Nifty & BankNifty Analysis — 22 Apr 2024–Both Indices gets a stance change, out of bearishness — PostMortem Series Q1 FY2024–25
Nifty Analysis — Stance Neutral ➡️
Nifty snaps out of bearishness by breaking the 22295 resistance. Even though we had an unusual gap-up, we ended up almost closing it by 09.47. However, the Bears were not able to drive down the prices further indicating a lack of conviction.
Nifty spent considerable time at the 22295 zone, visible from the blue encircled region before breaking out at 14.39. Just think about it, N50 came from 21777 to 22375 today in just 2 sessions, close to 600 points.
The 63mts time frame is not bullish yet, but we are not bearish now. The best we can think of right now is to go neutral. If we fall back below 22295 tomorrow, we might even go short. 22519 would be an interim resistance on the upside above which we would like to go long.
Algo trading — ended up losing 6003 on N50 algo trades today.
BankNifty Analysis — Stance Neutral ➡️
The show on BankNifty was sponsored by HDFC Bank which had its quarterly results declared over the weekend. The sharp gap-up opening and then falling to close the gap were all attributed to the price action of HDFCBK.
Despite the elephant losing 1.25% today, BN managed to close in strong GREEN. BN also managed to defend the 47465 support so decently that it too commanded a stance change from Bearish to Neutral.
48103 looks like an interim resistance above which BN could keep up the momentum to even take out the ATH. If we look back at the events that happened from 15th Apr, just notice how quickly the indices are managing to gain back the grounds they ceded. US indices like SPX and NDQ are yet to reverse but see how Indian indices are optimistic.
For tomorrow we wish to start with a neutral stance and then add on bullish positions if the momentum gains.
BankNifty Algos managed to end the day with a gain of Rs31488.
Intraday Algos run via AlgoTest on Kotak
Webhooks automation run via TradingView on Dhan
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