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 !!!!!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.