- As discussed in last analysis Now we need a close above 14272 which is gann trend line for a 500 point run on upside else again we might see a drop to 13400-13500. Bank Nifty moved above 14272 and almost did 200 points on upside, Bank Nifty can now has resistance in zone of 14590-14640 where we trades can book partial profit as SHARK pattern gets completed and also we have gann green arc. Why majority of traders lose?
- Bank Nifty March Future Open Interest Volume is at 22.6 lakh with addition of 0.54 lakh with decrease in Cost of Carry suggesting short positions were added today. Bank Nifty able to close above Rollover price @14115. How To Identify Market Tops and Bottom
- 15000 CE is having highest OI @5.2 Lakh strong resistance formation @15000. 13500-15500 CE saw 0.32 lakh addition as bank nifty still not closing above 14500.
- 13500 PE is having highest OI @4.5 Lakh, strong support at 13500 followed by 13000, Bears added aggressively in 14000 PE.13000-15500 PE saw 3 lakh addition. Range for March Series comes @ 13000-15500.
Buy above 14450 Tgt 14550,14640 and 14720 (Bank Nifty Spot Levels)
Sell below 14300 Tgt 14200,14064 and 13950 (Bank Nifty Spot Levels)
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