BANK NIFTY Analysis for 05 March

  • As discussed in Last Analysis  As we have weekly expiry tommrow expect volatile move in bank nifty.Bulls need to move above  36460 for a move towards 36555,36680 and 36788.Bears need to break 36130 for a move towards 36020/35810/35666.Tommrow is Important Anniversary Date of Bank Nifty. We opened with gap down but during market hours levels shared on Twitter worked perfectly and able to catch the whole move and we are back to gann angle support zone. As today was important Astro date so today high and low break will decide next 800-1000 move in bank nifty. Bulls need to move above  36100 for a move towards 36239/36444/36666.Bears need to break 35729 for a move towards 35555/35225/35040. 

  • Bank Nifty March Future Open Interest Volume is at 13.4 lakh with liqudiation of 1.5 Lakh, with increase in Cost of Carry suggesting LONG positions were closed today. Bank nifty Rollover cost @35984 closed below it.
  • 37000 CE is having highest OI @5.1 Lakh resistance at 37000 followed 37500.36000-38000 CE added 4.9 Lakh in OI so bears added position in the zone of 36500-36800.
  • 35000 PE is having highest OI @3.1 Lakh, strong support at 35000 followed by 34500 .35000-36000 PE added 10 Lakh OI so bulls making support in the range of 34000-34500.

Buy Above 35888 Tgt 36000,36199 and 36333 (Bank Nifty Spot Levels)

Sell Below 35729 Tgt 35610,35460 and 35225 (Bank Nifty Spot Levels)

Leave a Reply