24 Apr 2024– RBI bank on Kotak credit cards will create ruckus ?
BankNifty Analysis - Stance Neutral ➡️
BankNifty also had a neutral day today, but the OTM options premium was so weak that I did not play expiry at all today. I frankly do not remember the last time I missed playing BN expiry day. The regular algos, which has the same logic for banknifty every day ran as usual and that is the only trade I did on BN today.
NiftyIT was totally against BankNifty today, the split showing its impact on Nifty50 (in a way helping its neutral case). But looking at the price action, BN was not able to generate any momentum to go for the next levels.
Even though the chart says there is further upside momentum left, the fundamentals may not really help BN this week. The news of RBI banning Kotak from issuing new credit cards broke after market hours (source). If the news came during trading hours, the BN would have expired at a different level altogether - but the news would have priced in and things would have settled. Now, we may have some push/pull for the price discovery tomorrow and it could really drive up some volatility. We would still prefer to maintain our neutral stance and go short only if 47465 is getting broken.
BN algos made 28600 today and I exited the trades by 13.15.
BankNifty also had a neutral day today, but the OTM options premium was so weak that I did not play expiry at all today. I frankly do not remember the last time I missed playing BN expiry day. The regular algos, which has the same logic for banknifty every day ran as usual and that is the only trade I did on BN today.
NiftyIT was totally against BankNifty today, the split showing its impact on Nifty50 (in a way helping its neutral case). But looking at the price action, BN was not able to generate any momentum to go for the next levels.
Even though the chart says there is further upside momentum left, the fundamentals may not really help BN this week. The news of RBI banning Kotak from issuing new credit cards broke after market hours (source). If the news came during trading hours, the BN would have expired at a different level altogether - but the news would have priced in and things would have settled. Now, we may have some push/pull for the price discovery tomorrow and it could really drive up some volatility. We would still prefer to maintain our neutral stance and go short only if 47465 is getting broken.
BN algos made 28600 today and I exited the trades by 13.15.
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