Ahead of the February series expiry, Nifty on Wednesday ended 247 points lower below the 22,000 level and around its 20-DEMA. Observing the daily chart, the index has been navigating within a rising channel.
When the stock prices move up and open interest on the counter also moves upward, it is taken as a sign of a long buildup. The signal is considered more reliable if the volume on the counter has also seen an increase.
Post Bank Nifty s sustained move over the key hurdle of 45,500, 46,000 level shall observe comeback of bulls, potentially prompting a rally towards the breakout mark of 47,000