- As Discussed in Last Analysis As we are trading below 24100 bears can extend fall towards 23400/23250/23000/22720. Bullish above 24100 only. Gann Angles helped up in capturing the top and hopefully the bottom also in range of 23000-22720. Bank Nifty again bounced from gann angle as shown in below chart, traders who went long above 24100 were also rewarded handsomely,This is beauty of price and time meeting we are able to capture big move. We also saw the effect of time cycle confluence as discussed in weekly analysis. Now Till we are holding above 24100 bulls can scale towards 24476 which is our vedic number. Bearish below 24000 for a move back 23800-23600. Important intraday time for reversal can be at 11:25/2:08. Capturing your Ideas Could Be Your Secret to Success
- Bank Nifty March Future Open Interest Volume is at 16.2 lakh with liquidation of 2.6 Lakh, with decrease in Cost of Carry suggesting short positions were closed today. Bank nifty Rollover cost @25010, closed below it.
- 24500 CE is having highest OI @5.6 Lakh resistance at 24500 followed 24800.24000-26000 CE added 5.2 lakh in OI so bears liquidated position at higher levels.
- 23500 PE is having highest OI @9.2 Lakh, strong support at 23500 followed by 23800.23000-25000 PE added 13.7 lakh in OI so now 23500 will act as strong support
- Bank Nifty Futures Trend Deciding level is 24090 (For Intraday Traders). BNF Trend Changer Level (Positional Traders) 24142. How to trade Nifty Futures and Bank Nifty Futures as per Trend Changer Level .
Buy above 24300 Tgt 24375,24441 and 24530 (Bank Nifty Spot Levels)
Sell below 24150 Tgt 24070,23970 and 23850 (Bank Nifty Spot Levels)
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