Bank Nifty does 20500, EOD Analysis

By | February 6, 2017
  • As discussed in Last Analysis Now as we closed near the gann arc so move  above 20300 we are heading towards 20500. Bearish below 20000 for a move towards 19800/19500. Low made today was 20298 so Bulls as soon as they crossed 20300 were on front front and drove market towards 20500 high made was 20462. Now we are at crucial juncture as range of  20500-20600 is very crucial closing above it we are heading towards 21000, Unable to do so dip towards 20300/20150/20000.  Calm Mind Lead to Bigger Opportunity

  • Bank Nifty Feb Future Open Interest Volume is at 28.4 lakh with addition of 0.76 lakh, with increase in Cost of Carry suggesting Long positions were added today. Bank nifty Rollover cost @19080.
  • 20500 CE is having highest OI @4.5 Lakh resistance at 20500. 19000-21000 CE saw addition of 4.9 lakh in OI so bears added in 20500-21000 CE.
  • 19500 PE is having highest OI @6.8 Lakh, strong support at 19500 followed by 19000, Bulls added 2.3 Lakh in OI in range of 19000-21000 PE massive addition by bulls suggesting 19500 can become support for the series.

Buy above 20380 Tgt 20450,20520 and 20650 (Bank Nifty Spot Levels)

Sell below 20290 Tgt 20200,20120 and 20000 (Bank Nifty Spot Levels)

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