Bank Nifty shows Dead Cat bounce, EOD Analysis

By | March 9, 2018
  • As Discussed in Last Analysis  Low made today was 24097 so bulls also protected 24100 as saving grace. Bulls should protect 24100 today break of same we can see fast decline towards 23600. Holding 24100 we can see fast rally towards 24250/24500. Bearish below 24000 for a fall towards 23700/23500. 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. Important intraday time for reversal can be at 11:05/1:14/2:48. Trading Capital Required For New Traders

  • Bank Nifty March Future Open Interest Volume is at 17.5 lakh with liquidation of 0.59 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 @6.1 Lakh resistance at 24800 followed 25000.24000-26000 CE liquidated 0.91 lakh in OI so bears covered position at higher levels.

 

  • 24000 PE is having highest OI @9.5 Lakh, strong support at 24000 followed by 24200.24000-27000 PE  liquidated 1.2 lakh in OI so bears used rally to cover position, so only short covering was seen today.

 

Buy above 24550 Tgt 24650,24750 and 24840(Bank Nifty Spot Levels)

Sell below 24420 Tgt 24360,24250 and 24100 (Bank Nifty Spot Levels)

Follow on Facebook https://www.facebook.com/Brameshs-Tech-14011718268586

Follow on Twitter:https://twitter.com/brahmesh

Leave a Reply