Bank Nifty - When Bank's Play Foul :( - Analysis for 14th June
Our Dear Bank Nifty faced a shrp fall of -1.38% and whenever there is a sharp fall it just means that something happened which should not have happened . Upon fact finding further , I observed that there were reports that HDFC was probing allegations of improper lending practices and conflicts of interests in its internal vehicle-financing operation, ALAS !!! This news lead to the fall . Currently HDFC holds upto 27% weightage in Bank nifty and this report resulted in -1.38% closure for INDEX .
For 14th - Honestly We need to wait as Index taken a support @ 22000 levels which is the previous resistance so its surely acting as a Strong Support . Now from a technical standpoint we will be going long , when it closes above its Trading range box and closes @ ~22165 levels . But Meanwhile any fall & close below 22000 means we are going on Short journey and all this analysis is happening at 15 min interval time frame. Volume will be play a decider on a long Position as the 22143 levels also plays a fib 23% resistance , so needs volume to breakout.
Currently Neutral , Once the trade is completed tomorrow , will update the result whatever it is !!!!!
For 14th - Honestly We need to wait as Index taken a support @ 22000 levels which is the previous resistance so its surely acting as a Strong Support . Now from a technical standpoint we will be going long , when it closes above its Trading range box and closes @ ~22165 levels . But Meanwhile any fall & close below 22000 means we are going on Short journey and all this analysis is happening at 15 min interval time frame. Volume will be play a decider on a long Position as the 22143 levels also plays a fib 23% resistance , so needs volume to breakout.
Currently Neutral , Once the trade is completed tomorrow , will update the result whatever it is !!!!!