Nifty & BankNifty Analysis — 10 Apr 2024 — Falling VIX, Rising Markets and Lower Uncertainty…
Nifty Analysis — Stance Bullish ⬆️
Recap from yesterday: “For tomorrow also we are continuing our bullish view and would like to go neutral if we get a close below 22615”
Nifty had a gap up opening and was stuck in a narrow range till 13.11 after which it picked up decent momentum. Nifty almost gained 101 points from the intraday low to take out the previous highs. The new ATH is now 22775. In the final 30 minutes, we gave away some gains but Nifty50 closed the day with a total gain of 111pts ~ 0.49%
Just when we thought the momentum was fading, N50 managed to climb 100+ points and hit new highs. What is more interesting is that the US CPI (Inflation) data came hotter than expected. As I write this article, SPX, NDQ, and DJI are down over 1.1%. A spillover effect is definite but because we have a holiday tomorrow, we might have another day of US stock market action left to react.
We wish to maintain our bullish stance and go neutral if we get a close below the 22689 levels.
BankNifty Analysis — Stance Bullish ⬆️
Banknifty was looking strong right from the start. Unlike Nifty, BN did not have a huge gap up, but the rising trend was clear and strong. The reason it was strong was because the moves were not wild swings but slow & steady.
If you look at the 63mts candlesticks, you can notice the body becoming smaller. Usually, it is a sign of tiredness by the bulls as we are in an uptrend. We will get to know that on Friday, we wish to maintain our bullish stance till then.
Algo Trading
Our Algos ended the day with a gain of Rs33351. I did not wait out the entire session and closed out the trades in advance expecting a wild move due to the US CPI news event.
Webhooks automation run via TradingView on Dhan
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