- As discussed in Last Analysis We are also approaching the gann angle support so if 21000-21040 range is held we can again see a bounce back. Long can be taken in the range of 21040-21000 range if and when it comes for a move towards 21200/20300. Breakout on close above 21300 for a move towards 21450/21500. Bearish below 21000 for a move towards 20800/20600. Big move can be seen in next 2 days as per time cycle. Bank Nifty broke 21000 today made low of of 20967 but closed above 21000 thus whipsawing traders who took short trades. Close is above 21000 and also near gann angles suggesting big move round the corner. Longs can be taken near 21000 for a move till 21120/21220. Breakout only on close above 21300. Bearish below 20950 for a move till 20850. Range of 20850-20880 is important demand zone once 21000 is broken. Trade Outside Your Comfort Zone
- Bank Nifty March Future Open Interest Volume is at 21.7 lakh with liquidation of 0.42 Lakh, with increase in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @20877, closed above it and rallied more than 500 points.
- 21500 CE is having highest OI @8.7 Lakh resistance at 21500. 20000-22000 CE saw addition of 0.33 lakh in OI suggesting bears are again wresting control over 21300-21500.
- 20500 PE is having highest OI @6.6 Lakh, strong support at 20500 followed by 21000, Bulls added negligible position in OI in range of 20000-22000 suggesting bulls are in make or break situation.
Buy above 21050 Tgt 21111,21200 and 21320 (Bank Nifty Spot Levels)
Sell below 20950 Tgt 20860,20780 and 20700 (Bank Nifty Spot Levels)
Click Here to Like Facebook Page get Real time updates
Click Here to Join me on Twitter