Bank Nifty Analysis for RBI Policy

By | February 6, 2018
  • As Discussed in Last Analysis   Bank Nifty made low today 25918 near gann angle and also closed near 26100 at the minor trend change date suggesting we have the price time squaring till today’s low is held, Bullish above 26150 for a move towards 26280/26500. Bearish below 25900 for a move towards 25770/25510. Important intraday time for reversal can be at 11:28/1:17.Bank Nifty opened gap down took support near the range of 25000 at gann angle as shown in below chart and also discussed in our Facebook page. Intraday as soon as it moved above 25320 did moved till 26140, also trend turned at 1:17 .As we have RBI Policy tommrow another volatile move coming Bullish above 25920 for a move towards 26064/26150/26280/26500. Bearish below 25900 for a move towards 25770/25510.  Important intraday time for reversal can be at 12:22/1:23   Global stock market turmoil:Nifty down 895 Points Post Budget

 

 

  • Bank Nifty Feb Future Open Interest Volume is at 19.5 lakh with liquidation of 0.30 Lakh, with increase in Cost of Carry suggesting long positions were added today. Bank nifty Rollover cost @27248, closed below it and corrected 2248 points.
  • 26500 CE is having highest OI @3.1 Lakh resistance at 26500 followed 27000.26000-28000 CE liquidated 1.7 lakh in OI so bears covered position at higher levels.
  • 26000 PE is having highest OI @5.6 Lakh, strong support at 25800 followed by 25500.26000-28000 PE  liquidated 1.7 lakh in OI still strong support at 25800-25600 .

 

Buy above 25820 Tgt 25920,26064 and 26150 (Bank Nifty Spot Levels)

Sell below 25770 Tgt 25660,25488 and 25344 (Bank Nifty Spot Levels)

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