- As discussed in Last Analysis Yesterday low was at gann arc was first indication of bank nifty heading higher and today when it trading above it during budget speech was a very big confirmation. Bank Nifty had a range of 615 points as we discussed, It did not break 19360 so bearish were on back foot and as soon as 19800 was taken out we saw the big rally towards 20000 and we should get 20150/20200 by tomorrow. High made was 20147 so we did the target of 20150 as soon as 19800 was broken after Budget speech. Now Holding 20000 next target should be 20250/20470. Bearish only on close below 19800 only. Common Excuses Made By Losing Traders
- Bank Nifty Feb Future Open Interest Volume is at 25 lakh with addition of 0.59 lakh, with decrease in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @19080.
- 20000 CE is having highest OI @7.2 Lakh resistance at 20000. 19000-21000 CE saw addition of 4.7 lakh in OI so bears added in 20000 CE, if tomorrow we trade above 20000 we can again see rise of 200-300 points easily.
- 19500 PE is having highest OI @6.3 Lakh, strong support at 19500 followed by 19000, Bulls added 5.3 Lakh in OI in range of 19000-21000 PE massive addition by bulls suggesting 19000 can become support for the series.
Buy above 20100 Tgt 20173,20275 and 20400 (Bank Nifty Spot Levels)
Sell below 20020 Tgt 19950,19820 and 19720 (Bank Nifty Spot Levels)
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