Bank Nifty rallies on Time Cycle date

By | March 26, 2019
  • As Discussed in Last Analysis Bears will have upperhand till we are below 29330 for a move towards 29088/28944/28800. Bulls will get active above 29376 for a move towards 29520/29664. 26 March is also important time cycle. Market like today show “How flexible are traders in changing positions”, those who were fast enough are rewarded handsomely by market. 26 March was important day as its was confluence of 2 cycle and once 29376 was taken out bulls were having upper hand and rallied towards all our target and closed well above 29791. Fresh long should be taken above 30010 for a move towards 30096/30240/30384. Shorts will get activated below 29700 for a move back to 29520/29376.

  • Bank Nifty April Future Open Interest Volume is at 8.6 lakh with addition of 3.2 Lakh, with increase in Cost of Carry suggesting long positions were added today. Bank nifty Rollover cost @27064  closed above it,Low made Friday was 27051 and rallies 2500  points
  • 30000 CE is having highest OI @7.8 Lakh resistance at 30000 followed 30200.  29000-30000 CE liquidated 17.8 Lakh in OI so bears  ran for cover for  position  in the zone of 29800-30000
  • 29000 PE is having highest OI @7.2 Lakh, strong support at 29500 followed by 29300.26000-28000 PE added 15 Lakh OI so bulls making strong support in the range of 29500-29800.

Buy above 29950  Tgt 30025 ,30111 and  30200 (Bank Nifty Spot Levels)

Sell below 29790 Tgt 29710,29621 and 29535 (Bank Nifty Spot Levels)

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