- As discussed in Last Analysis Its been 9 trading days we are stuck in gann arc, Plan remains the same long above 20350 for a move till 20500/20750. Bearish below 20000 for a move till 19794/19500. Bank Nifty opened gap up and hit the life time high but as it opened open 20500 so trades who were waiting for break of 20350 missed the gap up but as did not break 20000 so most of readers were not short and protected there capital, Money saved is money earned. Now as we closed above 20500 we can see another move towards 20750/21000. Bearish below 20350 for a move towards 20150/20000. As seen in below Gann Angles chart the whole move from the low of 17600 till 21000 was captured, Thats beauty of gann keeps you ahead of the curve . Recency Bias and Its Influence in Trading
- Bank Nifty Feb Future Open Interest Volume is at 25.7 lakh with liquidation of 0.67 lakh, with decrease in Cost of Carry suggesting short positions were closed today. Bank nifty Rollover cost @19080.
- 21000 CE is having highest OI @9.6 Lakh resistance at 20700 followed by 21000. 19000-21000 CE saw liquidation of 2.3 lakh in OI so bears liquidated in 20500-21000 CE.
- 20000 PE is having highest OI @8.7 Lakh, strong support at 20000 followed by 19500, Bulls added huge 17.1 Lakh in OI in range of 20000-21000.
Buy above 20580 Tgt 20670,20750 and 20900 (Bank Nifty Spot Levels)
Sell below 20500 Tgt 20420,20350 and 20250 (Bank Nifty Spot Levels)
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