End of Day Review & Analysis of Nifty BankNifty for Dec 20, 2023
Nifty opened flat and soon witnessed profit booking to find support at previous day’s low. As happening daily found buying support from the dips and made a new high and ended day with slight profit taking. Price action saw buy on dips forming a candle with big lower wick suggesting bullishness.
BankNifty also opened flat to find sellers at opening and found support at previous day’s low. Witnessed buying from lower levels but was short of making a new high. Price action was buy on dips forming a candle with a long lower wick.
Nifty and BankNifty need to take out highs to add fresh Long positions. Wait and watch till the new highs are taken out with a strong bullish candle. Stay away from Shorting. Side ways Range bound markets trade with caution.
US Futures were mild bullish, can give direction to Indian markets if S&P and Dow closes at new highs today.
BankNifty also opened flat to find sellers at opening and found support at previous day’s low. Witnessed buying from lower levels but was short of making a new high. Price action was buy on dips forming a candle with a long lower wick.
Nifty and BankNifty need to take out highs to add fresh Long positions. Wait and watch till the new highs are taken out with a strong bullish candle. Stay away from Shorting. Side ways Range bound markets trade with caution.
US Futures were mild bullish, can give direction to Indian markets if S&P and Dow closes at new highs today.