- As Discussed in Last Analysis Bulls were able to close above 24555 and now heading towards the target of 24822/25087 till we are holding 24250. Bearish below 24250 only. High made was 25009 so bulls did the first target of 24822, so holding time cycle low of 24250 we were able to capture the whole rally. Now Bulls need a close above 24750 for the upmove to continue above 24920/25040. Bearish below 25500 for a move towards 25250/25000. Important intraday time for reversal can be at 12:08/2:02. Why Do Traders Overtrade?
- Bank Nifty March Future Open Interest Volume is at 17.3 lakh with liquidation of 0.88 Lakh, with decrease in Cost of Carry suggesting long positions were covered today. Bank nifty Rollover cost @25010, closed below it.
- 25000 CE is having highest OI @6.7 Lakh resistance at 24800 followed 25000.24000-26000 CE liquidated 0.60 lakh in OI so bears covered position at higher levels.
- 24000 PE is having highest OI @12.5 Lakh, strong support at 24000 followed by 24200.24000-27000 PE added 0.68 lakh in OI so recent low of 24050 will remain strong base for some time.
- Bank Nifty Futures Trend Deciding level is 24868 (For Intraday Traders). BNF Trend Changer Level (Positional Traders) 24899. How to trade Nifty Futures and Bank Nifty Futures as per Trend Changer Level .
Buy above 24780 Tgt 24860,24920 and 25040(Bank Nifty Spot Levels)
Sell below 24700 Tgt 24620,24555 and 24370 (Bank Nifty Spot Levels)
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