Monday, 3 January 2022

Banknifty prediction tomorrow - 4th Jan

Banknifty had a great bullish day on 3rd January. Bears had a tough job today to protect the position. Traders having a short position in the market took all opportunities to exit the market.

Bannifty future daily chart 

Banknifty in daily candle has a long wick at below. This shows strong buying interest for banknifty in the market. Immediate resistance to banknifty will be the Central Pivot Area in the daily chart. 

Banknifty Barometer on Trader sentiment

FII and PRO are net buyers, and clients become net sellers in the market. High open interest position by PRO in the market shows there might be an unusual dip in the market. Option pain 36000 indicates a possible panic low can be formed within a few days.

Has the budget rally been triggered?

FII is also positive in the cash segment after almost 3 months. 

Astrological forecast for tomorrow 

Banknifty might be bullish in the first hour. Tomorrow is a moon star day, so not suitable for trading after 11 AM.

Banknifty levels for trade  

Positional long can be initiated above 38150. 

In case of a gap, traders might look for a short opportunity o 36500 CE. 

Once bank nifty gives dip, trader right look to short 36000 PE.


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