Bank Nifty Analysis for Feb Series

By | January 27, 2018
  • As Discussed in Last Analysis  High made today was 27480 so bulls were not able to break the major gann resistance zone of 27485 for the next leg of rally. Bulls taking a breather after 3 days of rally. 25 Jan is again minor time cycle trend date. Bulls need a close above 27485 for the next rally towards 27780/ 28153/28502. Bearish below 27200 for a move towards 27050/26923/26780. High made today was 27522 and Low made was 27152 so bulls were unable to close above 27485 and bears below 27200 thus whipsawing both bulls and bears on expiry day. Plan remains Bulls need a close above 27485  gann angle resistance as shown in below chart for the next rally towards 27780/ 28153/28502. Bearish below 27151 for a move towards 27020/26923/26780.   Option Trading Strategy for Union Budget 2018

 

 

  • Bank Nifty Feb Future Open Interest Volume is at 22.8 lakh with addition of 6.5 Lakh, with decrease in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @27248, and rollvoer %@ 69.9.
  • 28000 CE is having highest OI @3.3 Lakh resistance at 28000 followed 28500.26000-29000 CE added 4.4 lakh in OI so bears added at higher levels.
  • 27000 PE is having highest OI @5.8 Lakh, strong support at 27200 followed by 27000.26000-27000 PE  added 3.9 lakh in OI strong support at 27000-27100 .

 

Buy above 27480 Tgt 27566,27630 and 27750 (Bank Nifty Spot Levels)

Sell below 27350 Tgt 27290,27200 and 27090 (Bank Nifty Spot Levels)

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