As discussed in Last Analysis Based on Gap down opening will be updating level on Twitter. You can follow us on Twitter to get real time levels. Levels were given on Twitter did all target on downside. Fall has been fast and furious and till we do not close above 29600 trend remain down. Below 29000 we can fall towards 28872/28666/28500. Bulls for small trade can go low above 29260 for a move towards 29450/29600. IV of Options are very high and any fall in VIX will see Option premium eroding very fast so buy cautiously in Options.
Bank Nifty March Future Open Interest Volume is at 12.6 lakh with addition of 1.2 Lakh, with increase in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @30428 closed below it.
29500 CE is having highest OI @3.8 Lakh resistance at 29500 followed 29700.28000-30000 CE added 21 Lakh in OI so bears added position in the zone of 29300-29500.
29000 PE is having highest OI @2.5 Lakh, strong support at 29000 followed by 28000.28000-31000 PE added 16 Lakh OI so bulls making support in the range of 28800-29000.