Nifty Bank Technical Analysis and Insights for 08 March

By | March 6, 2021 8:16 am
  • As discussed in Last Analysis  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 broke the low of Thursday 35519 and did almost 700 points on downside,also broke the gann angle support as shown below, now Bears need to break 35100 for a move back to 34875/34525/34152. Bulls above 35300 can see quick move towards 35598/35729/35968.

  • Bank Nifty March Future Open Interest Volume is at 14.9 lakh with addition of 1.46 Lakh, with increase in Cost of Carry suggesting SHORT positions were added 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 35260 Tgt 35400,35598 and 35729 (Bank Nifty Spot Levels)

Sell Below 35099 Tgt 34875,34666 and 34525 (Bank Nifty Spot Levels)

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