- 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 900 points on upside and also crossed the resistance zone of 14590-14640 with a gap up. 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. Are you Loss Making Trader?
- Bank Nifty March Future Open Interest Volume is at 20.5 lakh with liquidation of 2 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.
Buy above 15150 Tgt 15230,15350 and 15555 (Bank Nifty Spot Levels)
Sell below 14980 Tgt 14870,14767 and 14628 (Bank Nifty Spot Levels)
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