29th Sep ’23 - W pattern on 1hr TF - PostMortem on BankNifty
BankNifty Analysis
The main reason Nifty50 moved up instead of falling was BankNifty. The opening was strong and gain BN held its ground. Today’s low much higher than yesterday’s close.
From that level we rallied 408pts ~ 0.92% to hit a high of 44756. Unlike N50, BN retested yesterday’s high and then reversed from there. My report yesterday was on the bearish side - but today’s price action is advising me to go neutral.
The intraday move on NiftyIT should not go unnoticed - we climbed an impressive 1.59% ~ 501pts. Meanwhile RELIANCE also started contributing heavily between the 10.45 to 13.30 period. Overall it was a strong rally but was cut short at 14.30
On the 1hr TF BankNifty has made a W pattern which is seriously challenging the bear run. For the next working day i.e Tuesday I wish to go with a neutral stance and then modify to bullish if we take out the 44860 in the morning session.
The main reason Nifty50 moved up instead of falling was BankNifty. The opening was strong and gain BN held its ground. Today’s low much higher than yesterday’s close.
From that level we rallied 408pts ~ 0.92% to hit a high of 44756. Unlike N50, BN retested yesterday’s high and then reversed from there. My report yesterday was on the bearish side - but today’s price action is advising me to go neutral.
The intraday move on NiftyIT should not go unnoticed - we climbed an impressive 1.59% ~ 501pts. Meanwhile RELIANCE also started contributing heavily between the 10.45 to 13.30 period. Overall it was a strong rally but was cut short at 14.30
On the 1hr TF BankNifty has made a W pattern which is seriously challenging the bear run. For the next working day i.e Tuesday I wish to go with a neutral stance and then modify to bullish if we take out the 44860 in the morning session.
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