Bank Nifty has continued its stellar performance with 8% rise from 10K levels.
This was expected as Bank Nifty has been relatively out performer to Nifty in Feb.
The Bank Nifty is now in reduced buy mode from 10400 levels with Nifty from 5375 levels.
Since this is the first bounce we can be cautious for down ticks.
Bank Nifty is now at crucial trendline resistance which has contained the fall. So it will be worth watching if the uprise stalls at these levels.
The street confidence is so skewed to sell that the consensus is to sell on rise. While this has been done for last 3 weeks will it sustain more. How come all people feel the same and that also with so much conviction.
Could the tide turn at this much extreme sentiment? I feel that given the strong view there could be some fall in short term but further than that the macro event of Budget comes into play.
Is there any seasonal pattern to Budget time indices return. We will found out in later posts.
This was expected as Bank Nifty has been relatively out performer to Nifty in Feb.
The Bank Nifty is now in reduced buy mode from 10400 levels with Nifty from 5375 levels.
Since this is the first bounce we can be cautious for down ticks.
Bank Nifty is now at crucial trendline resistance which has contained the fall. So it will be worth watching if the uprise stalls at these levels.
The street confidence is so skewed to sell that the consensus is to sell on rise. While this has been done for last 3 weeks will it sustain more. How come all people feel the same and that also with so much conviction.
Could the tide turn at this much extreme sentiment? I feel that given the strong view there could be some fall in short term but further than that the macro event of Budget comes into play.
Is there any seasonal pattern to Budget time indices return. We will found out in later posts.
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