Bank Nifty March Expiry Analysis

  • As Discussed in Last Analysis Now bulls need to break 34366 for the upmove towards 34489/34777/35005. Bears below 33990 can see quick fall towards 33750/33500/33317. Tommorow we will complete 1 year from the low made of 24 March 2020. All Bearish target done and bank nifty is back to gann angle support suggesting another price time squaring on cards. Tommrow being expiry and bank nifty trading below last expiry close suggesting bulls will be under pressure once we start trading below 33190. Bulls need to break 33401 for the upmove towards 33489/33585/33800. Bears below 33190 can see quick fall towards 33020/32850/32684.

  • Bank Nifty April Future Open Interest Volume is at 18.2 lakh with addition of 3 Lakh, with increase in Cost of Carry suggesting SHORT positions were added today. Bank nifty Rollover cost @35984 closed below it.
  • 33500 CE is having highest OI @12.1  Lakh resistance at 33500 followed 34000.33000-35000 CE added 17.3 Lakh in OI so bears added position in the zone of 33500-34500.
  • 33000 PE is having highest OI @12.4 Lakh, strong support at 33000 followed by 32600 .33000-34000 PE added 22 Lakh OI so bulls making support in the range of 33000-32500.

Buy Above 33401 Tgt 33490,33597 and 34684 (Bank Nifty Spot Levels)

Sell Below 33190 Tgt 33100,32920 and 32750(Bank Nifty Spot Levels)

Upper End of Expiry : 33684

Lower End of Expiry : 32902

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