05 Jul 2024 - BankNifty up 318pts, end of bull run?
BankNifty Stance Bullish ⬆️
When the elephant dances, the ground will shake, and that is what happened when HDFC Bank moved like crazy on the 3rd and 5th of July. Despite the mega gap up or gap down moves, the index did not breakout or breakdown post that and that was very beneficial for the non-directional strategies like short straddles.
The evening star pattern is much more visible on the BankNifty index, if we fall below 51955, it would not be a bad idea to go neutral. BN showed much more maturity today, especially in the last 90 minutes- compare that with Nifty which moved like a penny stock in the closing hour.
Our stance is still bullish, meanwhile we made some changes to the non-directional algo after what happened last week. I brought down the re-entry count and ensured a tighter stop-loss.
When the elephant dances, the ground will shake, and that is what happened when HDFC Bank moved like crazy on the 3rd and 5th of July. Despite the mega gap up or gap down moves, the index did not breakout or breakdown post that and that was very beneficial for the non-directional strategies like short straddles.
The evening star pattern is much more visible on the BankNifty index, if we fall below 51955, it would not be a bad idea to go neutral. BN showed much more maturity today, especially in the last 90 minutes- compare that with Nifty which moved like a penny stock in the closing hour.
Our stance is still bullish, meanwhile we made some changes to the non-directional algo after what happened last week. I brought down the re-entry count and ensured a tighter stop-loss.
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