28 Jun 2024–425pts up in last 1 week + 1 day Nifty50 + BankNifty PostMortem Analysis | Weekly Report
Balachandran Viswaram
Registered MFD and Insurance Advisor. A typical day has - 6hrs of trading and 3hrs of consulting. Trading for a living & Advising to make a difference. Uses a blend of discretionary & algorithmic trading for consistency.
Nifty Stance Bullish ??
The good news is that Nifty is up ~425pts or 1.8% between 21st Jun to 28th Jun, the bad news is that my weekly report will now be emailed after Friday’s trading day.
For this week’s report, I have price action from last Thursday to this Friday, which means 1 week + 1 day, well that does not make a significant difference in the outcome though?—?Nifty is still up and going up.
If you look at the 16mts chart, we went up almost at a 45-degree angle?—?real credit should go to BankNifty (which we will discuss soon). We have a new ATH now @ 24174, it looks like this massive freight train cannot be stopped now.
Nifty is up 12.82% ~ 2726pts from the intraday low of 4th June and up 6.48% ~ 1460pts from closing levels of 31st May. For the naked eye, it all seems the market has broken away from the shackles surrounding the political instability. Few of you may remember, that there was an accusation of fraud, and price rigging after the exit polls were published?—?but the price action that followed buried that rumor.
The price action and technical analysis still show bullishness, but I felt markets would correct after the election results. This market has continued to prove me wrong?—?again and again.
Stance continues to be bullish till 23829 is defended.
BankNifty Stance Bullish ??
BankNifty took up this week, strong price momentum on almost all bank component stocks?—?even the elephant started dancing this week. We went all the way up to +1428pts ~ 2.76% before giving away 860+pts to close the week with gains of 1.1% ~ 565pts.
Today’s price action felt quite strange, it appeared like we were forming a peak. Banknifty lost 469pts ~ 0.89% today and even during the closing minutes, we were bleeding points.
Nifty on the other hand was kept at bay by RELIANCE, you know how stocks with unusual weightage can skew the final results. Among the Nifty subsectors, only the financials had major cuts?—?the breadth was still favoring the green side.
BN is up 13.51% ~ 6227pts from the election day lows and 6.87% ~ 3363pts from the 31st May close. Interesting times we are in. We prefer to stay bullish as long as 52068 is respected.
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