Bank Nifty breaks 20750, EOD Analysis

By | February 28, 2017
  • As discussed in Last Analysis   Bank nifty did the target of 21000 holding above 20750 and saw correction on last hour of expiry but still manage to hold 20750, Till 20750 will hold we will make another attempt to make a new fresh life time high and heading towards 21100-21200. Bearish only on close below 20750. Bank Nifty finally broke 20750 and made low of 20585, till we trade below 20750 we can see move towards 20500/20300 where the support lies as seen in below chart. Bullish only on close above 20800 for a move towards 21000/212000. Regret in Trading

  • Bank Nifty March Future Open Interest Volume is at 27 lakh with negligible liquidation, with decrease in Cost of Carry suggesting Long positions were added today. Bank nifty Rollover cost @20877, High made was 20879 and saw 200 point correction.
  • 21000 CE is having highest OI @5 Lakh resistance at 20800 followed by 21000. 19000-21000 CE saw addition of 0.58 lakh in OI.
  • 20000 PE is having highest OI @5 Lakh, strong support at 20500 followed by 20300, Bulls added 3.6 Lakh in OI in range of 19000-21000.

Buy above 20700 Tgt 20780,20850 and 20950 (Bank Nifty Spot Levels)

Sell below 20580 Tgt 20520,20430 and 20280 (Bank Nifty Spot Levels)

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