Bank Nifty Analysis as RBI Governor meets media at 10 AM

  •  As discussed in last analysis   Now bulls need to 18496 for a move back to 18769/19044/19321. Bears will get active below 17956 for a move back to 17689/17424/17161. Low made was 18364 and once above 18496 all bullish target were done so we saw how price and time helps us in capturing big move in the market. For today as we have RBI Governor press conference volatile move will be seen, Keep an eye of intraday timing to get the trading opportunity.  Bulls now need to move above 20000 for a move back to 20400/20666/21000. Bears will get active below 19385 for a move back to 19000/18600/18300/18000. Very Important astro date today.

 

  • Bank Nifty April Future Open Interest Volume is at 73 lakh with addition of 2.6 Lakh, with increase in Cost of Carry suggesting long positions were closed today. Bank nifty Rollover cost @17939 and rollover %@ 48.5 lowest in last 12 months.
  • 21000 CE is having highest OI @10 Lakh resistance at 20500 followed 21500.18000-21000 CE added 11 Lakh in OI so bears added position in the zone of 18000-19000
  • 18000 PE is having highest OI @10 Lakh, strong support at 18000 followed by 17500.17000-18000 PE added 10 Lakh OI so bulls making support in the range of 17000-18000.

Buy above 19800 Tgt 20000,20300 and  20510  (Bank Nifty Spot Levels)

Sell below 19385 Tgt 19100,18800 and 18500  (Bank Nifty Spot Levels)

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