End of Day Review & Analysis of Nifty BankNifty for Jan 5, 2024
Nifty opened bit high from previous day’s close so find buying through out session. Price action was strong towards buying side once it settled above 21600 levels and finally close at day’s high forming a bullish candle. Nifty Futures Open Interest almost flat suggesting no much Short positions were added and chances of further going up. Options data saw strong addition in 21600/500/400 Calls and no major additions in Puts other than at 22000 levels suggesting Support at 17600 levels and major resistance at 22000 and mild at 21700. Once 21710 taken out can test new highs.
Bank Nifty was strong (as suggest previous day) from the opening to close almost at 4 day’s high after bouncing from 20DEMA previous session. Price action was strong to close at day’s high forming bullish morubozu candle. BankNifty Futures Open Interest saw addition with increase in price suggesting strength and bullish outlook with new long positions opened. Options data saw strong Call addition at 48000-100-200 levels which will act as support with mild resistance at 48500 which saw mild Put addition and major resistance at 49000. Once 48262vis taken out can see 48408 and next 48933 levels soon.
US markets were down in last session but today futures were trading strong mildly.
Bank Nifty was strong (as suggest previous day) from the opening to close almost at 4 day’s high after bouncing from 20DEMA previous session. Price action was strong to close at day’s high forming bullish morubozu candle. BankNifty Futures Open Interest saw addition with increase in price suggesting strength and bullish outlook with new long positions opened. Options data saw strong Call addition at 48000-100-200 levels which will act as support with mild resistance at 48500 which saw mild Put addition and major resistance at 49000. Once 48262vis taken out can see 48408 and next 48933 levels soon.
US markets were down in last session but today futures were trading strong mildly.