01 Sep ’23 Post Mortem on BankNifty - stance is still neutral
Banknifty on the other hand dipped first before reversing unlike Nifty which held its ground in its opening candle. We hit a low of 43830 before reversing in what looked like a dream run. The points gained an impressive 737pts ~ 1.68%.
The bulk of the gains today came in 2 hourly candles @ 12.15 and 13.15 respectively as banknifty had the important milestone of 44068 to get past. Once that was broken out - the path and intent were clear.
Today’s price action in general gave a strong sentiment change to banknifty. Since the resistance was taken out - the bears have been pushed to the back seat. I wish to maintain the stance of neutral till the 44896 swing high is successfully broken.
The bulk of the gains today came in 2 hourly candles @ 12.15 and 13.15 respectively as banknifty had the important milestone of 44068 to get past. Once that was broken out - the path and intent were clear.
Today’s price action in general gave a strong sentiment change to banknifty. Since the resistance was taken out - the bears have been pushed to the back seat. I wish to maintain the stance of neutral till the 44896 swing high is successfully broken.
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