End of Day Review & Analysis of Nifty BankNifty for Jan 3, 2024
Nifty opened at previous day’s close and selling creeped in taking Nifty to 21550 levels. Post noon saw buying from day’s lows with the help of RIL and CIL but couldn’t close above previous day’s lows. Price action was negative seeing selling at bounce forming a bearish candle pattern taking support at 10DMA. Nifty futures Open Interest saw slight increase with a decrease in price confirms a downward trend. On daily chart RSI was showing divergence at oversold levels as well. 21700-800 levels saw Call Buying Put unwinding showing Resistance at those levels. Can test 21450-500 levels where Support is seen in short-term.
BankNifty opened week around previous day’s close and continued its weakness through out. Most of the Banking stocks were weak saw selling in most of them. Price action was of selling and candle pattern was also bearish which made it close at day’s low. BankNifty Futures Open Interest also saw slight increase with a decrease in price confirms a downward trend.
US Futures were trading in negative. No major news till Friday so might consolidate side ways or see some profit booking as they have rallied 13% in 2 months.
Tomorrow may be a gap down day with selling at every bounce. Can see 21500-21550 in Nifty and 47300-400 in BankNifty.
BankNifty opened week around previous day’s close and continued its weakness through out. Most of the Banking stocks were weak saw selling in most of them. Price action was of selling and candle pattern was also bearish which made it close at day’s low. BankNifty Futures Open Interest also saw slight increase with a decrease in price confirms a downward trend.
US Futures were trading in negative. No major news till Friday so might consolidate side ways or see some profit booking as they have rallied 13% in 2 months.
Tomorrow may be a gap down day with selling at every bounce. Can see 21500-21550 in Nifty and 47300-400 in BankNifty.