Bank Nifty Forms Inside Bar,EOD Analysis

By | April 6, 2021 11:28 pm
  • As Discussed in Last Analysis  Now Bulls need to move above 32910 for a move back to 33013/33225/33474. Bears below 32555 can see quick fall towards 32225/32100/31885.Bulls almost did 1 target on upside , we formed Inside Bar Pattern today suggesting another big move should be seen in next 2 trading sessions as again today we failed to close above gann angle. Now Bulls need to move above 32680 for a move back to 32888/33100/33285. Bears will get active below 32333 for a move back to 32223/32100/31940/31800. We are completing important time cycle on 08 April so expect market to reamin voaltile till than. Till we do not close above Mercury Ingress High its Sell on Rise Market.

  • Bank Nifty April Future Open Interest Volume is at 19.9 lakh with liquidation of 8.8 Lakh, with increase in Cost of Carry suggesting SHORT positions were added today. Bank nifty Rollover cost @33759 closed below it.
  • 33000 CE is having highest OI @11.2  Lakh resistance at 33000 followed 33500.33000-35000 CE added 14 Lakh in OI so bears added position in the zone of 33500-34000.
  • 32000 PE is having highest OI @6.7 Lakh, strong support at 32000 followed by 31500 .32000-34000 PE added 10.3 Lakh OI so bulls making support in the range of 32000-31500.

Buy Above 32560 Tgt 32675,32885 and 33100 (Bank Nifty Spot Levels)

Sell Below 32333 Tgt 32223,32111 and 31950 (Bank Nifty Spot Levels)

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