14 Jul '23 Post Mortem on BankNifty - 348pts in 50mts race car!
Banknifty on the other hand a totally contradicting price action that of Nifty50. If you have read my previous reports, I was continuing to look for bearish opportunities.
The fall from the open to the low of the day was 375pts ~ 0.83%. This along with the previous day's price action would be more than enough for any chartist to go bearish.
Thats when the surprise unleashed!
A rally of 348pts ~ 0.78% in the last 50mts of trade. This also took out the bearish trend line. Yesterday we had a brief moment of trade above the bearish channel but that got negated. But today's breakout can be considered valid since we closed strong.
My bearish bet is over & I continue to be neutral on banknifty. If it takes out 45117 level in the next day - I will start looking for bullish opportunities.
The fall from the open to the low of the day was 375pts ~ 0.83%. This along with the previous day's price action would be more than enough for any chartist to go bearish.
Thats when the surprise unleashed!
A rally of 348pts ~ 0.78% in the last 50mts of trade. This also took out the bearish trend line. Yesterday we had a brief moment of trade above the bearish channel but that got negated. But today's breakout can be considered valid since we closed strong.
My bearish bet is over & I continue to be neutral on banknifty. If it takes out 45117 level in the next day - I will start looking for bullish opportunities.
