13 May 2024– BankNifty rallies 858pts ~ 1.83% intraday - NEUTRAL
BankNifty Analysis - Stance Neutral ➡️
Just when we thought the 47465 was getting broken for good, we got a pullback. We fell 527pts ~ 1.11% by 10.39 and then the pull back was a whopping 858pts ~ 1.83%. The final close was almost the midpoint of 48115 and 47465 which prompted me to change the stance to neutral for tomorrow.
The bulk of the heavy lifting came from HDFC Bank in this dramatic reversal by BN. Just when I thought HDFC may break 1425 for another round of collapse - we get a sharp reversal. It rallied an amazing 29pts ~ 2% to change the entire narrative.
On the 63mts TF, BN might try to take out the 48115 resistance tomorrow itself. In case the markets figure out that the reversal was not technical but due to front running, news, or event related - we could see repeat buyers (if news was true) and a sharp fall (if the news was planted and false).
Algos forward test is shown as generating 5764 INR, but the day was in loss today - this must be again due to slippage.
Just when we thought the 47465 was getting broken for good, we got a pullback. We fell 527pts ~ 1.11% by 10.39 and then the pull back was a whopping 858pts ~ 1.83%. The final close was almost the midpoint of 48115 and 47465 which prompted me to change the stance to neutral for tomorrow.
The bulk of the heavy lifting came from HDFC Bank in this dramatic reversal by BN. Just when I thought HDFC may break 1425 for another round of collapse - we get a sharp reversal. It rallied an amazing 29pts ~ 2% to change the entire narrative.
On the 63mts TF, BN might try to take out the 48115 resistance tomorrow itself. In case the markets figure out that the reversal was not technical but due to front running, news, or event related - we could see repeat buyers (if news was true) and a sharp fall (if the news was planted and false).
Algos forward test is shown as generating 5764 INR, but the day was in loss today - this must be again due to slippage.
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