- As discussed in Last Analysis Bank Nifty high made today was 20727 exactly near our 1 target of 20721. Now bulls need a close above 20750 for a move towards 20905/21200. Bearish only close below 20400 for a move towards 20200/20000. Bank Nifty traded in narrow range today and unable to break 20750 on upside and 20400 on downside, suggesting choppy move to continue.As per gann angle chart give below bank nifty is at crucial juncture and a move of 500-800 points is on cards, so traders should look for breakdown below 20400 and breakout above 20750. Bank Nifty made todays low near the gann support line as shown in below chart, Holding the same we can see bounce back till 21000/21100 as we are also forming a SHARK pattern. Bearish below 20400 for a move towards 20200/20000. Exit Polls results will be declared 5:30 PM Tomorrow. Trading vs Gambling – The Balance
- Bank Nifty March Future Open Interest Volume is at 23.6 lakh with addition of 0.25, with increase in Cost of Carry suggesting long positions were added today. Bank nifty Rollover cost @20877, closed below it.
- 21000 CE is having highest OI @5.5 Lakh resistance at 21000 followed by 21500. 21000-22000 CE saw liquidation of .24 lakh in OI.
- 20000 PE is having highest OI @6 Lakh, strong support at 20500 followed by 20300, Bulls added 0.27 Lakh in OI in range of 20000-22000. No Major addition or liquidation before the election results.
- Bank Nifty Futures Trend Deciding level is 20707 (For Intraday Traders). BNF Trend Changer Level (Positional Traders) 20732. How to trade Nifty Futures and Bank Nifty Futures as per Trend Changer Level .
Buy above 20700 Tgt 20755,20801 and 20900 (Bank Nifty Spot Levels)
Sell below 20630 Tgt 20570,20460 and 20390 (Bank Nifty Spot Levels)
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