Bank Nifty Analysis for 31 March 2021

By | March 30, 2021 8:18 pm
  • As Discussed in Last Analysis Tommorow is very important astro date, Venus at Superior Conjunction suggesting another volatile move ahead,Bulls need to break 33048 for the upmove towards 33139/33333/33555. Bears below 32850 can see quick fall towards 32666/32450/32222. All Bullish target done and we have seen the impact of astro date on 26 we are almost up 1500 points from the lows and also bounced from gann angle support zone as shown in below chart. Now Bulls need to break 34000 for the rally to continue till 34225/34444/34666. Bears below 33623 can see a quick decline towards 33440/33257/33000. We have monthly, quaterly and Financial Year closing tommrow expect good move after 2:14 PM. 

  • Bank Nifty April Future Open Interest Volume is at 24.3 lakh with addition of 5.3 Lakh, with increase in Cost of Carry suggesting LONG positions were added today. Bank nifty Rollover cost @33759 closed above it.
  • 34500 CE is having highest OI @12.1  Lakh resistance at 34500 followed 35000.33000-35000 CE added 10.3 Lakh in OI so bears added position in the zone of 33500-34500.
  • 33000 PE is having highest OI @18.4 Lakh, strong support at 33000 followed by 32500 .33000-34000 PE added 22 Lakh OI so bulls making support in the range of 33000-32500.

Buy Above 33932 Tgt 34024,34116 and 34209 (Bank Nifty Spot Levels)

Sell Below 33749 Tgt 33656,33565 and 33473(Bank Nifty Spot Levels)

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