Thursday, 30 December 2021

bank nifty levels for tomorrow-31122021

How did Banknifty trade in the last expiry of 2021

Banknifty January future closed at 35300. It is still a lower high and lower structure, as shown in the below picture. The blue zone marked are supply and demand zone that formed during the recent correction.

The daily chart confirms banknifty will be positionally bullish only after 36000 and positionally sell below 34200. We expect a large trend post-breakout of any of these two levels.

What is the Banknifty range today?

Banknifty formed higher high and higher low structures in the 15-minute time frame. It has a premium of over 250 points.

The convergence of 13EMA, 21 EMA, and 55 EMA and its proper alignment shows positive bias in the market, and the CCI indicator shows the last 3 days shows the market is rangebound.

Experts Views on Bank Nifty for Monday

 Nifty Bank technical analysis

I use multi-timeframe CCI and wave structure instead of the single best technical indicator. This combination helps to find out various critical support and resistances of the market.

banknifty option chain analysis using sensible

FII and Pro closed short positions in the market. 

Bank Nifty Jan Future Open Interest Volume is at 22.8 lakh. The cost of Carrying increased, which means market participants are bullish in market.

  • MAX Pain is at 35000.
  • PCR @ 0.96.
  • Rollover cost @35213 will act as good support for January.

Banknifty Astro prediction for  31st December and onwards.

 It is Saturn star day, and the market will have a bullish bias as discussed in the previous article: Banknifty prediction from 28th December to 3rd January 2022

There will be unusual dips in the market in January after 10th January 2022

Is Bank Nifty bullish or bearish?

Expert views by several traders based on market structure, Future and option data analysis, and astrological prediction are bullish, as discussed above. 

Also, tomorrow will be the first day of the new clearing and the last trading day of the month. 

I will wait for the buy trade tomorrow.

Bank nifty levels for Monday using spot levels

I will initiate bullish trade above 35100 with a stop loss at 34960 for intraday. My first target will be 100 points. 

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