Bank Nifty Bounce from Budget Low

  • As Discussed in Last Analysis  Bulls need to close above 27200 for a move towards 27300/27450/27555/27656. Bears will get active below 27000 for a move towards 26920/26785/26666. Bears were able to do 1 target on downside,Bulls need to close above 27250 for a move towards 27360/27450/27555/27656. Bears will get active below 27000 for a move towards 26920/26785/26666.

  • Bank Nifty Feb Future Open Interest Volume is at 14.4 lakh with addition of 0.19 Lakh, with increase in Cost of Carry suggesting long positions were added today. Bank nifty Rollover cost @26934 closed above it.
  • 27500 CE is having highest OI @3.6 Lakh resistance at 27600  followed 27800.  26000-28000 CE added 0.62 Lakh in OI so bears added  position  in the zone of 27400-27600.
  • 27000 PE is having highest OI @3.8 Lakh, strong support at 27000 followed by 26900.26000-28000 PE added 1.81 Lakh OI so bulls making strong support in the range of 26900-27000,Low made today 26825 and bounced back.

Buy above 27225 Tgt 27350,27450 and 27555 (Bank Nifty Spot Levels)

Sell below 27040 Tgt 26930,26840 and 26700 (Bank Nifty Spot Levels)

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