End of Day Review & Analysis of Nifty BankNifty for Dec 21, 2023
Nifty opened higher than previous day’s close and made new high almost touching 21600 and saw profit booking after failing to go beyond 21600. Post after noon session profit booking got intensified to close at day’s low which is close to last Thursday’s close. Price action was strongly bearish which saw profit booking from the highs forming a bearish Marubozo candle also a bearish engulfing, one single candle engulfed past 4 day’s candle. Nifty Future Open Interest saw addition with decrease in price indicating weakness and bearishness.
BankNifty also opened higher from previous day’s close but couldn’t make new high. Profit booking was evident from past 2 sessions intensified today post noon session. Price action was weak and bearish forming a bearish engulfing candle. BankNifty Future saw addition of Open Interest with decrease in Price indicating weakness and bearishness.
Analysis:
* Markets gave away the rally after Fed rate decision in half session itself.
* Wait for price to take support around daily 10/21 Moving averages
* Daily RSI of Nifty and BankNifty cooled down from over bought zone.
* Profit taking is always good as it opens up higher levels unless major reversal comes in.
US Futures were flat to negative and today there will be negative FII numbers also.
BankNifty also opened higher from previous day’s close but couldn’t make new high. Profit booking was evident from past 2 sessions intensified today post noon session. Price action was weak and bearish forming a bearish engulfing candle. BankNifty Future saw addition of Open Interest with decrease in Price indicating weakness and bearishness.
Analysis:
* Markets gave away the rally after Fed rate decision in half session itself.
* Wait for price to take support around daily 10/21 Moving averages
* Daily RSI of Nifty and BankNifty cooled down from over bought zone.
* Profit taking is always good as it opens up higher levels unless major reversal comes in.
US Futures were flat to negative and today there will be negative FII numbers also.