Bank Nifty breaks 14000, EOD Analysis

  • As discussed in last analysis If Bank nifty continue to trade below 14500 we can head towards 14338 which is PRZ of ABCD pattern and Weekly supply zone also as shown in below 2 chart. Bullish only on close above 15000, Bank Nifty broke 14338 did not stop hence invalidate the ABCD pattern and also demand zone, one the pattern got invalidated we got a fast and furious decline and bank nifty broke 14000 also, Such is the beauty of harmonic pattern combined with supply demand zone, once it gets invalidated you get fast fall. Now Bank Nifty is near its 200 W SMA, which if broken on weekly closing basis can see Bank nifty declining all the way till 12500-12800. Next demand zone lies 13600.   .Nifty Crashes 1000 Points in 2016 :Reason for sharp fall

Daily Harmonic


  • Bank Nifty February Future Open Interest Volume is at 28.2  lakh with addition of 0.59 Lakh with decrease in Cost of Carry suggesting short positions were added today .Bank Nifty  again gave 1500 points move below rollover cost @ 15441. How To Identify Market Tops and Bottom
  • 15500 CE is having highest OI @7 Lakh strong resistance formation @15500. 15500 CE saw 2.3 Lakh addition and 14500 CE saw 1.5 Lakh addition by bears added aggressively in range of 14500-15000 .14500-16500 CE added 6.2 Lakh in OI so bears added aggressively today. These are testing time and finally Bank Nifty broke the range on downside.
  • 14000 PE is having highest OI @4.4 lakh, strong support at 14000 below 13500.14500-15500 PE saw 2.1 lakh liquidation  suggesting  so bulls ran for cover as the fall did not stop at 14338.

Buy above 14050 Tgt 14170,14280 and 14380 (Bank Nifty Spot Levels)

Sell below 13950 Tgt 13822,13650 and 13300 (Bank Nifty Spot Levels)

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  1. Bramesh said:

    thats how market works surprises everyone…

    February 11, 2016
  2. Hiren said:

    what a scary di not stop at any of your levels. looks lIke it will touch your next support levels as well.

    February 11, 2016

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