Nifty Bank IndexPanjang
27 May 2024 - BankNifty does not take out the ATH, bullish still
Banknifty was racing quite strongly and I almost thought we would reach the ATH levels of 49974 today, but the last candle had a different story to tell. We fell 577pts ~ 1.16% in the last 1 hour of which the bulk of the moves came at 14.35 and 14.51 - 16mts candle.
The fast and furious swing was more than enough to push the algos into deep red. Usually, N50 algos eat the dirt, but today it was BN. I am not quite sure if it was just a routine profit booking or something else.
My stance is still bullish and would go neutral if 48947 support is broken. I might go bearish only if 48661 is breached as well. Till then I will maintain an upward looking bias and hope the ATH is getting taken out by tomorrow.
The fast and furious swing was more than enough to push the algos into deep red. Usually, N50 algos eat the dirt, but today it was BN. I am not quite sure if it was just a routine profit booking or something else.
My stance is still bullish and would go neutral if 48947 support is broken. I might go bearish only if 48661 is breached as well. Till then I will maintain an upward looking bias and hope the ATH is getting taken out by tomorrow.
Penafian
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