Bank Nifty ready for a Big Move

  • As Discussed in Last Analysis  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. High made today was 27248 so bulls were able to do our 1 target and closes above 27250, Today was an important time cycle day break of today high 27360 can see a move of 150-200 points easily so we can move towards 27500/27533. Bears will get active below 27150 for a move towards 27072/27000.

  • Bank Nifty Feb Future Open Interest Volume is at 15.4 lakh with addition of 1 Lakh, with decrease in Cost of Carry suggesting long positions were added today. Bank nifty Rollover cost @26934 closed above it.
  • 27500 CE is having highest OI @3.7 Lakh resistance at 27600  followed 27800.  26000-28000 CE added 0.13 Lakh in OI so bears added  position  in the zone of 27400-27600.
  • 27000 PE is having highest OI @4.1 Lakh, strong support at 27000 followed by 26900.26000-28000 PE added 0.76 Lakh OI so bulls making strong support in the range of 26900-27000.

Buy above 27300 Tgt 27360,27450 and 27555 (Bank Nifty Spot Levels)

Sell below 27210 Tgt 27170,27100 and 27000 (Bank Nifty Spot Levels)

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