- As discussed in Last Analysis If 20500 is held we can see again upmove towards 20750/20800. Weekly close was very dicey as Bulls were not able to close above 20500 and bears below 20450, Bank Nifty is forming a bullish ABCD pattern as shown below so if low of 20420 is held we can see a rally towards 20720/20900. Bank Nifty high made today was 20727 exactly near our 1 target of 20721. Now bulls need a close above 20750 for a move towards 20905/21200. Bearish only close below 20400 fora move towards 20200/20000. Key to mastery in Trading
- Bank Nifty March Future Open Interest Volume is at 23.9 lakh with liquidation of 0.02, with decrease in Cost of Carry suggesting long positions were closed today. Bank nifty Rollover cost @20877, closed below it.
- 21000 CE is having highest OI @5.6 Lakh resistance at 21000 followed by 21500. 19000-21000 CE saw addition of 1.7 lakh in OI majority
- 20000 PE is having highest OI @6.4 Lakh, strong support at 20500 followed by 20300, Bulls added 0.85 Lakh in OI in range of 19000-21000.
- Bank Nifty Futures Trend Deciding level is 20719 (For Intraday Traders). BNF Trend Changer Level (Positional Traders) 20740. How to trade Nifty Futures and Bank Nifty Futures as per Trend Changer Level .
Buy above 20750 Tgt 20820,20910 and 21000 (Bank Nifty Spot Levels)
Sell below 20600 Tgt 20550,20360 and 20250 (Bank Nifty Spot Levels)
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