Bank Nifty

Yesterday Indicated TGT Almost Attained High made 9075.
BANK NIFTY


Open Interest in January increased with fall and negative candle which denotes shorts have been added in Bank Nifty Jan.

Trend

Down Trend momentum is still in action unless the price closes above of 9095. Bank Nifty almost tested the 61.8% retracement level of fall from 9249 to 8843. The Hammer witnessed on yesterday pushed the bank nifty to test 61.8% level.

BANK NIFTY JANUARY

Bank Nifty closes below previous close with gulfing bear, Anyway he Hammer low acts as a vital support for bank nifty placed at 8843.

Traders can use dips up to 8848 to cover shorts. Re-enter short on further sustained fall below 8842 with high of the day stop loss.

Intraday traders can sell on rise to 8962 – 9033 with the stop loss of 9075 and look for corrective dip to 8848 to cover short.