18 Sep ’23 Post Mortem on BankNifty - Go short below 45855
BankNifty Analysis
Banknifty showed more negative sentiment than Nifty. In Fact it is hard to digest that Nifty was staying strong when BankNifty, NiftyIT and Reliance were down. Quite a rare day.
Recap from Friday: “For monday I wish to maintain the bullish stance and would like to reverse and go short only if the 45910 levels are getting taken out.”. Not only this prediction went wrong, but the reversal level of 45910 was not taken out conclusively. So from a trading standpoint - had a non-performing day today.
BankNifty has made a smooth curved top like formation on the 1hr chart. If the next day’s trades are getting punched below 45900 levels - then the interim top can be confirmed for sure. I wish to go short below 45855 on Wednesday - and it is going to be the expiry day, so expect turbulence. Till the short level is not taken out - I wish to stay neutral.
Banknifty showed more negative sentiment than Nifty. In Fact it is hard to digest that Nifty was staying strong when BankNifty, NiftyIT and Reliance were down. Quite a rare day.
Recap from Friday: “For monday I wish to maintain the bullish stance and would like to reverse and go short only if the 45910 levels are getting taken out.”. Not only this prediction went wrong, but the reversal level of 45910 was not taken out conclusively. So from a trading standpoint - had a non-performing day today.
BankNifty has made a smooth curved top like formation on the 1hr chart. If the next day’s trades are getting punched below 45900 levels - then the interim top can be confirmed for sure. I wish to go short below 45855 on Wednesday - and it is going to be the expiry day, so expect turbulence. Till the short level is not taken out - I wish to stay neutral.
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