Bank Nifty Analysis near Important Astro Date of 17 March

  • As discussed in last 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. We opened below 24500 and did all target on downside, Trade with trend till it bends.21952 and 23489 are 2 important number which needs to be watched for next 1000-1500 points move in bank nifty. Today is an important astro date. Bank Nifty bulls need to mvoe above 23489 for a move back to 23780/24000/24300. Bears will get active below 23000 for a move back to 22500/21952.

  • Bank Nifty March Future Open Interest Volume is at 11.8 lakh with addition of 0.69 Lakh, with decrease in Cost of Carry suggesting short positions were closed today. Bank nifty Rollover cost @30428 closed below it.
  • 23500 CE is having highest OI @15  Lakh resistance at 23500  followed 23800.22000-25000 CE added 21  Lakh in OI so bears added position in the zone of 23500-245000
  • 22500 PE is having highest OI @5 Lakh, strong support at 22500 followed by 22000.22000-2300 PE added 11 Lakh OI so bulls making support in the range of 22500-23000.

Buy above 23247 Tgt 23394,23541 and  23780  (Bank Nifty Spot Levels)

Sell below 23000 Tgt 22800,22600 and 22350  (Bank Nifty Spot Levels)

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