Bank Nifty Forms Doji as Sun Mercury Conjunct

  • As Discussed in Last Analysis 29791 is another strong vedic number just like 27000. Bears will get active only below 29240 for a move back to 29160/29075/29000. 16 Mar is very important date so we will see effect on Monday. We saw the effect of Mercury Mars Conjunction also vedic number 29791  Bank Nifty corrected almost 400 points from 27791. Now Fresh long should be taken above 29791 for a move towards 29929/30125. Bears will get active below 29350 for a move for a move back to 29210/29125/29000.

  • Bank Nifty March Future Open Interest Volume is at 26.1 lakh with addition of 0.15 Lakh, with increase in Cost of Carry suggesting long positions were closed today. Bank nifty Rollover cost @27064  closed above it,Low made Friday was 27051 and rallies 2500  points
  • 29500 CE is having highest OI @2.4 Lakh resistance at 29500  followed 29800.  27000-29000 CE liquidated 0.34 Lakh in OI so bears  covered  position  in the zone of 29500-29800
  • 28500 PE is having highest OI @4.1 Lakh, strong support at 28800 followed by 28500.26000-28000 PE liquidated 0.17 Lakh OI so bulls making strong support in the range of 28800-29000.

Buy above 29640 Tgt 29725 ,29791 and  29929(Bank Nifty Spot Levels)

Sell below 29525 Tgt 29470,29385 and 29290(Bank Nifty Spot Levels)

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