23 Jan ’24 — Almost 1700pts fall + Support break - Bear Attack?
BankNifty Analysis - Stance Bearish ⬇️
Banknifty fell an unbelievable 1696pts ~ 3.64% from the HOD to the LOD. As usual, the gap-up of 472pts would have painted the wrong picture today especially when the Traders came ready to play ICICI on the long side. Never in the day, we got a bullish signal today - it was a one way journey from that gap-up to the low of the day.
4mts chart
The candle right at the support level of 45399 was the strongest - 215pts fall. This shows the strength the big-boys exerted today to create momentum. Were FIIs pissed off that we made them work on a Saturday?
Both Nifty and BankNifty have the same stance (bearish) similar to the one we had on 17th Jan. When Both the indices are in the same direction, it should be a treat to watch.
63mts chart
The next support comes at 44542 followed by 44068. The odd thing is that Global markets are so positive except China and Hong-Kong. And we do not have any bad local macro news except for the Sony-Zee saga and Govt. decision to increase the import duty on Gold & Silver. We strongly feel these positions are for the Budget 2024, If you have a better valid point - do mention it in the comments below. Also, we do not have an expiry tomorrow as both BN and N50 will have the monthly expiry on 25th. Strangely in Jan month, BankNifty’s last working day is the 31st on which it has a weekly expiry, but its monthly expiry is on 25th because Nifty’s on 25th. Some things you see only in India.
Banknifty fell an unbelievable 1696pts ~ 3.64% from the HOD to the LOD. As usual, the gap-up of 472pts would have painted the wrong picture today especially when the Traders came ready to play ICICI on the long side. Never in the day, we got a bullish signal today - it was a one way journey from that gap-up to the low of the day.
4mts chart
The candle right at the support level of 45399 was the strongest - 215pts fall. This shows the strength the big-boys exerted today to create momentum. Were FIIs pissed off that we made them work on a Saturday?
Both Nifty and BankNifty have the same stance (bearish) similar to the one we had on 17th Jan. When Both the indices are in the same direction, it should be a treat to watch.
63mts chart
The next support comes at 44542 followed by 44068. The odd thing is that Global markets are so positive except China and Hong-Kong. And we do not have any bad local macro news except for the Sony-Zee saga and Govt. decision to increase the import duty on Gold & Silver. We strongly feel these positions are for the Budget 2024, If you have a better valid point - do mention it in the comments below. Also, we do not have an expiry tomorrow as both BN and N50 will have the monthly expiry on 25th. Strangely in Jan month, BankNifty’s last working day is the 31st on which it has a weekly expiry, but its monthly expiry is on 25th because Nifty’s on 25th. Some things you see only in India.
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