Bank Nifty

Highlights

Open Interest increased with small dip and spinning top which point out addition of positions in bank nifty. Spinning top has been witnessed which indicates tug of war between bulls and bear.

Trend

Trend momentum still in upside zone, But the candle looks again the trend will reverse.

BANK NIFTY JANUARY

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 in due course of time.

Traders can sell rise to 9132 – 9183 with the stop loss 9200.
Alternatively traders can buy on rise and close above 9200 with low of the day stop loss.