As discussed in last analysis Now Bulls need to move above 26512 for a move back to 26653/26799/26945. Bears will get active below 26361 for a move back to 26215/26070/25900. Today’s High and low are very important for next 300-500 points move in Bank Nifty based on time cycle analysis. 24600-24700 is important range Bank Nifty should hold for this correction to get over and rally towards 25200/25600 Bears will get active below 24500 for a move back to 24100/23500.
Bank Nifty March Future Open Interest Volume is at 10.7 lakh with liquidation of 3.8 Lakh, with decrease in Cost of Carry suggesting short positions were closed today. Bank nifty Rollover cost @30428 closed below it.
26500 CE is having highest OI @15 Lakh resistance at 26500 followed 26800.25000-27000 CE added 21 Lakh in OI so bears added position in the zone of 26500-27000
26000 PE is having highest OI @5 Lakh, strong support at 26000 followed by 25800.25000-27000 PE added 11 Lakh OI so bulls making support in the range of 25800-26000..