Banknifty's chart was looking quite different from that of Nifty50 today. This might be because of the -3.18% fall in HDFCBK. Finnify was looking weaker as the HDFC also weighed its -3.07% loss. Earlier in the day N50 was struggling to stay green after this duo tanked.
BN followed a falling channel today, the rally in last 30mts made a difference but was not standing out just like in N50. Seems like the technical analysis may not work till the HDFC-HDFCBK merger saga is over.
Delisting of HDFC will happen on Jul 13th
NSE will have to reconfigure the index weights of HDFCBK after the merger.
The unusual up and down moves for these 2 stocks may be resultant of that, and until we have clarity - its better not to take positional bias.
1hr TF
BN has not closed the island gap yet, even though there has been some cooling off from the ATH levels.
The price action so far is not helping in taking a bearish position yet. Again it is best we wait till the merger completes so that we can trade with absolute clarity.
BN followed a falling channel today, the rally in last 30mts made a difference but was not standing out just like in N50. Seems like the technical analysis may not work till the HDFC-HDFCBK merger saga is over.
Delisting of HDFC will happen on Jul 13th
NSE will have to reconfigure the index weights of HDFCBK after the merger.
The unusual up and down moves for these 2 stocks may be resultant of that, and until we have clarity - its better not to take positional bias.
1hr TF
BN has not closed the island gap yet, even though there has been some cooling off from the ATH levels.
The price action so far is not helping in taking a bearish position yet. Again it is best we wait till the merger completes so that we can trade with absolute clarity.
