Sunday, 2 January 2022

Banknifty for the week 3rd January

How did Banknidty future perform in 2021

Banks are high beta sector. The performance of this sector is critical for the economy of the country. In 2021 BNF booked around 14% gain. The overall banking sector underperformed in 2020 and 2021 compared to Nifty 50 & Sensex.

banknifty constituents performance in 2021

Bank nifty spot chart in the hourly time frame

The banknifty hourly chart is bullish. Banknidty will be positionally bullish above 36800. Immediate resistances are 35900, 36060, 36250



FII and Pro open interest data for Indices

This data shows the market is in full bullish mode.


Astrological forecasts of the Indian stock market

The Indian market will be volatile to bullish for the next week. The market gives typically positive returns from the new moon to the full moon.

Factors positive for the Indian market

  • Dowzones, S&P, and NASDAQ are near an all-time high
  • European markets are also trading near lifetime high
  • VIX cooled down and took AVWAP support 
  • GDP growth has a positive impact 

Factors negative for the Indian market

  • crude price
  • Dollar index
  • Increase in number of Covid 19 

Bank nifty weekly levels

35937, i.e., the cube of 33 will act as significant resistance tomorrow. 
My target for BNF in 2022 is 45000 as long as it is trading above 34000.

Sources:
brameshtechanalysis.comValuestocks. in ,  Nifty/Banknifty prediction



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