- As discussed in last analysis Green Arc resistance comes @15565 and the same is also coming as per supply demand analysis so bank nifty needs to close above 15136 for next move towards 15565, Support is now at 14700-14800 zone. Finally we closed above 15136 so follow up move should be see till 15136 is held on closing basis. Do remember overbought market can remain overbought for prolonged period of time, Just market is overbought does not mean go and short it. How to Maintain Trading Journal
- Bank Nifty March Future Open Interest Volume is at 19.9 lakh with liquidation of 0.59 lakh with decrease in Cost of Carry suggesting short positions were closed today. Bank Nifty able to close above Rollover price @14115 and gave 1000 Points. How To Identify Market Tops and Bottom
- 15500 CE is having highest OI @3.8 Lakh resistance formation @15000. 13500-15500 CE saw 3.4 lakh liquidation as bears ran for cover in 14500/15000 CE bank nifty still closing above 14500.
- 14500 PE is having highest OI @3.5 Lakh, strong support at 14500 followed by 14000, Bears added aggressively in 14000/14500 PE.14000-16000 PE saw 5.1 lakh addition so knock out punch delivered by bulls. Range for March Series comes @ 13000-15500.
- Bank Nifty Futures Trend Deciding level is 15090 (For Intraday Traders). BNF Trend Changer Level (Positional Traders) 14316 . Bank Nifty TC level gave 1000 points till now.How to trade Nifty Futures and Bank Nifty Futures as per Trend Changer Level .
Buy above 15260 Tgt 15330,15440 and 15555 (Bank Nifty Spot Levels)
Sell below 15100 Tgt 15050,14950 and 14850 (Bank Nifty Spot Levels)