Bank Nifty bulls holding 24250,EOD Analysis

By | March 22, 2018
  • As Discussed in Last Analysis  As new time cycle is coming so bulls can see a comeback till we are holding 24100. Bulls need a close above 24250 for up move to continue towards 24355/24500. Bearish below 24000 for a move towards 23800/23600.  Bank Nifty opened with gap up and did high of 24460 near our second target of 24500 and close was also above 24250. Till Bulls are closing above 24250 bank nifty can scale towards 24500/24700. Bearish below 24000 only.  Important intraday time for reversal can be at 10:48/1:44. Why Do Traders Overtrade?

  • Bank Nifty March Future Open Interest Volume is at 18.5 lakh with liquidation of 0.78 Lakh, with decrease in Cost of Carry suggesting long positions were closed today. Bank nifty Rollover cost @25010, closed below it corrected 900 points.
  • 25000 CE is having highest OI @7.3Lakh resistance at 24500 followed 24800.24000-26000 CE added 3.4 lakh in OI so bears added position at higher levels.

 

  • 24500 PE is having highest OI @12.4 Lakh, strong support at 24200 followed by 24000.24000-27000 PE  added 1.49 lakh in OI so recent low of 24050 will remain strong base for some time.

 

Buy above 24310 Tgt 24370,24420 and 24500 (Bank Nifty Spot Levels)

Sell below 24200 Tgt 24150,24050 and 23900 (Bank Nifty Spot Levels)

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