24th Nov ’23 - BankNifty has to take out a crucial resistance.
BankNifty Analysis
BankNifty had a positive-looking chart today, it was kind of obvious from the optimism it showed in the last 2 days. The first thing it did today morning was to take support from the 43566 area i.e. between 09.45 to 10.05
5mts chart link - click here
At 10.40 it had a strong green candle and it looked like it was going for the next resistance area, but that momentum was cut short. Between 13.00 and 13.15 we started falling again and luckily we did not reach the SR area of 43566 to reverse. The recovery from 13.15 to close was decent enough and we gained 216pts ~ 0.5%. The main factor that kept Nifty neutral today was the outperformance by banks today, most of them would not have realized that NiftyIT lost almost a percent today.
1hr chart link - click here
Looking at the 1hr TF, I am still inclined to go neutral unless we take out the 44063 resistance. To go bearish, 43253 has to be broken - in between we have 2 more support levels.
BankNifty had a positive-looking chart today, it was kind of obvious from the optimism it showed in the last 2 days. The first thing it did today morning was to take support from the 43566 area i.e. between 09.45 to 10.05
5mts chart link - click here
At 10.40 it had a strong green candle and it looked like it was going for the next resistance area, but that momentum was cut short. Between 13.00 and 13.15 we started falling again and luckily we did not reach the SR area of 43566 to reverse. The recovery from 13.15 to close was decent enough and we gained 216pts ~ 0.5%. The main factor that kept Nifty neutral today was the outperformance by banks today, most of them would not have realized that NiftyIT lost almost a percent today.
1hr chart link - click here
Looking at the 1hr TF, I am still inclined to go neutral unless we take out the 44063 resistance. To go bearish, 43253 has to be broken - in between we have 2 more support levels.
