End of Day Review & Analysis of Nifty BankNifty for Jan 10, 2024
Nifty opened flat around previous day’s close to sell off to 21450 levels to recover from lows and then defending 21500 levels and to close above 21600. Price action was strong buy on dips defending 21DEMA and formed a bullish candle. Nifty Future open interest saw slight decline with increase in price which signifies slight bearish outlook. Options data suggests strong support at 21500-450 levels and resistance around 21750-800 levels. Nifty might try and test weekly highs 21800 levels.
BankNifty also opened flat around previous day’s close to trade and fell sharply to recover 300 points and trade in a small range of 200 points most of the day. Price action was strong and formed a bullish candle. Futures Open Interest was flat with slight increase in price. Options data suggests strong support at 47000 levels and resistance at 47500 levels. Bank Nifty might see short covering above 47500 to test 48000 levels.
US Markets were trading flat, not significant take away.
BankNifty also opened flat around previous day’s close to trade and fell sharply to recover 300 points and trade in a small range of 200 points most of the day. Price action was strong and formed a bullish candle. Futures Open Interest was flat with slight increase in price. Options data suggests strong support at 47000 levels and resistance at 47500 levels. Bank Nifty might see short covering above 47500 to test 48000 levels.
US Markets were trading flat, not significant take away.