Will bank Nifty be able to hold 24100 on Weekly Closing,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. Low made today was 24095 so bulls continue to hold time cycle low of 24100, but as market is touching support again and again suggesting crack are showing, Any hourly close below 24050 can see face decline towards 23800/23600. Till 24100 is holding bulls can bounce back towards 24250/24355/24480. Important intraday time for reversal can be at 10:44/1:35. Why Do Traders Overtrade?

  • Bank Nifty March Future Open Interest Volume is at 19.8 lakh with addition of 1.29 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 @7.7 Lakh resistance at 24800 followed 25000.24000-26000 CE added 8.1 lakh in OI so bears added position at higher levels.

 

  • 24000 PE is having highest OI @11.6 Lakh, strong support at 24000 followed by 24200.24000-27000 PE  liquidated 1.8 lakh in OI so recent low of 24050 will remain strong base for some time.

 

Buy above 24190 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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