End of Day Review & Analysis of Nifty BankNifty for Dec 12, 2023
Nifty opened mild gap up and soon saw profit booking like previous day. Price action after many days was negative and saw selling from new highs. Candle pattern is also negative and shows tiredness at new highs. Nifty Futures OpenInterest was negligible.
BankNifty also open in line with Nifty but ended up weaker than Nifty. BankNifty didn’t form new day’s high and ended up below previous day’s low which is sign of weakness. Price Action was weak and negative forming bearish candle. BankNifty Futures Open interest saw increase with decrease in price which indicates downward trend.
Overall it was a lacklustre day with weakness at higher levels. Longs can be initiated only above today’s highs.
US futures were positive and Inflation numbers awaited.
BankNifty also open in line with Nifty but ended up weaker than Nifty. BankNifty didn’t form new day’s high and ended up below previous day’s low which is sign of weakness. Price Action was weak and negative forming bearish candle. BankNifty Futures Open interest saw increase with decrease in price which indicates downward trend.
Overall it was a lacklustre day with weakness at higher levels. Longs can be initiated only above today’s highs.
US futures were positive and Inflation numbers awaited.