Bank Nifty shows biggest correction of 2018,EOD Analysis

By | February 3, 2018
  • As Discussed in Last Analysis   Low made today was 27046 so bulls protected 27000 but failed to close above 27455. Bullish above 27300 for a move towards 27455/27620.  Bearish below 26980 for a move towards 26800/26650/26500. Important intraday time for reversal can be at 2:21. Bears had a field day today as soon as 26980 was gone prices corrected all the way till 26500. 26140-25150 is an important zone as per price levels and 04 Feb is again an important trend change date so we can see possible price time squaring if 26150 is held in next 2 sessions. If we close below26150 the fall can get extended towards 25700. Hope traders enjoyed the fall which went as per our plan. Bullish above 26530 for a move towards 26634/26780.  Bearish below 26280 for a move towards 26150/26020. Important intraday time for reversal can be at 12:36/1:17   Footsteps of Thoughts

 

 

  • Bank Nifty Feb Future Open Interest Volume is at 19.3 lakh with liquidation of 1.5 Lakh, with decrease in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @27248, closed below it and corrected 800 points.
  • 27000 CE is having highest OI @4.3 Lakh resistance at 26500 followed 27000.26000-28000 CE added 4.2 lakh in OI so bears added at higher levels.
  • 26500 PE is having highest OI @7.7 Lakh, strong support at 26000 followed by 26500.26000-28000 PE  liquidated  0.19 lakh in OI still strong support at 26000-26200 .

 

Buy above 26500 Tgt 26610,26750 and 26900 (Bank Nifty Spot Levels)

Sell below 26200 Tgt 26100,25980 and 25800 (Bank Nifty Spot Levels)

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