- As discussed in Last Analysis Now Bulls will get active only above 20500 for a move towards 20900 and bears below 20300 for a move towards 20150/20000/19800. Bank Nifty continue to trade below 20300 and made low of 20070 once the policy was declared. Till we do not close above 20500 bulls will be on backfoot and bears will get active only below 20000 In between the range of 20000-20500 we will remain in choppy move, Buy lower sell High is best strategy till we do not close above or below this range. Winning Trader’s Mindset
- Bank Nifty Feb Future Open Interest Volume is at 29 lakh with addition of 0.71 lakh, with increase in Cost of Carry suggesting Long positions were added today. Bank nifty Rollover cost @19080.
- 20500 CE is having highest OI @5.6 Lakh resistance at 20500. 19000-21000 CE saw addition of 0.56 lakh in OI so bears added in 20500-21000 CE.
- 19500 PE is having highest OI @8 Lakh, strong support at 19500 followed by 19000, Bulls added 3.1 Lakh in OI in range of 19000-21000 PE massive addition by bulls suggesting 19500 can become support for the series.
Buy above 20350 Tgt 20420,20500 and 20650 (Bank Nifty Spot Levels)
Sell below 20250 Tgt 20200,20120 and 20000 (Bank Nifty Spot Levels)
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