Bank Nifty forms Inside Day Pattern,EOD Analysis

By | March 7, 2017
  • As discussed in Last Analysis 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 for a move towards 20200/20000. Bank Nifty traded in narrow range today and unable to break 20750 on upside and 20400 on downside, suggesting choppy move to continue.As per gann angle chart give below bank nifty is at crucial juncture and a move of 500-800 points is on cards, so traders should look for breakdown below 20400 and breakout above 20750.  How Ordinary People Became Millionaire Traders

  • Bank Nifty March Future Open Interest Volume is at 23.4 lakh with liquidation of 0.51, with increase in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @20877, closed below it.
  • 21000 CE is having highest OI @5.8 Lakh resistance at 21000 followed by 21500. 19000-21000 CE saw addition of 0.05 lakh in OI.
  • 20000 PE is having highest OI @6.3 Lakh, strong support at 20500 followed by 20300, Bulls liquidated 0.05 Lakh in OI in range of 19000-21000.

Buy above 20700 Tgt 20755,20801 and 20900 (Bank Nifty Spot Levels)

Sell below 20600 Tgt 20550,20360 and 20250 (Bank Nifty Spot Levels)

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