Nifty Bank Technical Analysis and Insights for 09 March

By | March 8, 2021 8:40 pm
  • As discussed in Last Analysis  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. Low made was 35091 so bears unable to sustain below 35100 bulls above 35300 did 35598 on upside and we continue to see voaltile move in bank nifty due to SEBI margin rules, things should get sorted out in next few trading sessions. We have explained the importance of astro date of last few days, Plan remains the same 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 15.1 lakh with addition of 0.18 Lakh, with decrease in Cost of Carry suggesting SHORT positions were added today. Bank nifty Rollover cost @35984 closed below it.
  • 36000 CE is having highest OI @8 Lakh resistance at 36000 followed 36500.36000-38000 CE added 14.9 Lakh in OI so bears added position in the zone of 36000-37000.
  • 35000 PE is having highest OI @8 Lakh, strong support at 35000 followed by 34500 .35000-36000 PE added 13 Lakh OI so bulls making support in the range of 34000-34500.

Buy Above 35336 Tgt 35459,35610 and 35705 (Bank Nifty Spot Levels)

Sell Below 35199 Tgt 35040,34870 and 34729(Bank Nifty Spot Levels)

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