Thursday, 6 January 2022

bank nifty share price NSE|7th January

How did bank nifty share price perform today?

Banknifty opened with a gap up. During the day it filled the gap but failed to maintain the momentum at the closing hours. India VIX also increased while the price was going up. This normally indicates a bullish view between market participants.

Bank nifty chart analysis

Day time frame bank nifty future is bullish. Today it formed an inside day candle. New long positions will be above 38100.

However, banknifty is bearish in hourly time frame so fresh long positions can only be initiated once the hourly chart becomes bullish.

Open interest analysis of FII and Pro

FII is increasing its short position gradually. Proprietary traders reduced long positions drastically. Retail traders are building long positions.

Astrological prediction for tomorrow

Tomorrow is Jupiter's star day. Jupiter is now influenced by Rahu. I expect closing of the market will be bullish. We can see consolidation to down move during 9:30 AM to 1 PM.

Banknifty intraday levels

  • Banknifty long position can be initiated above 38050
  • Banknifty short position can be triggered below 36490 which is AVWAP support. This area can be a good point to enter a long trade with small stop loss.

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