End of Day Review & Analysis of Nifty BankNifty for Dec 8, 2023
Nifty got sold off at the opening to find support around previous day’s low. Later part of the day was spent side ways showing strength not to sell off even after such a stellar rally from past 3 days to close almost flat. Price Action was buy on dips forming a hanging man kind of candle. If tomorrow moves above today’s high then can see more up run to continue. Nifty Futures Open Interest saw increase with flat price.
BankNifty also sold off from the start and breached previous day’s lows and bounce back with some buying from lower levels. Price action was buying on dips to form a sort of bullish candle to close flat. BankNifty Open Interest saw addition with price staying flat. Can see higher levels if today’s high taken out.
US futures were kind of flat. Tomorrow’s MPC meeting is awaited for further directions.
BankNifty also sold off from the start and breached previous day’s lows and bounce back with some buying from lower levels. Price action was buying on dips to form a sort of bullish candle to close flat. BankNifty Open Interest saw addition with price staying flat. Can see higher levels if today’s high taken out.
US futures were kind of flat. Tomorrow’s MPC meeting is awaited for further directions.