28th Nov ’23 — Finally a breakout from 19875 — PostMortem on Nifty & BankNifty
Nifty Analysis
Recap from yesterday: “On the 1hr TF, I would still like to continue with my neutral stance. Only if 19875 gets taken out, we can hope for some followthrough on the upside.”
5mts chart link — click here
So finally we had a breakthrough of the 19875 levels. Notice my stance for the last 6 sessions was neutral and I had to change to bullish today. Hope you got my tradingview minds update once I went bullish @ 15.06.
Just look at the 100pts ~ 0.51% stride Nifty50 took from 14.00 to the close. That was some serious buildup to momentum. The only negative point to this story was the lack of punch from BankNifty and FinNifty today. I hope they catch up tomorrow.
1 day chart link — click here
On the daily time frame you can notice how the recent run-up from 19310 has played out. The next targets on the upside are quite tricky as Nifty has not spent a decent time above these levels, 20010 and 20107 are some faint resistances I could mark for the sake of it.
BankNifty Analysis
BankNifty was following the last day’s price momentum, but it did not have an acceleration similar to Nifty today. Well, the main reason why Nifty got that push was due to the 10% upper circuit hit on ADANIENT. Even ADANIPORTS also closed quite well today. Both of them combined added 39+ pts to Nifty’s gains today ~ 0.19%. You deduct that, you almost get the 0.26% net gains same as BankNifty today.
5mts chart link — click here
That does not mean BankNifty did poorly today. We almost had a W like pattern between 13.00 and close. The next resistance of 44063 is still not taken out, which means we need to watch how it will react to the opening hours tomorrow. Also tomorrow we have no expiries as BankNifty will expire the same as Nifty & Sensex this Thursday.
1hr chart link — click here
BankNifty has picked up decent momentum from 22nd Nov when it bounced from the 43253 support level. The next level to watch is 44063 and till that is not taken out, I wish to maintain my neutral stance. Once BankNifty also goes bullish, it will be a treat to watch as Nifty is already long.