Highlights
Open Interest decreased with sharp fall and negative candle which indicates unwinding of long positions. The shooting star and spinning top pushed the bank nifty to fall, this already indicated in earlier reports.
Trend
As we indicated yesterday trend got reversed to down side with sharp fall. Trend followers can hold short.
BANK NIFTY JANUARY
Yesterday we had indicated shorts are recommended unless the rise and close above 9199. Expect Bank nifty to test 50% & 61.8% retracement level of rise from 8843 to 9199 placed at 9121 -8980 now low made 8895.
Traders holding short positions can hold with the stop loss of 9095 and look for 8843 – 8805 to cover short.
Fresh traders can sell on rise to 8966-9037 with the stop loss of 9095 and look for 8843 – 8805 to cover short.
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