Bank Nifty Technical Analysis before RBI Policy

  •  Bank Nifty opened  near the horizontal grey line as shown in below chart, again got resisted and corrected till the green arc. As we have RBI policy tomorrow, as Bank Nifty is stuck between the gann arc and gann vertical line suggesting squeeze has happened and now ready for a big move, Breakdown below 15237 and Breakout above 15570 for a 300 point move either side which should come in next 2 days. Reasons Why Traders Fail

Daily Gunner

  • Bank Nifty February Future Open Interest Volume is at 23.6 lakh with addition of 2.4 Lakh with increase in Cost of Carry suggesting long positions were added today .Bank Nifty rollover cost coming @ 15441  and Rollover % @71.3  How To Identify Market Tops and Bottom
  • 16000 CE is having highest OI @5.3 Lakh strong resistance formation @16000. 15500 CE saw 0.44 Lakh addition by bears so 15500 should be watched tomorrow, if we see covering we can see another big move in bank nifty .15000-16500 CE added 3.7 Lakh in OI. 14500-16500 looks the range for Feb series.
  • 15000 PE is having highest OI @4.5  lakh, strong support at 15000 and 14500 is next strong support looking at OI addition.14500-16500 PE saw 1.7 lakh addition so bulls added aggressively at lower strike prices.

Buy above 15400 Tgt 15490,15610 and 15750 (Bank Nifty Spot Levels)

Sell below 15280 Tgt 15200,15100 and 14920 (Bank Nifty Spot Levels)

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One Comment

  1. anand said:

    rollover cost and rollover percentage -an article please

    February 2, 2016

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