Banknifty view for 20/12/2021.
Friday, sharp decline in Banknifty resulted mostly due to FII selling. In quity cash market some how, buying is also seen by FIIs.
Friday, Banknifty slipped below 35700 level. It will be important to see whether Banknifty will try to reclaim this important level again. If slipped downwards, 35360 & 35000 are going to become further supports. If 35000 will be breached then 34480 level is important. Moving towards upside 36060, 37370 are strong nearest resistance for Banknifty.
For now OMICRON & Inflation rate is playing two crucial news for the market. Specially in USA & China. Till Banknifty will not go above 37000 level & sustained above this level, sell on rise is expected from Traders.
Monday, definitely market too have a chance of bounce as it is at support. Indian Market running behind USA Market and as per our personal view, the new base will be created before budget. Hence, one side fall is difficult as per our view.