- As discussed in Last Analysis Till we do not close above 20500 bulls will be on backfoot and bears will get active only below 20000 In between the range of 20000-20500 we will remain in choppy move, Buy lower sell High is best strategy till we do not close above or below this range. High made today was 20406 and low made was 20000 so we continue to trade in range as we have discussed. Trades who bought at lower end would have been rewarded with 200-250 points, Gann Arc again showed its power as bank nifty moved between the 2 arc as shown in below chart, Plan remains the same BUllish only above 20500 and bearish below 20000. As per time analysis expect a trending move in market in next 2 days. Winning Trader’s Mindset
- Bank Nifty Feb Future Open Interest Volume is at 26.9 lakh with liquidation of 2.41 lakh, with decrease in Cost of Carry suggesting Long positions were closed today. Bank nifty Rollover cost @19080.
- 21000 CE is having highest OI @6.6 Lakh resistance at 20500 followed by 21000. 19000-21000 CE saw addition of 1.26 lakh in OI so bears added in 20500-21000 CE.
- 19500 PE is having highest OI @7.5 Lakh, strong support at 19500 followed by 19000, Bulls liquidated 1.3 Lakh in OI in range of 19000-21000 PE weak bulls showed an exit as we touched 20000.
Buy above 20200 Tgt 20280,20370 and 20450 (Bank Nifty Spot Levels)
Sell below 20100 Tgt 20000,19920 and 19850 (Bank Nifty Spot Levels)
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