As discussed in Last AnalysisBank 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. Low made was 35002 so bears were unable to break below 01 March low and bulls unable to close above 35584. Based on time cycle and price struggling near gann angle we should see big move in bank nifty in next 2 trading sessions. Bulls need to move above 35471 for a move towards 35659/35884/36100.Bears need to break 35275 for a move towards 35088/34800/34666/34444.
Bank Nifty March Future Open Interest Volume is at 15.9 lakh with addition of 1.07 Lakh, with decrease in Cost of Carry suggesting LONG positions were added today. Bank nifty Rollover cost @35984 closed below it.
36000 CE is having highest OI @12.3 Lakh resistance at 35500 followed 36000.35000-37000 CE added 27.9 Lakh in OI so bears added position in the zone of 35500-36000.
34000 PE is having highest OI @10.5 Lakh, strong support at 34500 followed by 34000 .34000-36000 PE added 14 Lakh OI so bulls making support in the range of 34000-34500.