- As discussed in Last Analysis Now as we closed above 20500 we can see another move towards 20750/21000. Bearish below 20350 for a move towards 20150/20000. Low made today was 20472 and high made was 20702 so bank nifty is moving towards target of 20750. Any close above 20750 can see move towards 21000 and fresh new highs in range of 20300-20500. Bearish only on close below 20350. 20750 done today so traders who missed the big gap up on Friday were able to enter when bank nifty came down and are rewarded more than 400 points in 2 days for there patience,Waiting for the trade to come is the art every trader need to develop to be successful. As we have closed well above 20750 we are heading towards 21080-21100 where resistance comes as per gann angles shown below, Bearish only on close below 20450 for a move towards 20333/20150. The Role of Regret in Trading
- Bank Nifty Feb Future Open Interest Volume is at 26.8 lakh with addition of 0.32 lakh, with decrease in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @19080.
- 21000 CE is having highest OI @11.8 Lakh resistance at 20800 followed by 21000. 20000-21000 CE saw liquidation of 1 lakh in OI so bears ran for cover in 20500-28000 CE.
- 20000 PE is having highest OI @9.7 Lakh, strong support at 20700 followed by 20000, Bulls added 8.8 Lakh in OI in range of 20000-21000.
Buy above 20900 Tgt 20970,20080 and 21080 (Bank Nifty Spot Levels)
Sell below 20770 Tgt 20680,20600 and 20510 (Bank Nifty Spot Levels)
Click Here to Like Facebook Page get Real time updates
Click Here to Join me on Twitter