Bank Nifty heading towards 20500,EOD Analysis

  • As discussed in Last Analysis Now Holding 20000 next target should be 20250/20470. Bearish only on close below 19800 only. High made 20229 so almost did target of 20250. Now as we closed near the gann arc so move  above 20300 we are heading towards 20500. Bearish below 20000 for a move towards 19800/19500. Calm Mind Lead to Bigger Opportunity

  • Bank Nifty Feb Future Open Interest Volume is at 27.6 lakh with addition of 2.6 lakh, with increase in Cost of Carry suggesting Long positions were added today. Bank nifty Rollover cost @19080.
  • 20000 CE is having highest OI @7.1 Lakh resistance at 20000. 19000-21000 CE saw addition of 1.5 lakh in OI so bears added in 20500-21000 CE.
  • 19500 PE is having highest OI @6.6 Lakh, strong support at 19500 followed by 19000, Bulls added 1.99 Lakh in OI in range of 19000-21000 PE massive addition by bulls suggesting 19500 can become support for the series.

Buy above 20280 Tgt 20365,20500 and 20650 (Bank Nifty Spot Levels)

Sell below 20140 Tgt 20060,19980 and 19840 (Bank Nifty Spot Levels)

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