Nifty & BankNifty Analysis — 10 May 2024 — Inability to take out the 22051 resistance —…
Nifty Analysis — Stance Bearish⬇️
Nifty was unable to take out the immediate resistance of 22051 conclusively although we stayed above these levels between 09.47 to 10.47 and then between 11.11 and 11.35. The inability to break out is some validation for the Bears to continue exerting the pressure.
On the 63mts TF, the bearishness continues. The next target of 21913 is still in our watchlist and if we fall below that — the real action begins.
#Nifty50 algo ended up generating Rs10912 today.
BankNifty Analysis — Stance Bearish⬇️
BankNifty had a better kind of retracement than Nifty, but it was not able to break away from the 47465 today. More importantly, it was not even able to break down either. That signifies the importance of 47465 as a critical SR level. The behavior from open to 10.07 was quite exactly as we wrote about yesterday. This market is held by weak Bears and they run for cover very fast, unable to persist with their short position.
When we connect the last 2 days of price action, the visual impression shows the continuation of bearishness. On Monday we hope the 47465 level gets broken down for the good.
The next major support comes only at 46284 and if we get there — it would have to come from ICICI, AXIS & SBI as these remain the only 3 major banks that have not mean reverted.
The #Banknifty algos made Rs17120 today. The high implied volatility is helping the option sellers.
Webhooks automation run via TradingView on Dhan
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