Bank Nifty close above 14251,EOD Analysis

  • As discussed in last analysis    Also Black Swan Harmonic pattern will again get activated above 14251 for target of 14524/14724. Bank Nifty closed above 14251 so we can see move towards 14524, Weekly close above 14524 will be bullish signal for short term. Close below 14251 will again increase probability of move towards 13890/13810 Ingredient to become great trader

Daily Harmonic

  • Bank Nifty February Future Open Interest Volume is at 24.3 lakh with addition of 1.5 with decrease in Cost of Carry suggesting short positions were added today .Bank Nifty  again gave 1500 points move below rollover cost @ 15441. How To Identify Market Tops and Bottom
  • 15000 CE is having highest OI @7.7  Lakh strong resistance formation @15000. 14500 CE saw 0.36  Lakh liquidation as bears  as Bank Nifty was able to close above 14251 .14000-15000 CE liquidated 0.84 Lakh.
  • 13500 PE is having highest OI @4.6 lakh, strong support at 13500, Bears added aggressively in 14300 PE.13500-14500 PE saw 1.6  lakh addition as Bank nifty closed above 14251

Buy above 14300 Tgt 14380,14470 and 14600 (Bank Nifty Spot Levels)

Sell below 14180 Tgt 14090,13980 and 13830 (Bank Nifty Spot Levels)

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