End of Day Review & Analysis of Nifty BankNifty for Jan 9, 2024
Nifty opened flat at previous close to find sellers from the start of session to close at the lows. Price action was weak and bearish, saw sell at every pull back forming bearish marabozu candle. Nifty futures saw negligible addition with decrease in price so no significance takeaway from futures. Options markets saw huge Open Interest buildup at 21600-700 levels indicating huge Resistance around these levels where as saw small addition at 21500 in monthly contracts. Nifty looks bearish till 21850-22000 taken out. No long trades as of now may be today Shorts might have added.
BankNifty was also weak and saw selling from opening to end at day’s low at close. Price action was weak and bearish, saw selling at all pull backs forming a bearish candle. BankNifty Futures saw addition in Open Increase with decrease in price indicating bearish outlook and new shorts are being added. Price might fall going forward. Options markets saw huge addition in 47500-47800-48000 levels showing Resistance with no significant support near day’s low. Bank Nifty looks more bearish than Nifty with huge new short positions addition.
US Markets were trading flat.
BankNifty was also weak and saw selling from opening to end at day’s low at close. Price action was weak and bearish, saw selling at all pull backs forming a bearish candle. BankNifty Futures saw addition in Open Increase with decrease in price indicating bearish outlook and new shorts are being added. Price might fall going forward. Options markets saw huge addition in 47500-47800-48000 levels showing Resistance with no significant support near day’s low. Bank Nifty looks more bearish than Nifty with huge new short positions addition.
US Markets were trading flat.