Bank Nifty corrects from Pyrapoint Resistance,EOD Analysis


BANKNIFTY - Pyrapoint

  • Bank Nifty February Future Open Interest Volume is at 25.8 lakh with liquidation of 0.06 Lakh with decrease in Cost of Carry suggesting long 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 @8.5Lakh strong resistance formation @16000. 15500 CE saw 0.26 Lakh liquidation by bears so bears used the fall to book profit .15000-16500 CE added 0.12 Lakh in OI so no major addition was see by bears eventhough bank nifty corrected 400 points from the highs suggesting if we do not see follow up downmove we can see fast reversal. 14500-16500 looks the range for Feb series.
  • 15000 PE is having highest OI @5.4 lakh, . strong support at 15000 below 14500.14500-16500 PE saw 0.62 lakh addition so bulls adding at lower strike prices,Bulls used the dips to add position,Bulls strength will be tested tomorrow.

Buy above 14960 Tgt 15050,15124 and 15220 (Bank Nifty Spot Levels)

Sell below 14880 Tgt 14800,14720 and 14500 (Bank Nifty Spot Levels)

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