Bank Nifty corrects 400 points below 27000

  • As Discussed in Last Analysis  Bears will become active below 26710 for a move back to 26610/26500/26352. Friday High and Low is very important as it was very important time cycle date we can see move of 150-200 points once high or low gets broken. 26617 done, so we corrected almost 400 points from vedic number 27000 also low of Friday was broken but closed above it. Bears will become active below 26610 for a move back to 26500/26352. Bulls will become active above 26700 for a move towards 26789/26850/26920/27000.

  • Bank Nifty Feb Future Open Interest Volume is at 16.2 lakh with addition of 0.36 Lakh, with increase in Cost of Carry suggesting long positions were added today. Bank nifty Rollover cost @26934 closed below it.
  • 27500 CE is having highest OI @4.7 Lakh resistance at 27000  followed 27300.  26000-28000 CE added 1.15 Lakh in OI so bears added position  in the zone of 26900-27000..
  • 26000 PE is having highest OI @5.4 Lakh, strong support at 26600 followed by 26500.26000-28000 PE liquidated 0.45  Lakh OI so bulls making strong support in the range of 26500-26600.

Buy above 26700 Tgt 26783,26840  and 26930 (Bank Nifty Spot Levels)

Sell below 26610  Tgt 26575,26485 and 26400 (Bank Nifty Spot Levels)

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