Bank Nifty close below 21500,EOD Analysis

By | April 8, 2017
  • As discussed in Last Analysis   The more time we spend in this range of 200 points better and mature the breakout will be. Plan remains the same Buy  above 21700 for a move towards 21797/21900.Bearish below 21500 for a move towards 21330/21150. High made today was 21616 and low was 21397 so bulls break the 21500 and saw a quick fall towards 21397 which is gann angle support as seen in below chart, Any close below 21397 we can see fall towards 21220. Bullish above 21500 for a move towards 21700.  Keep Mind Where You Are

  • Bank Nifty April Future Open Interest Volume is at 28.4 lakh with liquidation of 0.12 Lakh, with increase in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @21316, closed above it and Rollover % at 65.2
  • 22000 CE is having highest OI @5 Lakh resistance at 22000. 20500-22500 CE saw addition of 0.78 lakh in OI suggesting bears are making resistance in range of 21500/21600.
  • 21500 PE is having highest OI @5.2 Lakh, strong support at 21300 followed by 21000, Bulls added 2.5 Lakh position in OI in range of 20500-22500 .

Buy above 21500 Tgt 21567,21700 and 21780 (Bank Nifty Spot Levels)

Sell below 21395 Tgt 21345,21270 and 21130 (Bank Nifty Spot Levels)

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