04 Apr - BN - The opening RED candle, RBI MPC meet will decode..
BankNifty Analysis - Stance Bullish ⬆️
The beauty of BankNifty today was that its fall did not go below yesterday’s close. Yes, the fall was intense, but the recovery was more elegant - a steady rise showing immense Bull strength.
And if you read today’s report along with what we wrote yesterday, you might have become a true fan of the Bulls. A true jump above the 47465 support shows the index is really gearing up for its breakout. Just take a look at HDFC Bank’s chart, the recovery from the recent lows has been really amazing. And when the Elephant is in the mood to run, there is nothing the smaller animals can really do.
We wish to start the day tomorrow on the bullish side. The RBI MPC meeting will be closely watched and I would really like to know why we had a strong opening RED hourly candle. There might be something that they know that we dont, let us find that out tomorrow.
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Algo Trading
Our algo trades ended today with losses of Rs9757. I had to manually override and square off the trades to limit the losses. In Hindsight, that proved like a good decision.
The beauty of BankNifty today was that its fall did not go below yesterday’s close. Yes, the fall was intense, but the recovery was more elegant - a steady rise showing immense Bull strength.
And if you read today’s report along with what we wrote yesterday, you might have become a true fan of the Bulls. A true jump above the 47465 support shows the index is really gearing up for its breakout. Just take a look at HDFC Bank’s chart, the recovery from the recent lows has been really amazing. And when the Elephant is in the mood to run, there is nothing the smaller animals can really do.
We wish to start the day tomorrow on the bullish side. The RBI MPC meeting will be closely watched and I would really like to know why we had a strong opening RED hourly candle. There might be something that they know that we dont, let us find that out tomorrow.
–
Algo Trading
Our algo trades ended today with losses of Rs9757. I had to manually override and square off the trades to limit the losses. In Hindsight, that proved like a good decision.
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