Market Analysis BANKNIFTY FEB 10 2021 : Doji dancing

• 3 doji candlestick patterns dancing on bank nifty charts indicating indecision after an all time rally of 6600 point post budget

• Probability of Bank nifty taking gap support 35400/35500 levels and bounce back to complete the 1 hour M pattern

• Daily chart FIB retracement to bring 35000 levels but only if the gap support above is breached

• Upper side 37300 can be reached if it breaches the previous all time high 36600 levels

• Volatility expansion on daily and still waling on the bands of Bollinger 

• Huge volumes of trade even today also 

• ADX not rising and trend strength is not great though in bullish zones

• Unlike nifty bank nifty open interest is long buildup. Again Unlike nifty bank nifty Both 36000 and 37000 sees heavy call writing indicating resistance to climb up there while 35000 has highest open interest indicating bullishness overall for current expiry. PCR is also in bullish range