Bank Nifty corrects 300 points on break of time cycle Low

By | March 7, 2018
  • As Discussed in Last Analysis  As we have passed the confluence date so today high and low are very important. Break of 24880 can see fast move towards 25056/25250. Bearish below 24680 for a move towards 24500/24250. Bank Nifty opened gap up once time cycle low was broken we saw the big fall as we expected below 24680. Intraday time for reversal @1:34 also gave us clue as Bank Nifty made high exactly at 1:35 and saw the big decline. We did first target of 24500 and hopefully will do next target of 24250 today. Bulls should protect 24100 today break of same we can see fast decline towards 23600. Also 06 March was also important TC date as per Bank Nifty Yearly Cycle Bullish above 24750 only. Important intraday time for reversal can be at 11:25/1:55. Trading Capital Required For New Traders

  • Bank Nifty March Future Open Interest Volume is at 18.5 lakh with addition of 1.38 Lakh, with decrease in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @25010, closed below it.
  • 25000 CE is having highest OI @6.5 Lakh resistance at 25000 followed 25300.25000-27000 CE added huge 25 lakh in OI so bears added position at higher levels.

 

  • 24000 PE is having highest OI @4.4Lakh, strong support at 24000 followed by 24200.24000-27000 PE  liquidated 0.43 lakh in OI so bears ran for cover and now only support lying is in range of 24100-24000.

 

Buy above 24480 Tgt 24600,24750 and 25820(Bank Nifty Spot Levels)

Sell below 24360 Tgt 24250,24150 and 24000 (Bank Nifty Spot Levels)

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