Bank Nifty forms Inside Day near channel top,EOD Analysis

  •  As discussed in last analysis   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 till expiry. As seen in below chart, Bank nifty is also near the channel resistance which again forms resistance in range of 15980-16050, So traders needs to closely watch the range, Unable to break on closing basis can see correction till 15500, Closing above 16100 can see fast move till 16600/17000. Bank Nifty has formed an Inside Day Candlestick pattern on last trading day.Bank Nifty  Support has increased to 15555-15600, Resistance in range of 16000-16050.  Are You Emotional Trader ?


Bank Nifty Weekly Bias

  • Bank Nifty March Future Open Interest Volume is at 24.2 lakh with liquidation of 0.55 lakh, with decrease in Cost of Carry suggesting long positions were closed 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 @9.8 Lakh resistance formation @16000. 15000-16000 CE added 0.35 lakh as bears are making fall of resistance at 16000.
  • 15500 PE is having highest OI @6 Lakh, strong support at 15500 followed by 15000, Bulls booked profit in 15500/16000 PE as OI decreased by 0.25 Lakh so bulls finally booked partial profit as bank nifty unable to move above 16000. 15500-16000 is range coming for next 2 days.

Buy above 15950 Tgt 16000,16060 and 16200 (Bank Nifty Spot Levels)

Sell below 15800 Tgt 15750,15680  and 15550(Bank Nifty Spot Levels)

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