Bank Nifty holds to support zone of 24100,EOD Analysis

By | March 20, 2018
  • As Discussed in Last Analysis  Again we are near the important support zone of 24050-24100 so holding the same we can see bounceback towards 24250-24300. Bullish on close above 24250 for a move back towards 24500/24750. Bearish below 24000 for a move towards 23780/23600. Yesterday was an important time cycle date so holding 24100 we can see relief rally. Low made today was 24082 so bank nifty held on to our support zone of 24050-24100 and saw a small bounce back.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. Important intraday time for reversal can be at 11:44/2:28. Why Do Traders Overtrade?

  • Bank Nifty March Future Open Interest Volume is at 19.3 lakh with liquidation of 1.10 Lakh, with increase in Cost of Carry suggesting short positions were closed 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.

 

Buy above 24210 Tgt 24270,24320 and 24400 (Bank Nifty Spot Levels)

Sell below 24120 Tgt 24050,23900 and 23750 (Bank Nifty Spot Levels)

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4 thoughts on “Bank Nifty holds to support zone of 24100,EOD Analysis

  1. Bramesh Post author

    thanks a lot everyone for lovely wishes !!

  2. Sarbjit Singh

    Nice to see you in good health again, Bless You

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