BANK NIFTY forms Inside Bar on Gann Turn Date

By | March 1, 2021 8:06 pm
  • As discussed in Last Analysis    Now bears need to break 34650 for a move towards 34340/34000/33682. Range of 33680-33690 is important support zone, Bulls have there chance above 34970 for a quick move towards 35121/35280/35555. 01 March is important gann trend change date. Low made today was  34983 near our level of 34970 and bears were able to do 2 target on upside. Bank Nifty has formed Inside Bar Pattern and gann turn date as shown in below video break of high and low will decide the next 1000 point move in bank nifty. Bulls need to move above  35333 for a move towards 35590/35884/36100.Bears need to break 34970 for a move towards 34800/34691/34444.

  • Bank Nifty March Future Open Interest Volume is at 14.8 lakh with addition of 0.06 Lakh, with increase in Cost of Carry suggesting LONG positions were added today. Bank nifty Rollover cost @35984 closed below it.
  • 36000 CE is having highest OI @9.3 Lakh resistance at 35500 followed 36000.35000-37000 CE added 17.9 Lakh in OI so bears added position in the zone of 35500-36000.
  • 34000 PE is having highest OI @7.5 Lakh, strong support at 34500 followed by 34000 .34000-36000 PE added 24 Lakh OI so bulls making support in the range of 34000-34500.

Buy Above 35333 Tgt 35444,35555 and 35666 (Bank Nifty Spot Levels)

Sell Below 35225 Tgt 35100,34990 and 34843 (Bank Nifty Spot Levels)

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