End of Day Review & Analysis of Nifty BankNifty for Jan 10, 2024
Nifty opened gap up reacting to positive global cues and gained more but couldn’t sustain at high levels. Post noon Nifty saw sudden collapse to test previous day’s lows and closed at almost lowest point but in positive. Price action was weak and sell on rise forming bearish continuation candle. Nifty Futures added small open interest with slight increase in price, can’t read much to it. Options market gave mixed signals addition of 21600/700 CE and support emerged at 21400levels with slight addition in Open Interest. Over all looks weak till 21750 taken out.
BankNifty also opened gap up and saw major sell off in last hour of session. Price action was weak and formed a stronger bearish continuation candle closing below previous day’s low. BankNifty futures open interest saw addition with decrease in price indicating addition of Shorts and suggests weakness and bearish bias. Oprtions markets indicates immediate support at 47000 and Resistance at 47500. BankNifty might be range bound in tomorrow’s session.
Us markets were in red.
BankNifty also opened gap up and saw major sell off in last hour of session. Price action was weak and formed a stronger bearish continuation candle closing below previous day’s low. BankNifty futures open interest saw addition with decrease in price indicating addition of Shorts and suggests weakness and bearish bias. Oprtions markets indicates immediate support at 47000 and Resistance at 47500. BankNifty might be range bound in tomorrow’s session.
Us markets were in red.
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