- As discussed in last analysis Bank Nifty made high of 15945 where it complete the Butterfly pattern also as discussed in Weekly Analysis Bank . Now Next 100 points range of 15945-16049 is very crucial where we will see lot of supply coming, unable to cross Bank Nifty can see 200-300 point correction. Bank Nifty updated butterfly pattern is shown below, PRZ zone comes in range of 16000-16080, where we are also seeing shark pattern completion also shown below, so range of 16000-16080 is very very crucial for coming 5 days as we have trading holiday after tomorrow. Bank Nifty Support has increased to 15555-15600, Resistance in range of 16000-16050. Are You Emotional Trader ?
- Bank Nifty March Future Open Interest Volume is at 24.5 lakh with addition of 1 lakh, with increase in Cost of Carry suggesting long positions were added today. Bank Nifty able to close above Rollover price @14115 and gave 1800 Points. How To Identify Market Tops and Bottom
- 16000 CE is having highest OI @9.3 Lakh resistance formation @16000. 14500-15500 CE saw 1.1 lakh liquidation as bears ran for cover as bank nifty is closing above 15500.
- 15500 PE is having highest OI @6.2 Lakh, strong support at 15500 followed by 15000, Bulls added aggressively in 15500/16000 PE as OI increased by 1.7 Lakh so bulls continue to add as Bank Nifty break the range of 15500.
Buy above 16000 Tgt 16070,16200 and 16320 (Bank Nifty Spot Levels)
Sell below 15880 Tgt 15800,15710 and 15630(Bank Nifty Spot Levels)
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