We had a good price action today mostly following up from the moves from yesterday.
Today's open was gap down at 43151 but if you take a look at the candles formed over the next 15 to 20mts its very much in continuation with the move started at 14.20 yesterday.
The uptrend went on till 10.15 forming the swing high and then a retracement to the flat line. Bank nifty did not dip into red for much time before that it caught up to the 2nd leg of climb from 12.35 to 13.50.
Steadily BN is gaining ground and trying to take out a resistance band of 43430. Today we will have action from the US markets which may even change the course of the trend in India tomorrow.
Unchecked for 2 days bank nifty is climbing. This is after the FIIs remained net sellers today also.
Of the bank nifty components:
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HDFCBk — had a green day, only the opening was below the flat line from there it made steady progress to the upside
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ICICIBank — had a gap down opening and then it went to the positive territory early, but then gap up ground and fell till 12.25. From there there was a rally back to the flat line by close.
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SBI ended the day flat, but the price action was negative till 12.25.
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Axis was carrying on the last 1hr move of yesterday and surged superbly today ending with a gain of 2.2% hitting 52wk high today.
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Kotak also had a negative forenoon session, but the rally from 12.35 to EOD ensured it had a green close
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IndusInd also did not go into red other than the opening candle. The green candle at 10.05 did cover good ground with good volumes as well.
15mts TF shows upside, 1hr TF isnt giving clear signals as of now.
We need to watch SPX and NDQ price action today to see if our markets will go up unchecked or alter course.
PS: Read the standard disclaimer at: https://bit.ly/3Nm3RER
I am not a SEBI registered analyst — the views are for educational purpose only
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