06 June 2024 -BankNifty slightly bullish above 48947
BankNifty Analysis
BankNifty opened gap up and quite above the 48947 resistance line. The beauty of the price action today was that, we never fell below this support level - this could be taken as evidence of bullishness.
And like old times, the pattern appears to be a W, double bottom. Each of the levels appears perfectly landing on either the support or the resistance levels. The outperformance today was from SBI, quite on the expected lines as PSU sectors could continue the euphoric status due to policy continuation.
We are slightly bullish on banknifty and expect to take out the last ATH levels of 49952 soon, I am not sure about 51133 as of now though.
BankNifty opened gap up and quite above the 48947 resistance line. The beauty of the price action today was that, we never fell below this support level - this could be taken as evidence of bullishness.
And like old times, the pattern appears to be a W, double bottom. Each of the levels appears perfectly landing on either the support or the resistance levels. The outperformance today was from SBI, quite on the expected lines as PSU sectors could continue the euphoric status due to policy continuation.
We are slightly bullish on banknifty and expect to take out the last ATH levels of 49952 soon, I am not sure about 51133 as of now though.