- As discussed in last analysis Finally we closed above 15136 so follow up move should be see till 15136 is held on closing basis. Do remember overbought market can remain overbought for prolonged period of time, Just market is overbought does not mean go and short it. Bank Nifty gave a fall at opening formed double bottom and rocked again after it moved above 15136 making high of 15451 ans stopping at the gann arc as shown below. Till we close above 15136 Bank Nifty can move towards 15565 which is supply zone and gann trend line resistance, Strong support at bottom of gann arc and 14700-14800 zone. A story that can change your life
- Bank Nifty March Future Open Interest Volume is at 19.6 lakh with liquidation of 0.28 lakh with increase in Cost of Carry suggesting short positions were closed today. Bank Nifty able to close above Rollover price @14115 and gave 1000 Points. How To Identify Market Tops and Bottom
- 15500 CE is having highest OI @4.6 Lakh resistance formation @15000. 13500-15500 CE saw 0.76 lakh liquidation as bears ran for cover in 14500/15000 CE bank nifty still closing above 15000.
- 14500 PE is having highest OI @4.4 Lakh, strong support at 14500 followed by 14000, Bears added aggressively in 14800/15000 PE.14000-16000 PE saw 2.7 lakh addition so knock out punch delivered by bulls. Range for March Series comes @ 13000-15500.
Buy above 15451 Tgt 15525,15620 and 15711 (Bank Nifty Spot Levels)
Sell below 15250 Tgt 15100,15000 and 14850 (Bank Nifty Spot Levels)
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