BANK NIFTY EOD Analysis for 24 Feb

By | February 24, 2021 8:20 am
  • As discussed in Last Analysis  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. Bulls were able to do 1 target on upside and bears were also able to do 1 target on downside in a volatile trading session and we held on to the Gann angle support as shown in below chart. Bank Nifty Bulls need to move above  35333 for a move back to 35529/35700/35962, Bears will get active below 34970 for a move back to 34835/34666/34400.

  • Bank Nifty March Future Open Interest Volume is at 6.4 lakh with addition of 1.48 Lakh, withincrease in Cost of Carry suggesting LONG positions were added today. Bank nifty Rollover cost @30980 closed above it.
  • 35500 CE is having highest OI @18.3 Lakh resistance at 35500 followed 36000.35000-37000 CE added 17.9 Lakh in OI so bears added position in the zone of 37000-37500.
  • 35000 PE is having highest OI @16 Lakh, strong support at 35000 followed by 34500 .35000-37000 PE added 22 Lakh OI so bulls making support in the range of 35000-35500.

Buy Above 35190 Tgt 35300,35444 and 35529 (Bank Nifty Spot Levels)

Sell Below 34970 Tgt 34835,34707 and 34576  (Bank Nifty Spot Levels)

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