Nifty & BankNifty Analysis — 08 Apr 2024 — Nifty gets a new ATH, NiftyIT in RED-PostMortem Series…
Nifty Analysis — Stance Bullish ⬆️
Recap from yesterday: “Today was an inside day with no real momentum and that does not mean that we are not bullish.”
Nifty does a gap up and then continues the climb to hit a new ATH of 22697 by 13.19. You would be surprised that the majority of those gains did not come from NiftyBank or NiftyIT, it came from Reliance, LT, M&M, and Maruti.
I initially thought the momentum was fading as the other 7 top players had no steam. Only Reliance was jumping. One striking observation was the sharp fall between 13.23 & 13.27, we almost gave away 65 points in 8 minutes. Looked like a warning shot to me, but the market participants ensured stability quickly thereafter.
On the 63mts TF, there is nothing for the Bears. I can quickly relate to how bad they are feeling. It has been a tough 12 to 15 months for them, every time there is a dip, the buyers jump in and push up the prices further. Short covering ensures further upmoves and an SL hit for the short-sellers ensuring the Bears are running out of funds.
BankNifty Analysis — Stance Bullish ⬆️
BankNifty also takes out the recent swing high and a new ATH is in place ~ 48716 @ 13.23. Over the next 2 candles, it lost 217pts ~ 0.45%. The final close was with a nominal gain of 88pts ~ 0.18%.
What a run it has been by BN, we have officially it a new higher-high, but it has not finished yet. Only when we retrace a few points, we can mark the new peak. Hope the analysis of the recent days has benefited you in the right direction.
Algo Trading
Our algo trades ended today with a gain of 29172. Most of the credits go to BankNifty which stayed in a narrow range.
Webhooks automation run via TradingView on Dhan
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