Bank Nifty Forms DOJI on Time Cycle Date

  • As Discussed in Last Analysis  Once 26990 was broken Bears were able to achieve all target on downside and also as per time cycle we got big move. Now Bears need to break 26600 for a move towards 26500/26352.  Bears did the 1 target on downside Range of 26320-26350 is strong support zone, Today being an important date high and low are important as explained in video below Bulls will get active only above 26750 for a move back to 26920/27045. Fresh shorts below 26440 for a move towards 26225/26000. Intraday time for reversal can be at 10:26/1:08/2:29. Is Trading the most difficult profession ?

  • Bank Nifty Jan Future Open Interest Volume is at 12.3 lakh with liquidation of  1.96 Lakh, with increase in Cost of Carry suggesting long positions were closed today. Bank nifty Rollover cost @27033 closed below it.
  • 27000 CE is having highest OI @8.4 Lakh resistance at 26800  followed 27000.  26000-28000 CE added 3.1 Lakh in OI so bears added  position  in the zone of 26800-27000.
  • 26500 PE is having highest OI @6.4 Lakh, strong support at 26500 followed by 26300.26000-28000 PE liquidated 0.99  Lakh OI so bulls making strong support in the range of 26500-23000.

Buy above 26610 Tgt 26720,26830 and 26920 (Bank Nifty Spot Levels)

Sell below 26520 Tgt 26420,26360 and 26225(Bank Nifty Spot Levels)

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