Nifty went down by 1.06% and Bank Nifty went down by 0.67% yesterday

NIFTY ANALYSIS

Nifty at its 50% fibonacci retracement and close to its major support of 22500

Open interest data

Support at 22500 and 22300
Resistance at 22800 and 23000

PCR is 0.6 overall and 0.85 around ATM which is weak overall but neutral around ATM

OI of Nifty 50 Futures is down by -9.49% and there is Long Unwinding in Nifty Futures

View is same as before that is neutral to bearish but there can be bounce in short term because of major support, if there is no bounce then market can further down

BANK NIFTY ANALYSIS

On daily time frame there is dargon fly doji and intraday bank nifty recovered around 300 points

In comparison to nifty, bank nifty is slightly bullish

OI of Nifty Bank Futures is down by -16.68% and there is Long Unwinding in Nifty Bank Futures

View is same as before that is neutral to bearish, view changes if price sustains above its resistance

Let’s see what happens in the market today