Bank Nifty Technical Setup before RBI Feb Policy

By | February 7, 2017
  • As discussed in Last Analysis 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. Bank Nifty made high of 20426 so was unable to breach the range of 20500-20600 and than corrected till 20281 doing our 1 target of 20300, Now Bulls will get active only above 20500 for a move towards 20900 and bears below 20300 for a move towards 20150/20000/19800.  Winning Trader’s Mindset

  • Bank Nifty Feb Future Open Interest Volume is at 28.3 lakh with liquidation of 0.07 lakh, with decrease in Cost of Carry suggesting Long positions were closed today. Bank nifty Rollover cost @19080.
  • 20500 CE is having highest OI @4.9 Lakh resistance at 20500. 19000-21000 CE saw addition of 0.29 lakh in OI so bears added in 20500-21000 CE.
  • 19500 PE is having highest OI @7.8 Lakh, strong support at 19500 followed by 19000, Bulls added 3.4 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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