2 min read

Market View 20230627

Market View 20230627

While we still have the red downward trend line in place, whether the #banknifty can cross that & close above it (highlighted), will have to be seen.

  • General view is bearish, possibly not going to take any positions as tomorrow is a holiday and we're coming up to monthly expiry.
  • Gap is waiting to be filled below, 43300 level is forming a support range, that is being tested a couple of times. A few more knocks and it could possibly lead to a further fall (filling up the gap??).
  • The 43800 level remains a resistance, we could possibly touch that again, but we will know for sure if it is a selling zone.
  • For clarity, here's how it looks...


  • We have two levels to look out for 43800 above, and 43600 below. That's a tight range to navigate. So being patient.

We've started building up a position for August. This time a straddle at 44000, which gives us a good range of about almost 2000 points for breakeven.


  • Looks like there's an attempt to close above the trendline. If it can't, then that means that we can expect weakness in BN.


Looks like NSE has decided to postpone the holiday, wish they notified this earlier!


  • And so we have a 500 point move in the BN. Closing above the trendline, which is a bullish sign, but will it hold?
  • The news of HDFC Bank Merger taking place on 1 July has probably sparked this move. Though it seems like the big movers were ICICI, Kotak & SBI.

And so, we have that trendline being broken for today... but there seems to be good selling pressure from above.