I am not a registered financial advisor. All tweets are just for educational purposes and not for buy or sell. Please seek your advisor before investing
BankNifty Performance:
From 1st Jan 2023: -8.3%
Last 6 Months: 1.97%
Data suggest very strong support near 38500-38600 levels which should be protected for Banknifty to make a new All Time High.
#BankNifty Cmp:39395
Today, BankNifty on the monthly chart is down 4 months in a row. This has happened only Once in the last 23 years. That was in 2013 and then we rallied 45%.
Can the market repeat history?
#NIFTY Cmp:16945
Today, Nifty on the monthly chart is down 4 months in a row. This has happened only twice in the last 23 years. That was in 2001 & 2016 and then we rallied 41% & 27%, respectively.
Can the market make history again?
The next 5-7 days will be very crucial for the Nifty and Indian Market. FII net longs exposure is at a very low level of almost 10% and history indicates that such a scenario lead to massive short covering.
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