BankniftyFuture last close: 38289.60 (-0.2%)
What a Terrific Tuesday…. Oops!!
On yesterday, BankniftyFuture was opened 38425 then seen strong rally up to 38965
Hdfcbank, Icicibank, Kotakbank and Axisbank helped to lift the index more than 600 points
Afternoon….Bears entered with full power and Banknifty slipped from 38965 to 38150
Almost 800 points wiped-out in last 2 hours!!
All bank stocks broken day’s low afternoon session
Finally BankniftyFuture ended down 0.2%
Volatility index spiked 5%
Banknifty spot was made a double top at 38855 and index formed bearish engulfing format
As per open interest 38000PE and 38500CE added more OI
If sustains below 38000 and PE short sellers will rush to cover their shorts
However, BankniftyFuture is facing a intraday resistance 38330, 38450 and 38550
Once if breaks and holds above 38550 then will try to move 38750
Stay caution at higher levels!!
On flip side, BNF can be considered as supports as 38150 and 37950
If breaks and manages below 37950 expecting further weakness up to 37770 and 37500
Updated: 08.22 am / 19th Jan 2022