Bank Nifty Analysis after RBI Policy

By | February 7, 2019 8:57 pm
  • As Discussed in Last Analysis  We did not got the big move as high made was 27428 once RBI overhang is over we can see the up move as per expectation till we are holding 27150 till 27533/27648/27792. High made today was 27589 so bulls were able to break the Budget day high but failed to close above it. 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.

  • Bank Nifty Feb Future Open Interest Volume is at 17.1 lakh with addition of 0.18 Lakh, with increase in Cost of Carry suggesting long positions were closed today. Bank nifty Rollover cost @26934 closed above it.
  • 27500 CE is having highest OI @4.34 Lakh resistance at 27600  followed 27800.  26000-28000 CE added 0,07 Lakh in OI so bears added  position  in the zone of 27400-27600.
  • 27000 PE is having highest OI @4.3 Lakh, strong support at 27000 followed by 26900.26000-28000 PE liquidated 0.55 Lakh OI so bulls making strong support in the range of 26900-27000.

Buy above 27440 Tgt 27530,27610 and 27700(Bank Nifty Spot Levels)

Sell below 27310 Tgt 27200,27100 and 27000 (Bank Nifty Spot Levels)

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