Bank Nifty hits life high holding 21150,EOD Analysis

  • As discussed in Last Analysis   Bank Nifty closed above 21050 and today did the target 21246 High made was 21264. Bulls needs to continue to hold 21150 for a move towards 21336/21400. Bears need close below 21000 for a move towards 20870. Bank Nifty did 21400 today as we have been expecting in our last analysis. Now as soon as it move above 21420 it will enter in gann angle which can open the rise till 21600-21651. Bearish below 21340 for a move till 21220/21110.  The Benefits of Being Prepared in Trading

  • Bank Nifty March Future Open Interest Volume is at 16.2 lakh with liquidation of 0.2 Lakh, with increase in Cost of Carry suggesting Long positions were added today. Bank nifty Rollover cost @20877, closed above it.
  • 21500 CE is having highest OI @11.6 Lakh resistance at 21500. 21000-21500 CE saw liquidation of 3.77 lakh in OI suggesting bears losing control of 21300-21400. Any close above 21500 on hourly basis can trigger panic among 21500 CE writers and we can see rise till 21600-21620.
  • 21000 PE is having highest OI @6.8 Lakh, strong support at 20100 followed by 20800, Bulls added Huge 9.4 Lakh position in OI in range of 21000-21500 suggesting 21200 followed by 21000 strong support.

Buy above 21460 Tgt 21510,21560 and 21620 (Bank Nifty Spot Levels)

Sell below 21340 Tgt 21290,21200 and 21120 (Bank Nifty Spot Levels)

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