PostMortem on BankNifty Today & Analysis of 17 MAY 2023
Once again banknifty has outperformed Nifty50, the intraday recovery from 14.30 to close facilitated by the bulls of the banks.
The price action formed today is interesting, but it is not compelling for a sentiment change to bearish as the support of 43253 is still untouched.
If you look at the chart pattern today, it was a decent continuation of the trend from yesterday. We can conclude with a 60% confidence that the rounded top like formation made yesterday could be here to stay.
The W like pattern formed in 5mts is not really important, but you should keep it in mind. The bulls are quite strong to give away their lead, thats quite the reason we had a 268pts pullback after a 547pts fall earlier in the day.
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15mts TF shows the perfect rounded top that got formed. Keep in mind these are temporary levels just for intraday, banknifty is at ATH levels and there is no marked resistance - which means that a small trigger can breakout BN to new highs.
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1hr is still bullish, we will be eagerly waiting for the 1st support break. I was expecting it to be taken out today esp when Nifty50 was looking quite dangerous. But banknifty proved more stronger than thought - not only did it recover, it helped N50 also to reduce the losses.
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Just look at the Nifty50 1 hr chart, continuous red candles till 13.15. Total drop of 1.81% from the swing high. It makes an interesting case here, if the further trades are held below the current levels we will have a bullish trend negation
pattern, even while banknifty is continuing in bullish sentiment.
The price action formed today is interesting, but it is not compelling for a sentiment change to bearish as the support of 43253 is still untouched.
If you look at the chart pattern today, it was a decent continuation of the trend from yesterday. We can conclude with a 60% confidence that the rounded top like formation made yesterday could be here to stay.
The W like pattern formed in 5mts is not really important, but you should keep it in mind. The bulls are quite strong to give away their lead, thats quite the reason we had a 268pts pullback after a 547pts fall earlier in the day.
---
15mts TF shows the perfect rounded top that got formed. Keep in mind these are temporary levels just for intraday, banknifty is at ATH levels and there is no marked resistance - which means that a small trigger can breakout BN to new highs.
---
1hr is still bullish, we will be eagerly waiting for the 1st support break. I was expecting it to be taken out today esp when Nifty50 was looking quite dangerous. But banknifty proved more stronger than thought - not only did it recover, it helped N50 also to reduce the losses.
---
Just look at the Nifty50 1 hr chart, continuous red candles till 13.15. Total drop of 1.81% from the swing high. It makes an interesting case here, if the further trades are held below the current levels we will have a bullish trend negation
pattern, even while banknifty is continuing in bullish sentiment.
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