RBI MPC | Can RBI Spoils the Bank Nifty Bulls Party ?

By | February 5, 2021 8:40 am
  • As discussed in Last Analysis  Tommrow is another important astro date suggesting big move will be seen in next 2 trading sessions. Bulls now need to move above 34848 for a move back to 34969/35107/35280. Bears will get active below 34650 for a move back to 34555/34460/34225. Both Bullish and Bearish target done, As we will see outcome of RBI poilcy today Bulls need to move above 35438 for a move back to 35610/35721/35911. Bears have there chances below 35169 for a move towards  35000,34826 and 34666. 35937 very important number to be watched out for.

  • Bank Nifty Feb  Future Open Interest Volume is at 17.4 lakh with addition of 0.71 Lakh, with decrease in Cost of Carry suggesting LONG positions were closed today. Bank nifty Rollover cost @30980 closed above it.
  • 36000 CE is having highest OI @8.1 Lakh resistance at 36000 followed 36500.34000-36000 CE added 2.3 Lakh in OI so bears added position in the zone of 34000-5000.
  • 34000 PE is having highest OI @8.3 Lakh, strong support at 34000 followed by 33500 .33000-34000 PE added 12 Lakh OI so bulls making support in the range of 34000-33500.

Buy Above 35438 Tgt 35555,35666 and 35777 (Bank Nifty Spot Levels)

Sell Below 35169 Tgt 35000,34826 and 34666 (Bank Nifty Spot Levels)

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