Bank Nifty Trade Set up for 24 Feb

  • As discussed in Last Analysis  Now Bulls need to move above 30950 for upmove towards 31125/31299/31474. Bears will get active below 30770 for a move back to 30601/30426. Bank Nifty did whipsaw on both upside and downside. Bulls need a close above 31000 for a move back to 31118/31293. Bears need close below 30700 for a move back 30540/30260.

  • Bank Nifty Jan Future Open Interest Volume is at 10.6 lakh with liquidation of 0.47 Lakh, with Decrease in Cost of Carry suggesting short positions were CLOSED today. Bank nifty Rollover cost @30990 closed below it.
  • 31000 CE is having highest OI @4.4 Lakh resistance at 31000  followed 31300.30000-32000 CE added 8.6  Lakh in OI so bears added position in the zone of 31000-31300.
  • 30500 PE is having highest OI @5.4 Lakh, strong support at 30700 followed by 30500.30000-32000 PE added 10 Lakh OI so bulls making support in the range of 30300-30500.

Buy above 30926 Tgt 31118,31290 and  31450 (Bank Nifty Spot Levels)

Sell below 30860 Tgt 30735,30525 and 30400 (Bank Nifty Spot Levels)

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