10 Jul '23 Post Mortem on BankNifty
Banknifty on the other hand was not at all bullish. Even though we had a rally from open to 09.50 - there was no motivation to go long.
The 2 horizontal blue lines drawn depicts the gap BN had earlier. Today's session ensured that is closed which might even open up further downward moves.
I am not quite sure how HDFCBK pricing & index weight re-configuration will affect after the delisting of HDFC on 13 Jul. My first marked support level is at 44068 which is quite far from the current traded level.
You might remember the breakout rally mostly came as gap-ups mainly spear headed by HDFCBk. Assuming there will be some jitter once the delisting of HDFC happens. I thought just to wait out for some clarity before building up positions on banknifty.
The 2 horizontal blue lines drawn depicts the gap BN had earlier. Today's session ensured that is closed which might even open up further downward moves.
I am not quite sure how HDFCBK pricing & index weight re-configuration will affect after the delisting of HDFC on 13 Jul. My first marked support level is at 44068 which is quite far from the current traded level.
You might remember the breakout rally mostly came as gap-ups mainly spear headed by HDFCBk. Assuming there will be some jitter once the delisting of HDFC happens. I thought just to wait out for some clarity before building up positions on banknifty.
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