Bank Nifty forms another Doji near Gann Angle

By | February 11, 2019
  • As Discussed in Last Analysis  Till we are below 27360 bears have upperhand and can go towards 27150/27072/26920. Bulls will get active above 27360 for a move back to 27444/27533/27610. Time Cycle did not show effect today so we should get move on Monday. Low made today was 27151 so bears were able to do the 1 target of 27150 and closed below 27360. Till we are below 27300 bears have upperhand and can go towards 27150/27072/26920. Bulls will get active above 27360 for a move back to 27444/27533/27610. We have time cycle confluence on 12-13 Feb so expect good move in Bank Nifty in coming 2 days.
  • Bank Nifty Feb Future Open Interest Volume is at 16.6 lakh with liquidation of 0.47 Lakh, with increase in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @26934 closed above it.

  • 27500 CE is having highest OI @4.7 Lakh resistance at 27600  followed 27800.  26000-28000 CE liquidated 0.55 Lakh in OI so bears covered position  in the zone of 27400-27600.
  • 27000 PE is having highest OI @5 Lakh, strong support at 27000 followed by 26900.26000-28000 PE added 1.14 Lakh OI so bulls making strong support in the range of 26900-27000.

Buy above 27250 Tgt 27310,27390 and 27460 (Bank Nifty Spot Levels)

Sell below 27150 Tgt 27074,27000 and 26920 (Bank Nifty Spot Levels)

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