- As discussed in last analysis Till we close above 15136 Bank Nifty can move towards 15565 which is supply zone and gann trend line resistance, Strong support at bottom of gann arc and 14700-14800 zone. Bank Nifty made low of 15066 but again managed to close above 15136 just near the gann arc. Support has increased in range of 14900-15000. Resistance in range of 15400-15440. Trade Psychology Rules to Follow
- Bank Nifty March Future Open Interest Volume is at 19.2 lakh with liquidation of 0.41 lakh with decrease in Cost of Carry suggesting long positions were closed today. Bank Nifty able to close above Rollover price @14115 and gave 1300 Points. How To Identify Market Tops and Bottom
- 15500 CE is having highest OI @5.2 Lakh resistance formation @15500. 13500-15500 CE saw 0.40 lakh addition as bears found some respite but not added aggressively as bank nifty still closing above 15000.
- 14500 PE is having highest OI @4.8 Lakh, strong support at 14500 followed by 14000, Bears added aggressively in 14500/15000 PE.14000-16000 PE saw 1.8 lakh addition so bulls continue to add as Bank Nifty close above 15000. Range for March Series comes @ 13000-15500.
Buy above 15200 Tgt 15290,15360 and 15440 (Bank Nifty Spot Levels)
Sell below 15000 Tgt 14920,14830 and 14770 (Bank Nifty Spot Levels)
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