- As Discussed in Last Analysis Low made today was 24048 so bulls protected 24000 as discussed and once we were above 24100 the dead cat bounce was seen, This is the beauty of Gann Price Time analysis which gives an extra edge to trader. Bank Nifty has shown an important trend reversal sign till we are holding 24250 . Bulls need close above 24500 for a move towards 24750/24955. Bearish below 24250 for a move back towards 24100/24000. Low made was 24259 so bulls protected 24250 so half battle won and now need close above 24555 for the upmove to continue towards 24822/25087. Bearish below 24250 for a move back towards 24100/24000. Important intraday time for reversal can be at 10:52/1:45. Why Do Traders Overtrade?
- Bank Nifty March Future Open Interest Volume is at 17.46 lakh with liquidation of 0.09 Lakh, with decrease in Cost of Carry suggesting short positions were covered today. Bank nifty Rollover cost @25010, closed below it cracked 900 points
- 25000 CE is having highest OI @7 Lakh resistance at 24800 followed 25000.24000-26000 CE added 2.4 lakh in OI so bears added position at higher levels.
- 24000 PE is having highest OI @10.5 Lakh, strong support at 24000 followed by 24200.24000-27000 PE added 1.1 lakh in OI so recent low of 24050 will remain strong base for some time.
- Bank Nifty Futures Trend Deciding level is 24429 (For Intraday Traders). BNF Trend Changer Level (Positional Traders) 24932. How to trade Nifty Futures and Bank Nifty Futures as per Trend Changer Level .
Buy above 24550 Tgt 24650,24750 and 24840(Bank Nifty Spot Levels)
Sell below 24420 Tgt 24360,24250 and 24100 (Bank Nifty Spot Levels)
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