Bank Nifty Futures Analysis for 2nd Jan 2024

Bank Nifty is in good Support zone
Today market was side base except last move. From 27 December 2023 -1 January 2024 it create a support Zone. Today we can see a fake breakout at14:15.
Reason behind the reason:

• Volume was very not supporting the price.
  
• Also MACD was indicate downtrend for the day.
  
• If we see Option data at the time of price increase but CALL Open Interest in negating and PUT OI not adding .(Big money just square off his position nothing else)
  

So it's purely indicate that at 48800 we can short our position.

Tomorrow view:
if market open near 48405 we will wait. Side base market is not for option buyer.
if market open near about 48600 then we will find position after taking support at 48405 .
If market open below 48405 then after 48200 and creat a bearish candle at 15 or 30 min or price wait for 10-15 min near 48405 in 5 min timeframe candle after that we can see a bearish move.

Comment:

Yup. Price was move as expected which was written in tomorrow view.