- As discussed in last analysis 16200-16229 is important supply zone for bank nifty, closing above it we can see move towards 16800 on/before RBI policy. Support will increase to 15700-15750 range. Bank Nifty unable to close above the supply zone, and also took resistance at the gann horizontal as shown below. Bank Nifty has rallied 2585 point in the March expiry and ended the series with a DOJI candlestick, Supply zone is range of 16229-16250 and Demand zone is back to 15700-15750. Trader’s Resolutions for the New Financial Year 2016-17
- Bank Nifty April Future Open Interest Volume is at 16.4 lakh with addition of 3.5 lakh, with decrease in Cost of Carry suggesting short positions were added today.Rollover for Bank Nifty is at 62.5 % and rollover cost @15998 How To Identify Market Tops and Bottom
- 17000 CE is having highest OI @3.2 Lakh resistance formation @17000. 15000-17000 CE added 3.1 lakh in OI suggesting bear forming resistance zone at 17000.
- 15000 PE is having highest OI @2.1 Lakh, strong support at 15000 followed by 14500, Bulls again added 2.4 Lakh in 15000/17000.
Buy above 16200 Tgt 16280,16360 and 16450 (Bank Nifty Spot Levels)
Sell below 16040 Tgt 15950,15850 and 15750 (Bank Nifty Spot Levels)
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