- As discussed in last analysis Also Weekly Analysis Black Swan harmonic pattern which got completed at 13810 and we saw the expected rally above 14150.We need to close above 14524 for next move towards 14745/14965. Bank Nifty made high of 14600 and saw immediate selling pressure and closed just above 14150, till we close above 14150 we can see move till 14524/14745. Below 14150 we can see move back till 13971/13810. What Constitutes 80% Of Trading
- Bank Nifty February Future Open Interest Volume is at 23.3 lakh with no change in OI with decrease in Cost of Carry suggesting long positions were closed today .Bank Nifty again gave 1500 points move below rollover cost @ 15441. How To Identify Market Tops and Bottom
- 15000 CE is having highest OI @8 Lakh strong resistance formation @15500. 14500 CE saw 0.55 Lakh addition as bears again added as Bank Nifty was unable to close above 14500 .14000-15000 CE added 2.78 Lakh in aggressive addition was seen by bears.
- 13500 PE is having highest OI @3.9 lakh, strong support at 13500, Bears added aggressively in 14000 PE.13500-15500 PE saw 0.33 lakh addition suggesting so bulls did not lose hope and expecting a bounceback
Buy above 14240 Tgt 14300,14450 and 14550 (Bank Nifty Spot Levels)
Sell below 14130 Tgt 14000,14900 and 13830 (Bank Nifty Spot Levels)
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