Bank Nifty analysis as we approach monthly closing

By | February 27, 2018
  • As Discussed in Last Analysis High made today was 25722 we have bounced almost 700+ points from the level we did price time squaring. Now range of 25860-25920 is crucial zone of resistance. Bulls need a close above 25920 for the upmove to continue towards 26150. Bearish below 25250 only for a move towards 25120/25000. High made today was 25722 and bank nifty has formed a double top and also closed below low of yesterday. Bulls need to hold range of 25300-25320 for the upmove to continue towards 25920. Bearish below 25250 for the for a move towards 25000. As we have monthly closing tommrow bulls need to see close above 25565 for bull run to continue for rest of the year. Important intraday time for reversal can be at 9:22/12:04 How to stay grounded in Trading.

  • Bank Nifty March Future Open Interest Volume is at 17.2 lakh with liquidation of 0.93 Lakh, with increase in Cost of Carry suggesting Long positions were added today. Bank nifty Rollover cost @25010, rallied 700 points.
  • 26000 CE is having highest OI @5.1 Lakh resistance at 26000 followed 26500.25000-27000 CE added 0.74 lakh in OI so bears added position at higher levels.

 

  • 25000 PE is having highest OI @5.9 Lakh, strong support at 25000 followed by 24800.25000-27000 PE  added 1.4 lakh in OI support at 25200-25300.

 

Buy above 25490 Tgt 25600,25720 and 25850 (Bank Nifty Spot Levels)

Sell below 25350 Tgt 25250,25130 and 25000 (Bank Nifty Spot Levels)

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