Bank Nifty Technical Analysis for Feb Expiry

By | February 22, 2017
  • As discussed in Last Analysis   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.  High made today was 20958 so still we are not able to do our target of 21000-21100, Till 20750 is held we will be able to achieve the target. Bulls need a close above the green arc for the impulsive move to happen. Bearish only on close below 20500.  The Role of Regret in Trading

  • Bank Nifty Feb Future Open Interest Volume is at 23.8 lakh with liquidation of 2.9 lakh, with decrease in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @19080.
  • 21000 CE is having highest OI @12.2 Lakh resistance at 20800 followed by 21000. 20500-21000 CE saw liquidation of 1.96 lakh in OI so bears ran for cover in 20500-28000 CE.
  • 20600 PE is having highest OI @7.9 Lakh, strong support at 20600 followed by 20800, Bulls added 4.3 Lakh in OI in range of 20500-21000.

Buy above 20900 Tgt 20950,21110 and 21080 (Bank Nifty Spot Levels)

Sell below 20850 Tgt 20800,20750 and 20680 (Bank Nifty Spot Levels)

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