27 Mar ’24 — BankNifty ends flat, but no directional intent yet
BankNifty Analysis - Stance Neutral ➡️
BankNifty also started the day with a gap up and then an immediate rise to the 46920 levels. This did not sustain as we gradually fell back to 46690 levels between 10.35 and 15.07. Surprisingly we had a 284pts rally in 15 minutes right back to the 46920 zone. The final close at 46785 looked pretty decent with the major gains coming from HDFCBK, AXIS, and KOTAK. For a brief period, it was interesting to see ICICI Bank and HDFC Bank going the opposite way thanks to the year-end rebalancing.
4mts chart
On the higher time frame, BN looks flat, I am totally unable to make out the next direction with the current chart pattern. What was really lacking for the last 3 months was consensus in choosing the direction, among Nifty50, BankNifty and NiftyIT. NiftyIT is so beaten that a quick recovery is ruled out. Only if BN aligns with Nifty50 we can have a breakout.
63mts chart
–
Algo Trading
Due to a production key error, I was not able to set up the execution on AlgoTest today - hence no trades.
BankNifty also started the day with a gap up and then an immediate rise to the 46920 levels. This did not sustain as we gradually fell back to 46690 levels between 10.35 and 15.07. Surprisingly we had a 284pts rally in 15 minutes right back to the 46920 zone. The final close at 46785 looked pretty decent with the major gains coming from HDFCBK, AXIS, and KOTAK. For a brief period, it was interesting to see ICICI Bank and HDFC Bank going the opposite way thanks to the year-end rebalancing.
4mts chart
On the higher time frame, BN looks flat, I am totally unable to make out the next direction with the current chart pattern. What was really lacking for the last 3 months was consensus in choosing the direction, among Nifty50, BankNifty and NiftyIT. NiftyIT is so beaten that a quick recovery is ruled out. Only if BN aligns with Nifty50 we can have a breakout.
63mts chart
–
Algo Trading
Due to a production key error, I was not able to set up the execution on AlgoTest today - hence no trades.
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