- As Discussed in Last Analysis Bank Nifty has shown an important trend reversal sign till we are holding 24250 .Low made was 24259 so bulls protected 24250 so half battle won and now need close above 24555 for the upmove to continue towards 24822/25087. Bearish below 24250 for a move back towards 24100/24000. Bulls were able to close above 24555 and now heading towards the target of 24822/25087 till we are holding 24250. Bearish below 24250 only. Important intraday time for reversal can be at 11:28/2:40. Why Do Traders Overtrade?
- Bank Nifty March Future Open Interest Volume is at 18.2 lakh with addition of 0.75 Lakh, with increase in Cost of Carry suggesting long positions were covered today. Bank nifty Rollover cost @25010, closed below it.
- 25000 CE is having highest OI @6.9 Lakh resistance at 24800 followed 25000.24000-26000 CE liquidated 2.3 lakh in OI so bears covered position at higher levels.
- 24000 PE is having highest OI @13 Lakh, strong support at 24000 followed by 24200.24000-27000 PE added 1.19 lakh in OI so recent low of 24050 will remain strong base for some time.
- Bank Nifty Futures Trend Deciding level is 24568 (For Intraday Traders). BNF Trend Changer Level (Positional Traders) 24901. How to trade Nifty Futures and Bank Nifty Futures as per Trend Changer Level .
Buy above 24720 Tgt 24800,24920 and 25040(Bank Nifty Spot Levels)
Sell below 24630 Tgt 24580,24470 and 24350 (Bank Nifty Spot Levels)
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