- As discussed in last analysis We need to see price action near 225 Degree line at 14760 levels will it prove support again or will it breakdown this time. Bank Nifty made low 14760 near the 225 degree line and showed a decent bounceback, 225 degree have been tested 3 time, More a support is tested more is probability of breaking the low, so if 14760 is broken we can see a fast move towards 14500/14338. Bullish on 15000 . Why Trading the most difficult profession ?
- Bank Nifty February Future Open Interest Volume is at 25.3 lakh with liquidation of 0.57 Lakh with increase in Cost of Carry suggesting short positions were closed today .Bank Nifty again gave 700 points move below rollover cost @ 15441. How To Identify Market Tops and Bottom
- 16000 CE is having highest OI @9.7 Lakh strong resistance formation @16000. 15500 CE saw 0.26 Lakh addition and 15200 CE saw 0.85 Lakh addition by bears so bears used the fall to enter positions exited yesterday .15000-16500 CE added 3 Lakh in OI so bears added aggressively today. 14500-16500 looks the range for Feb series.
- 15000 PE is having highest OI @5 lakh, . strong support at 15000 below 14500.14500-16500 PE saw 0.82 lakh liquidation so bulls ran for cover to cover positions added yesterday.
- Bank Nifty Futures Trend Deciding level is 14915 (For Intraday Traders). BNF Trend Changer Level (Positional Traders) 15197.How to trade Nifty Futures and Bank Nifty Futures as per Trend Changer Level . Traders who took trade as per TC levels are rewarded with almost 2000 Points
Buy above 14960 Tgt 15050,15124 and 15220 (Bank Nifty Spot Levels)
Sell below 14880 Tgt 14800,14720 and 14500 (Bank Nifty Spot Levels)