Bank Nifty saw the biggest fall ever falling 3300 points or 17% in the history of Indian Market.As I have discussed in last analysis we have an important astro date which is Venus at Perihelion which always lead to big move in market and we saw it. 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.
Bank Nifty April Future Open Interest Volume is at 2.67 lakh with addition of 0.54 Lakh, with decrease in Cost of Carry suggesting short positions were closed today. Bank nifty Rollover cost @30428 closed below it.
19000 CE is having highest OI @28 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 @8 Lakh, strong support at 160000 followed by 15500.15000-18000 PE added 11 Lakh OI so bulls making support in the range of 15000-16000.