Bank Nifty Analysis for 09 April

By | April 9, 2021
  • As Discussed in Last Analysis  Based on Time Cycle we are in for a 1051 points move in Bank Nifty in next 2 trading session, Bulls need to move above 33201 for a move towards 33462/33717/33980/34243. Bears will get active below 32883 for a move back to 32666/32357/32100/31800. Bank Nifty Bulls and Bears got whipsawed unable to do 1st traget on upside, Now Bulls need to move above 32950 for a move back to 32301/33462/33717/33980/34243. Till Bears are below 32883 we can move back to 32666/32357/32100/31800. 10 April is important Bayers Date so we should see effect either today or Monday.

  • Bank Nifty April Future Open Interest Volume is at 17 lakh with liquidation of 0.78 Lakh, with increase in Cost of Carry suggesting SHORT positions were closed today. Bank nifty Rollover cost @33759 closed below it.
  • 33500 CE is having highest OI @3.2 Lakh resistance at 33500 followed 34000.33000-35000 CE added 12.8 Lakh in OI so bears added position in the zone of 33500-34000.
  • 32500 PE is having highest OI @2 Lakh, strong support at 32000 followed by 31500 .32000-34000 PE added 9 Lakh OI so bulls making support in the range of 32000-32500.

Buy Above 32650 Tgt 32777,32888 and 33000 (Bank Nifty Spot Levels)

Sell Below 32323 Tgt 32100,31998 and 31864 (Bank Nifty Spot Levels)

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