12 Jul 2024 - BankNifty down 282pts this week, stance neutral
BankNifty Stance Neutral ➡️
Banks had a losing week this time, we fell -282pts ~ 0.54%. The fall was quite intense on the 11th of Jul when we hit a swing low of 51749, the beauty of that day's price action is that we managed to close in green even after that selling rout.
This news broke out on 10th July - "RBI Raises Alarm Over Misuse Of Internal Accounts In Banks, Orders Closure".
If the same news had broken in the US, the component banks would have been down at least 20% that day. We did not even fall 1% that day, interestingly a 16mts candle today at 10.51 managed to surpass the total points we fell on 10th.
The stance has been changed to neutral as we lost some bullish momentum. We never went bearish though, despite that news BN component stocks managed to do well to absorb the selling.
Interesting data points to watch out for next week would be
The reaction to higher than expected inflation - 5.1% vs 4.75% last month.
2800 crore outflows in Quant MF in the last week plus the news of CFO quitting.
The sudden surge in IT stocks has more legs or not.
Banks had a losing week this time, we fell -282pts ~ 0.54%. The fall was quite intense on the 11th of Jul when we hit a swing low of 51749, the beauty of that day's price action is that we managed to close in green even after that selling rout.
This news broke out on 10th July - "RBI Raises Alarm Over Misuse Of Internal Accounts In Banks, Orders Closure".
If the same news had broken in the US, the component banks would have been down at least 20% that day. We did not even fall 1% that day, interestingly a 16mts candle today at 10.51 managed to surpass the total points we fell on 10th.
The stance has been changed to neutral as we lost some bullish momentum. We never went bearish though, despite that news BN component stocks managed to do well to absorb the selling.
Interesting data points to watch out for next week would be
The reaction to higher than expected inflation - 5.1% vs 4.75% last month.
2800 crore outflows in Quant MF in the last week plus the news of CFO quitting.
The sudden surge in IT stocks has more legs or not.
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