Bank Nifty bounces 300 points from 20870,EOD Analysis

By | March 25, 2017
  • As discussed in Last Analysis  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. Low made today was 20775 and High made was 20934 and closed above 20870. Now Bank Nifty should move towards 20981/21093/21205 another attempt to close above the gann angle. Bulls will try to give Weekly close above 21000. Bearish below 20720 for a move towards 20670/20550. Bank Nifty made high of 21174 near our 3 target 21205 so traders who went long above 20870 were rewarded handsomely again.Bank Nifty did the weekly close above 21000 which will go well for the current bullish move. Bulls needs to hold now 21050 for the move towards the life high of 21336. Bearish below 21000 for a move towards 20850  Golden Mantra: 1 percent improvements in your life

  • Bank Nifty March Future Open Interest Volume is at 20.5 lakh with addition of 0.12 Lakh, with decrease in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @20877, closed above it.
  • 21500 CE is having highest OI @8.4 Lakh resistance at 21500. 20000-22000 CE saw addition of 6.1 lakh in OI suggesting bears are fighting for 21300-21400 range.
  • 20500 PE is having highest OI @9.1 Lakh, strong support at 20500 followed by 21000, Bulls added Huge 3.2 Lakh position in OI in range of 20000-22000 suggesting 20500 strong support.

Buy above 21175 Tgt 21220,21300 and 21450 (Bank Nifty Spot Levels)

Sell below 21040 Tgt 20950,20870 and 20750 (Bank Nifty Spot Levels)

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