11th Dec ’23 — No special triggers, just status-quo — PostMortem on Nifty & BankNifty
Nifty Analysis
4mts chart link — click here
The opening candle was quite shaky, we had a swing between 20999 to 20923 i.e. 76pts in the opening 4mts something that is not usual. The next set of candles ensured that the swing made no sense at all. Meanwhile, we hit a new ATH of 21026 today as soon as we hit it — there was a profit booking of 75+ pts over the next 5 to 6 candles. From there we gradually picked up and closed the day positive. The closing 30mts gave me the impression that there was long build-up for tomorrow. We will see how the opening 30mts reacts and then take it forward.
63mts chart link — click here
Nifty has completed a beautiful arc shape on the 63mts TF. The base trend line is still upward-facing. For tomorrow also I prefer to maintain the bullish stance. If we are unable to build momentum and Nifty is falling to the 20900 levels then I may have to change the stance to neutral by the end of the day.
BankNifty Analysis
Banknifty disappointed a bit today. After a shaky start just like Nifty, we hit a new ATH by 10.23–47588. From there we cooled off a little bit and then closed flat. From the last post-mortem we hoped that it would be a day of out performance today and sadly the price action today did not live up to that expectation.
4mts chart link — click here
BankNifty was staying positive most of the day, but FinNifty was dipping below water intermittently. Was it because the banks wanted some rest today after the chilling performance on Friday? I thought they got the weekend for ample rest.
63mts chart link — click here
Conditions are still looking favorable for BankNifty’s breakout-dance. Maybe it could take a day or two to get some breath. Since we have FinNifty expiry tomorrow, the price action may not be purely natural. FinNifty option sellers would prefer to keep it range-bound. I wish to maintain the bullish stance on BankNifty tomorrow also and if we fall or close below 47000 level, I may have to take a pause and change stance to neutral.