13 Sep 2024 - 51400 levels very important for BankNifty traders
Everything was looking very bearish last week, but the price action on the 9th came as a surprise. By the 10th of September, the bears had given up its hold and the next target was to take out the 51400 so that the bulls could show their dominance.
The breakout from the 51400 level happened on the 12th wherein BN rallied an impressive 692pts ~ 1.35%. If you remember our 23 Aug technical analysis report, you may be able to understand why the 51400 level was so important. The breakout just cemented the position of the bulls.
Our stance for the next week has been changed to bullish. Again 51400 levels become the new support level below which we will go neutral.
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