Bank Nifty ready for relief rally holding 24100,EOD Analysis

• As Discussed in Last Analysis   As yesterday was an important trend change date break of 24900 can see fast move of 200-300 points and break of 24500 a fall of 250-300 points. Thanks all for your warm wishes,It matter a lot. Site will be updated from regular basis from tommrow. Bank Nifty broke the time cycle low of 24900 and saw the fast decline as we anticipated. Again we are near the important support zone of 24050-24100 so holding the same we can see bounceback towards 24250-24300. BUllish on close above 24250 for a move back towards 24500/24750. Bearish below 24000 for a move towards 23780/23600. Yesterday was an important time cycle date so holding 24100 we can see relief rally. Important intraday time for reversal can be at 10:38/1:11. Why Do Traders Overtrade?

• Bank Nifty March Future Open Interest Volume is at 20.4 lakh with addition of 0.89 Lakh, with increase in Cost of Carry suggesting long positions were added today. Bank nifty Rollover cost @25010, closed below it.
  

• 25000 CE is having highest OI @6.7 Lakh resistance at 24800 followed 25000.24000-26000 CE liquidated 0.60 lakh in OI so bears covered position at higher levels.

 

• 24000 PE is having highest OI @12.5 Lakh, strong support at 24000 followed by 24200.24000-27000 PE  added 0.68 lakh in OI so recent low of 24050 will remain strong base for some time.
  

 

• Bank Nifty Futures Trend Deciding level is 24421 (For Intraday Traders). BNF Trend Changer Level (Positional Traders) 24700.  How to trade Nifty Futures and Bank Nifty Futures as per Trend Changer Level . 

Buy above 24250 Tgt 24350,24500 and 24600 (Bank Nifty Spot Levels)

Sell below 24150 Tgt 24050,23900 and 23750 (Bank Nifty Spot Levels)