- As discussed in Last Analysis 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. Bank Nifty gave the big move we were expecting as per time cycle but it happened in gap down most of the trades missed the move. Now Bulls should keep eye on 20870 levels, above it only we can see move towards 21000/21200. Bearish below 20720 for a move till 20670/20550. Why Trading Goals are Important ?
- Bank Nifty March Future Open Interest Volume is at 20.5 lakh with liquidation of 1.13 Lakh, with decrease in Cost of Carry suggesting short positions were closed today. Bank nifty Rollover cost @20877, closed below it.
- 21500 CE is having highest OI @6.6 Lakh resistance at 21500. 20000-22000 CE saw addition of 2.6 lakh in OI suggesting bears are again wresting control over 21300-21500.
- 20500 PE is having highest OI @10.6 Lakh, strong support at 20500 followed by 21000, Bulls added Huge 7.4 Lakh position in OI in range of 20000-22000 suggesting 20500 strong support looking the way OI has been added today.
Buy above 20820 Tgt 20870,20950 and 21100 (Bank Nifty Spot Levels)
Sell below 20770 Tgt 20720,20660 and 20580 (Bank Nifty Spot Levels)
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