Bank Nifty touches 28000 on Time Cycle Date

  • As Discussed in Last Analysis We have Important Astro date on 08 Mar and 09 Mar is Gann 10 Year Cycle so expect good move in next 2 trading sessions.Now Bulls need close above 27790 for a move towards 27840/27936/28080. Time Cycle gives an additional edge, We did not know that election Dates will be announced on Sunday but time cycle kept us above the fold and we were able to capture the  move till 28035 above 27790 almost near our final target of 28080. Now Bulls need close above 28000 for the next move towards 28100/28225/28370. Bears will get active below 27830 for a move towards 27720/27648.

  • Bank Nifty March Future Open Interest Volume is at 20.7 lakh with addition of 0.08 Lakh, with decrease in Cost of Carry suggesting long positions were added today. Bank nifty Rollover cost @27064  closed above it,Low made Friday was 27051 and rallies 1100 points
  • 28000 CE is having highest OI @4.4 Lakh resistance at 28000  followed 28300.  27000-29000 CE added 0.45 Lakh in OI so bears added position  in the zone of 27900-28000.
  • 27000 PE is having highest OI @4.8 Lakh, strong support at 27600 followed by 27600.26000-28000 PE added 2.6 Lakh OI so bulls making strong support in the range of 27400-27500.

Buy above 28000 Tgt 28080 ,28200 and 28350 (Bank Nifty Spot Levels)

Sell below 27920 Tgt 27850,27720 and 27643 (Bank Nifty Spot Levels)

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