Bank Nifty Analysis as India Goes in 21 Days Lock down

  •  As discussed in last analysis  Today we have another astro event when mercury is at its highest elongation which tend to lead to trend change for short term, Bank Nifty bulls now need to move above 17576 for a move back to 18000/18496. Bears will get active below 16790 for a move back to 16500/16100. All Bearish target done below 16790. Todays High and low are important for next 1000 points move in bank nifty.Bank Nifty bulls now need to move above 17200  for a move back to 17400/17576/17850/18000. Bears will get active below 16790 for a move back to 16500/16200.

  • Bank Nifty April Future Open Interest Volume is at 3.3 lakh with addition of 0.60Lakh, with increase in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @30428 closed below it.
  • 19000 CE is having highest OI @30 Lakh resistance at 19000  followed 19500.18000-21000 CE added 31 Lakh in OI so bears added position in the zone of 18000-19000
  • 16000 PE is having highest OI @12 Lakh, strong support at 160000 followed by 15500.15000-18000 PE added 22 Lakh OI so bulls making support in the range of 15000-16000.

Buy above 17226 Tgt 17534,17843 and  18100  (Bank Nifty Spot Levels)

Sell below 16900 Tgt 16666,16400 and 16100  (Bank Nifty Spot Levels)

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