BANK NIFTY EOD Analysis for 23 Feb

  • As discussed in Last Analysis   Now Bulls need to break 36170 for move back to 36400/36522/36666. Bears will get active below 35729 for a move back to 35580/35413. Range of 35398-35413 is important support zone holding this we can see some upmove. High made today was 36129 so bulls unable to break 36170 and bears once below 35729 did all target on downside and also broke the support zone of 35398-35413. Now Bank Nifty Bulls need to move above  35500 for a move back to 35666/35843/36000, Bears will get active below 35200 for a move back to 35040/34860/34666.

  • Bank Nifty March Future Open Interest Volume is at 4.9 lakh with addition of 2.2 Lakh, with decrease in Cost of Carry suggesting SHORT positions were closed today. Bank nifty Rollover cost @30980 closed above it.
  • 36000 CE is having highest OI @15.3 Lakh resistance at 36000 followed 35700.35000-37000 CE added 27.9 Lakh in OI so bears added position in the zone of 37000-37500.
  • 35000 PE is having highest OI @12 Lakh, strong support at 35000 followed by 34500 .35000-37000 PE added 12 Lakh OI so bulls making support in the range of 35000-35500.

Buy Above 35380 Tgt 35490,35613 and 35800 (Bank Nifty Spot Levels)

Sell Below 35090 Tgt 34860,34729 and 34500  (Bank Nifty Spot Levels)

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