Nifty Bank IndexShort
13th Oct ’23 - HDFCBK results may mess up Tech Analysis -BankN50
BankNifty Analysis
BankNifty was crazier than Nifty today, but because the options premium were not juicy enough, I refrained from taking positions (glad that I did).
Open we fell 349pts and never really recovered from it. Till 13.30 BankNifty was showing more intent to fall than Nifty. Then came a quick surge of 248pts ~ 0.56% in 30mts. We closed the gap with this. More importantly, we fell back 360pts from that day’s top. A 0.81% fall in the closing hour has to do something with the results on HDFCBK.
Yesterday I went with a neutral view for BankNifty and clearly said would prefer to go bearish if the 44380 level is broken. 44380 from the chart above shows the minor support level on which the double top lands. For Monday, it looks like the technical analysis may not work as news-flow, the results declaration on HDFCBK will mess it up. Still, with respect to the support/resistance levels, I wish to go with a short position if the 44068 gets broken.
BankNifty was crazier than Nifty today, but because the options premium were not juicy enough, I refrained from taking positions (glad that I did).
Open we fell 349pts and never really recovered from it. Till 13.30 BankNifty was showing more intent to fall than Nifty. Then came a quick surge of 248pts ~ 0.56% in 30mts. We closed the gap with this. More importantly, we fell back 360pts from that day’s top. A 0.81% fall in the closing hour has to do something with the results on HDFCBK.
Yesterday I went with a neutral view for BankNifty and clearly said would prefer to go bearish if the 44380 level is broken. 44380 from the chart above shows the minor support level on which the double top lands. For Monday, it looks like the technical analysis may not work as news-flow, the results declaration on HDFCBK will mess it up. Still, with respect to the support/resistance levels, I wish to go with a short position if the 44068 gets broken.
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