PostMortem on BankNifty Today & Analysis of 27 JUN 2023
BN opened at 43804 and then had a flattish price move till 13.00 after which it propelled forward like a rocket. Interestingly Finnifty's chart (which we will discuss shortly) had more thrust compared to BN & N50.
The 470 pts rally we had from 13.05 to close was nothing short of remarkable. Initially the momentum was slow, but as soon as the short covering started we had a broad based rally. None of component stock closed in red today. SBIN up 1.62%, HDFCBK up 1.41%, AXIS up 1.32%, KOTAKBANK up 1.19%.
1hr TF
If you remember from yesterday's research report, BN was almost completing a double bottom pattern at the 43404 level. The last leg of W was fading, until we had the break through today.
What really happened today was the 44068 resistance was taken out, preceding that we had 2 strong green candles - most likely due to CE short covering.
Final close is some 100pts above the SR zone of 44068 which means there is every possibility BN could defend it for the expiry tomorrow.
The 470 pts rally we had from 13.05 to close was nothing short of remarkable. Initially the momentum was slow, but as soon as the short covering started we had a broad based rally. None of component stock closed in red today. SBIN up 1.62%, HDFCBK up 1.41%, AXIS up 1.32%, KOTAKBANK up 1.19%.
1hr TF
If you remember from yesterday's research report, BN was almost completing a double bottom pattern at the 43404 level. The last leg of W was fading, until we had the break through today.
What really happened today was the 44068 resistance was taken out, preceding that we had 2 strong green candles - most likely due to CE short covering.
Final close is some 100pts above the SR zone of 44068 which means there is every possibility BN could defend it for the expiry tomorrow.
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