Bank Nifty forms DOJI on Time Cycle Date

  • As Discussed in Last Analysis   09 is important trend change date so effect will be seen either Friday or Monday. Bears will get active below 27299 for a move back to 27150/27072. Bulls will get active above 27450 for a move back to 27533/27610/27666. Bulls got whipsawed above 27450 and bears also were unable to do target but closed below 27300 formed a perfect Doji. Till we are below 27360 bears have upperhand and can go towards 27150/27072/26920. Bulls will get active above 27360 for a move back to 27444/27533/27610. Time Cycle did not show effect today so we should get move on Monday.

  • Bank Nifty Feb Future Open Interest Volume is at 17.1 lakh with liquidation of 0.04 Lakh, with decrease in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @26934 closed above it.
  • 27500 CE is having highest OI @4.4 Lakh resistance at 27600  followed 27800.  26000-28000 CE added 0.31 Lakh in OI so bears added  position  in the zone of 27400-27600.
  • 27000 PE is having highest OI @5.1 Lakh, strong support at 27000 followed by 26900.26000-28000 PE liquidated 0.53 Lakh OI so bulls making strong support in the range of 26900-27000.

Buy above 27333 Tgt 27420,27510 and 27600 (Bank Nifty Spot Levels)

Sell below 27210 Tgt 27100,27000 and 26920 (Bank Nifty Spot Levels)

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