Bank Nifty forms Inside bar pattern,EOD Analysis

  • As discussed in Last Analysis  21000 will become an important support on lower side, break of 21000 can see fast move towards 20900/20750. Higher side move above todays high of 21274 can see fast move towards 21400/21500 where is gann angle resistance. Bank Nifty made low of 21063 and high made today was 21216 so Bank Nifty formed an Inside bar pattern today before we get to know the outcome of Fed event. Long above 21300 for a move towards 21450/21500. Bearish below 21000 for a move towards 20800/20600. Chasing a Trade

  • Bank Nifty March Future Open Interest Volume is at 23.5 lakh with liquidation  of 0.52 Lakh, with decrease in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @20877, closed below it.
  • 21500 CE is having highest OI @8.3 Lakh resistance at 21500. 20000-22000 CE saw addition of 0.99 lakh in OI suggesting bears are adding in the range of 21300-21500.
  • 20500 PE is having highest OI @5.4 Lakh, strong support at 20500 followed by 21000, Bulls added 2.4 Lakh in OI in range of 20000-22000.

Buy above 21150 Tgt 21220,21300 and 21370 (Bank Nifty Spot Levels)

Sell below 21050 Tgt 21000,20930 and 20850 (Bank Nifty Spot Levels)

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