01 Aug ’23 Post Mortem on BankNifty | The bears havent left town

Banknfty fell 309pts ~ 0.68% from the day’s high to the day’s low. The gap up open was a surprise but the fall wasn't. Unlike Nifty, banknify is out of bearish hold yet. However the inability to push down prices even after getting an initial momentum during the day may not go in favor of the bears.


The top formed today (encircled in blue) may be considered as the first lower high as we have respected the M like pattern (double top). I wish to change my bias from neutral to bearish for banknifty for tomorrow.


...
Comment with your thoughts, opinion or bias, I will respond with the levels I am watching for tomorrow !