Tuesday, 4 January 2022

Banknifty Prediction Tomorrow|5th Jan

How did BankNifty future perform today?

Jupiter squares Rahu, and we saw a significant move in banknifty. Banknifty closed bove AVWAP level 36700. This will act as solid support for banknifty. Banknifty needs to cross previous high (13th December) to regain higher high and lower low structure.

There is also a good rally in nifty 500. It is a temporarily overbought region as per technical indicators.

Open interest data in the option chain

FII and PRO is net buyer in the market. PRO is becoming extreme bullish Market sentiment is "greed." Bank Nifty Jan Future witnessed the liquidation of a 2.34 Lakh contract, with an increase in Cost of Carrying suggests LONG positions were closed today. The market might see profit booking.

This rally is fueled by short-covering. PCR reached 1.42

37000 CE strike has the highest OI, and 36500 PE has the highest OI. Will 37000 will be weekly expiry on 6th January. Option writers are bullish.

Max pain is 36500.

Astrological forecasts

My view based on tomorrow's planetary position market will be bullish initially. I expect the rest of the day will be the premium eating day.

Trading levels: Please click the link "Banknifty for the week 3rd January."  

Below 36750, BNF will be weak. BNF will be strong above 37000

Banknifty achieved weekly target on upside. 

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