End of Day Review & Analysis of Nifty BankNifty for Jan 16, 2024
Nifty opened gap up and finally crossed much awaited 22000 mark moving much higher in a strong session. Price action was strong buying through out the day forming a clear strong bullish candle on daily charts. Nifty saw buying through out session and sustained above 22000 most of the day. Nifty futures open interest saw good addition with increase in price suggest Long additions. Options data suggests Nifty is ready to take off 22250-300 and can even test 22500 which is major resistance as of now.
BankNifty started slowly to pick up momentum in later part of session. Price action was strong forming a bullish candle on daily charts closing at highest point of the day. BankNifty Futures open interest saw addition with increase in price suggesting long addition. Options data suggests resistance at 48500 and support at 48000 levels, above 48500 can see new highs in near term.
US markets were trading flat.
BankNifty started slowly to pick up momentum in later part of session. Price action was strong forming a bullish candle on daily charts closing at highest point of the day. BankNifty Futures open interest saw addition with increase in price suggesting long addition. Options data suggests resistance at 48500 and support at 48000 levels, above 48500 can see new highs in near term.
US markets were trading flat.