End of Day Review & Analysis of Nifty BankNifty for Dec 7, 2023
Nifty Opened gap-up again but for a change didn’t build on the open high, it consolidated to test previous day’s close and later in the day saw buying from that level to end almost at the opening close. Price action was strong buying from lows farming a trending bullish candle. Nifty Futures saw good addition with mild increase in price suggesting Long additions.
On the other hand, BankNifty was weak from the start saw selling at higher levels. Price action was sell on rise and formed a bearish candle suggesting selling pressure at highs. BankNifty Open Interest decreased with decrease in price suggesting Short positions were added at higher levels.
US Markets were positive and with no major news or events it might end up in positive territory for the day.
On the other hand, BankNifty was weak from the start saw selling at higher levels. Price action was sell on rise and formed a bearish candle suggesting selling pressure at highs. BankNifty Open Interest decreased with decrease in price suggesting Short positions were added at higher levels.
US Markets were positive and with no major news or events it might end up in positive territory for the day.