- As discussed in last analysis Bank Nifty opened above the gann resistance line but was unable to sustain above it, but closed above the gann arc as shown below suggesting bulls are still in control. Bank Nifty made low near the gann support of 15452 and bounced back sharply above 15555, the way bank nifty was facing difficulty near 15555-15580 was due to gann resistance line, Holding the same Bank Nifty can scale towards 15800/16000 which is the next horizontal line of resistance. Bank Nifty Support has increased to 15400-15450, Resistance in range of 15750-15800. How To Get What I Want
- Bank Nifty March Future Open Interest Volume is at 21.5 lakh with addition of 2.8 lakh,15% increase in OI with increase in Cost of Carry suggesting long positions were added today. Bank Nifty able to close above Rollover price @14115 and gave 1600 Points. How To Identify Market Tops and Bottom
- 16000 CE is having highest OI @8.9 Lakh resistance formation @16000. 14500-15500 CE saw 1.4 lakh liquidation as bears ran for cover as bank nifty is closing above 15500.
- 15000 PE is having highest OI @7.2 Lakh, strong support at 15000 followed by 14500, Bulls added aggressively in 15500/15000 PE as OI increased by 3 Lakh.14000-16000 PE saw 3.4 lakh addition so bulls continue to add as Bank Nifty break the range of 15500.
Buy above 15750 Tgt 15820,15960 and 16050(Bank Nifty Spot Levels)
Sell below 15580 Tgt 15510,15430 and 15370(Bank Nifty Spot Levels)
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