Tuesday, 7 December 2021

banknifty trade plan |8th Dec 2021

How did banknifty perform today?

 Banknifty was bullish today in UttarSada star and gave a bearish move yesterday in Purvasada Nakshatra. Banknifty future closed at 36771.95 after a move of 2.45%. Today, the people who bought bank bees on 200 days moving average got a handsome reward.

Banknifty daily chart analysis for 8th December 2021

 

 

AVWAP support level 35673 protected, and next AVWAP resistances are 37440, 37800. Today. banknifty closed near 13 ema in the daily chart. Now, 13 ema (36919) and 21 ema (37300) will act as dynamic resistance for the immediate bullish movement.

Banknifty formed a cup & handle structure at the bottom. If the cup & handle breakout happens, a 1500 point movement can be witnessed.

Banknifty Future and Options data analysis

  • max pain 36500
  • VIX 18.46
  • % index netlong by FII and Pro - 2.64. FII and pro closed short positions
  • PCR jumped to a bullish area
  • The net short position of FII and pro is reducing gradually. This gives occasional short covering rally. 
  • Banknifty support moved to 36500.  RBI monetary policy to decide 36500 / 37000 expiry.

Trading levels

Will go positional long in future once banknifty closed above 21 EMA.

Intraday

  • bullish above 37730 
  • bearish below 36500

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