time frame, the bearish setup did not really start but the patterns look promising. What we need to see if we are getting followthrough on the bullish side tomorrow or not. Next week the trading is cut short by 2 days due to Holi & Good Friday, so I am guessing the decision might be taken tomorrow itself. We would prefer to start the day tomorrow with the neutral stance and then take it from there.
63mts chart
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Algo Trading
Our algo trades ended today with a gain of Rs19360 mostly because BN maintained a small range today.
BankNifty gaps up 422pts ~ 0.91% but doesn't go anywhere. We are neither bullish nor bullish again. One thing was quite clear today, the downside was quite absent today. In fact, our lows of 46651 were protected pretty well. The gaps were because of the outperformance by SPX, NDQ yesterday. Yesterday, the US FED decided to keep the rates flat and also indicated there could be up to 3 interest rate cuts this year. Even though it could be an election gimmick, the markets reacted positively and this spillover effect ensured we are also outperforming. But what it really did was abort the bearish flow. BankNifty was never bearish, but Nifty was and that flow got interrupted.
4mts chart
On the higher time frame, the bearish setup did not really start but the patterns look promising. What we need to see if we are getting followthrough on the bullish side tomorrow or not. Next week the trading is cut short by 2 days due to Holi & Good Friday, so I am guessing the decision might be taken tomorrow itself. We would prefer to start the day tomorrow with the neutral stance and then take it from there.
63mts chart
-
Algo Trading
Our algo trades ended today with a gain of Rs19360 mostly because BN maintained a small range today.
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