10 June 2024 - Banks opened the day good, but gave up the steam
Banks started the day superbly but was unable to hold on to the first candle gains. When Nifty made a new ATH today, BankNifty is still below the 3rd June peak. What was more interesting is how NiftyIT reacted today - the shares of Infy, TechM, TCS, Wipro were all getting trashed. Noticeably Banks did not follow that trend instead it held its ground quite well.
A strange thing today was the price move between 14.28 to 14.38 today - a strong run that hit the algos quite badly. If you compare the charts of HDFC, ICICI, AXIS and Kotak bank, signs are visible of a coordinated/synchronized price move.
Our stance still continues to be bullish, but we will move to a neutral position if we are unable to move up from the current levels of 49553 in 1 to 2 days.
A strange thing today was the price move between 14.28 to 14.38 today - a strong run that hit the algos quite badly. If you compare the charts of HDFC, ICICI, AXIS and Kotak bank, signs are visible of a coordinated/synchronized price move.
Our stance still continues to be bullish, but we will move to a neutral position if we are unable to move up from the current levels of 49553 in 1 to 2 days.
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