Bank Nifty continue to hold 21050,EOD Analysis

  • As discussed in Last Analysis   Bank Nifty made high of 21174 near our 3 target 21205 so traders who went long above 20870 were rewarded handsomely again.Bank Nifty did the weekly close above 21000 which will go well for the current bullish move. Bulls needs to hold now 21050 for the move towards the life high of 21336. Bearish below 21000 for a move towards 20850 Low made today was 20979 and closed just above 21050 suggesting bulls are still in the game and holding 21050 we can see move towards 21177/21246/21320. Bearish below 20960 for a move towards 20900/20820. Golden Mantra: 1 percent improvements in your life

  • Bank Nifty March Future Open Interest Volume is at 18.7 lakh with liquidation of 1.77 Lakh, with increase in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @20877, closed above it.
  • 21500 CE is having highest OI @10.2 Lakh resistance at 21500. 20000-22000 CE saw addition of 3.7 lakh in OI suggesting bears are fighting for 21300-21400 range.
  • 20500 PE is having highest OI @9.2 Lakh, strong support at 20500 followed by 21000, Bulls added Huge 4.2 Lakh position in OI in range of 20000-22000 suggesting 20500 followed by 20800 strong support.

Buy above 21110 Tgt 21170,21250 and 21350 (Bank Nifty Spot Levels)

Sell below 21040 Tgt 20970,20870 and 20750 (Bank Nifty Spot Levels)

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