Will Bank Nifty bounce from 14338 zone, EOD Analysis

By | February 10, 2016 9:20 pm
  •  As discussed in last analysis  More a support is tested more is probability of breaking the low, so if 14760 is broken we can see a fast move towards 14500/14338. Bullish on 15000. Bank Nifty broke 14760 made low of 14490 as we have been expecting the support around 14500, If Bank nifty continue to trade below 14500 we can head towards 14338 which is PRZ of ABCD pattern and Weekly supply zone also as shown in below 2 chart. Bullish only on close above 15000 . Bad Trading Habits and How to Avoid Them

Bank Nifty HarmonicWeekly_SD

  • Bank Nifty February Future Open Interest Volume is at 27.6 lakh with addition of 2.3 Lakh with increase in Cost of Carry suggesting long positions were added today .Bank Nifty  again gave 900 points move below rollover cost @ 15441. How To Identify Market Tops and Bottom
  • 16000 CE is having highest OI @11.1 Lakh strong resistance formation @16000. 15500 CE saw 1.1 Lakh addition and 15000 CE saw 0.93 Lakh addition by bears added aggressively in range of 15000-15500 .14500-16500 CE added 6.2 Lakh in OI so bears added aggressively today. 14500-16500 looks the range for Feb series, Low made today was 14531
  • 14500 PE is having highest OI @5 lakh, . strong support at 14500 below 14000.14500-15500 PE saw 1.2 lakh addition suggesting  so bulls are expecting some respite from 14500-14300 range.

Buy above 14620 Tgt 14680,14740 and 14910(Bank Nifty Spot Levels)

Sell below 14460 Tgt 14350,14200 and 14018 (Bank Nifty Spot Levels)

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