- As discussed in last analysis Bank Nifty made low of 14777 near the last swing low of 14754 as we have been expecting after it broke the gann arc, Now if we hold 14750 we can see bounceback till 15000/15237, Bank Nifty opened with a gap up made high of 14978 corrected till 14761 near the supply zone as shown below and bounced again. Bank Nifty is forming a SHARK Pattern in hourly so holding 14754 we can see bounce back till 15237 in next 2 days. Weekly close below 14754 can lead bank nifty towards 14338 where we have next support zone. How To Improve Trading Success
- Bank Nifty February Future Open Interest Volume is at 25.7 lakh with addition of 0.27 Lakh with increase in Cost of Carry suggesting long positions were added 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 @8.7 Lakh strong resistance formation @16000. 15500 CE saw 0.69 Lakh addition by bears so 15500 was sealed by bears for time being .15000-16500 CE added 1.9 Lakh in OI. 14500-16500 looks the range for Feb series.
- 15000 PE is having highest OI @5.2 lakh, eventhough Bank Nifty closed below 15000 for 2 day in row suggesting Bulls are entering position so we might see weekly closing above 15000. strong support at 14500 below 15000.14500-16500 PE saw 1.3 lakh addition so bulls adding at lower strike prices as Bank Nifty bounced for demand zone again.
Buy above 14870 Tgt 14977,15080 and 15190 (Bank Nifty Spot Levels)
Sell below 14750 Tgt 14660,14580 and 14400 (Bank Nifty Spot Levels)
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