For last 2 days, Bank Nifty is in narrow range of 31000-31362. Price action shows sellers are in control as BN closed below yesterday's low. So view is mild bearish to neutral until 30925/31362 is broken.
Plans for 11th Feb -
PriceAction Analysis
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Long Side
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1. 31120 will act as immediate resistance and price behavior is to be seen at this level. If 31120 is broken and sustains, It will try to attempt 31249/31362.
2. Market will turn fully bullish if 31362 is broken on upside and sustains
3. Major support is at 30925, if holds, Long side can be taken for immediate target of 31120 with SL of 50 points
Sell Side
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1. If Price is unable to break 31120, short can be triggered with 50 points SL for target of 31000/30925.
2. If 30925 is broken on downside and sustained, Market will turn bearish and can target upto 30630 with SL at 31100
3. Any pullback to 31249/31362 should be a good shorting opportunity with 50 points SL
Technical Indicator and Component Analysis:
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1. Major contributors to BN are HDFC Bank, ICICI bank. HDFC bank is in range of 1228-1246 , ICICI Bank in 530-540. So these two counters has to be keenly watched for any move to augment BN view.
2.1Hr RSI for BN is at 52 indicating sideways movement. RSI levels of 40 and 60 has to be observed for any down/up side move
3. 1 Hr ADX,DI+,DI- is below 25 indicating sideways movement. Either DI+/DI- movement above 25 has to be seen.
4. VixFix is above 0.5 indicating sideways to bearish view.
Smart Money OI Analysis
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Pros have added 37000 net Call Short and 21500 net Put Short where as Clients added major Call Longs and Mild Put Longs. So as per this, Market is sideways to mild bearish at least at the opening 1Hr.
Hope it helps
Plans for 11th Feb -
PriceAction Analysis
-----------------------
Long Side
-------------
1. 31120 will act as immediate resistance and price behavior is to be seen at this level. If 31120 is broken and sustains, It will try to attempt 31249/31362.
2. Market will turn fully bullish if 31362 is broken on upside and sustains
3. Major support is at 30925, if holds, Long side can be taken for immediate target of 31120 with SL of 50 points
Sell Side
-----------
1. If Price is unable to break 31120, short can be triggered with 50 points SL for target of 31000/30925.
2. If 30925 is broken on downside and sustained, Market will turn bearish and can target upto 30630 with SL at 31100
3. Any pullback to 31249/31362 should be a good shorting opportunity with 50 points SL
Technical Indicator and Component Analysis:
--------------------------------------------------------
1. Major contributors to BN are HDFC Bank, ICICI bank. HDFC bank is in range of 1228-1246 , ICICI Bank in 530-540. So these two counters has to be keenly watched for any move to augment BN view.
2.1Hr RSI for BN is at 52 indicating sideways movement. RSI levels of 40 and 60 has to be observed for any down/up side move
3. 1 Hr ADX,DI+,DI- is below 25 indicating sideways movement. Either DI+/DI- movement above 25 has to be seen.
4. VixFix is above 0.5 indicating sideways to bearish view.
Smart Money OI Analysis
------------------------------
Pros have added 37000 net Call Short and 21500 net Put Short where as Clients added major Call Longs and Mild Put Longs. So as per this, Market is sideways to mild bearish at least at the opening 1Hr.
Hope it helps