Technical Chart Analysis for Bank Nifty

  • As Discussed in Last Analysis  Low made today was 27410 so bulls protecting time cycle low of 27300 Bulls now need to close above 27530 for upmove to continue towards  27656/27830/27920/28100.Bears will become active below 27400 for a move back to 27225/27100/27000 Bank Nifty Bulls were able to close above 27530 and till we are holding 27360 up move to continue towards  27656/27830/27920/28100.Bears will become active below 27360 for a move back to 27225/27100/27000 Intraday time for reversal can be at 10:13/12:25/2:18. Trading Mindset of Successful Traders

  • Bank Nifty Jan Future Open Interest Volume is at 20.1 lakh with addition of  0.01 Lakh, with decrease in Cost of Carry suggesting long positions were added today. Bank nifty Rollover cost @27033 closed above it.
  • 28000 CE is having highest OI @4.9 Lakh resistance at 27800  followed 28000.  26000-28000 CE liquidated 0.77 Lakh in OI so bears covered  position  in the zone of 27700-27800.
  • 27500 PE is having highest OI @7.6 Lakh, strong support at 27300 followed by 27100.26000-28000 PE added 0.23 Lakh OI so bulls making strong support in the range of 27200-27300.

Buy above 27555 Tgt 27640,27750 and 27874 (Bank Nifty Spot Levels)

Sell below 27450 Tgt 27370,27270 and 27150 (Bank Nifty Spot Levels)

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