11th Nov ’23 BankNifty PostMortem, bit of catching up is pending
BankNifty Weekly Expiry Analysis
Between the last expiry and today, BankNifty has gone up by 421pts ~ 0.96%. Bulk of those gains came in from the gap-up today. The real good outcome in this week was to break out from the 44063 resistance level which was proving to be quite a nuisance for BN.
BankNifty Today Analysis
Dont get confused with the chart below, I will explain the sloping lines shortly. Notice the gap up of 519pts ~ 1.18% today took out the crucial resistance of 44063. A walk down the history will teach you how crucial was that. 44068 was the most important level in recent times and a breach means there is only 1 way to go - UP.
BankNifty after opening strongly started falling and it started to slow down only at 44200 levels. Of all the major sectors, BN proved to be the laggard in supporting Nifty50 today. NiftyIT on the other hand ended up with a whopping gain of 2.59%. All that is due to the SPX and Nasdaq closing yesterday.
And its time to explain the ascending channel that we started drawing from the last post-mortem. BankNifty has respected the channel - more proof visible after the 1st hourly candle today. If we consider the break out from the resistance level of 44063 along with the ascending channel - its a strong bullish signal for BankNifty. Today’s underperformance will get covered up soon as BN usually goes ahead of Nifty during strong trends. My next level comes up at 44542, support is at 44063.
Between the last expiry and today, BankNifty has gone up by 421pts ~ 0.96%. Bulk of those gains came in from the gap-up today. The real good outcome in this week was to break out from the 44063 resistance level which was proving to be quite a nuisance for BN.
BankNifty Today Analysis
Dont get confused with the chart below, I will explain the sloping lines shortly. Notice the gap up of 519pts ~ 1.18% today took out the crucial resistance of 44063. A walk down the history will teach you how crucial was that. 44068 was the most important level in recent times and a breach means there is only 1 way to go - UP.
BankNifty after opening strongly started falling and it started to slow down only at 44200 levels. Of all the major sectors, BN proved to be the laggard in supporting Nifty50 today. NiftyIT on the other hand ended up with a whopping gain of 2.59%. All that is due to the SPX and Nasdaq closing yesterday.
And its time to explain the ascending channel that we started drawing from the last post-mortem. BankNifty has respected the channel - more proof visible after the 1st hourly candle today. If we consider the break out from the resistance level of 44063 along with the ascending channel - its a strong bullish signal for BankNifty. Today’s underperformance will get covered up soon as BN usually goes ahead of Nifty during strong trends. My next level comes up at 44542, support is at 44063.
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