11 Jul ’23 Post Mortem on BankNifty - A lower low formation?
Banknifty had a classic bearish pattern today. Opening gap up which was due to positive handout from global markets, then a rally of 205pts till 12.05. From there BN really lost the cool and was falling heavily.
We had a total fall of 475pts ~ 1.05% till 15.05. If you compare the same time frame with Nifty - you will understand how N50 fared better. It did fall but was having a control.
HDFCBK, ICICI, SBI, AXIS looked weak in the afternoon. Till 13.30 all these banks were almost in the green level. I am not quite sure on the reason for the fall, it could be due to Finnifty Expiry. However the options data was showing outright bearishness in the afternoon session.
A lower low formation and breach of the 44780 level (even for a brief period) could open up the downside possibilities in the coming days. It may even restrict Nifty50's upside dreams.
We had a total fall of 475pts ~ 1.05% till 15.05. If you compare the same time frame with Nifty - you will understand how N50 fared better. It did fall but was having a control.
HDFCBK, ICICI, SBI, AXIS looked weak in the afternoon. Till 13.30 all these banks were almost in the green level. I am not quite sure on the reason for the fall, it could be due to Finnifty Expiry. However the options data was showing outright bearishness in the afternoon session.
A lower low formation and breach of the 44780 level (even for a brief period) could open up the downside possibilities in the coming days. It may even restrict Nifty50's upside dreams.
