Bank Nifty corrects from Channel Resistance,EOD Analysis

By | March 28, 2016 7:40 pm
  •  As discussed in last analysis   Bank Nifty updated butterfly pattern is shown below, PRZ zone comes in range of 16000-16080, where we are also seeing shark pattern completion also shown below, so range of 16000-16080 is very very crucial till expiry. As seen in below chart, Bank nifty is also near the channel resistance which again forms resistance in range of 15980-16050, So traders needs to closely watch the range, Unable to break on closing basis can see correction till 15500, Low made today was 15522, Bank Nifty has reacted from channel resistance and also Butterfly pattern PRZ and also did 3 target of butterfly pattern, Now support is again in range of 15500-15381 and resistance above 15830.   Traders Success Model

Bank Nifty Butterfly Completion

  • Bank Nifty March Future Open Interest Volume is at 20 lakh with liquidation of 0.39 lakh, with increase in Cost of Carry suggesting short positions were closed today. Bank Nifty able to close above  Rollover price @14115 and gave 1800 Points. How To Identify Market Tops and Bottom
  • 16000 CE is having highest OI @10 Lakh resistance formation @16000. 15000-16000 CE added 3.3 lakh as bears are making wall of resistance at 16000.Maximum addition was seen @15700, so break and close of 15700 will first indication of nifty going bullish tomorrow.
  • 15500 PE is having highest OI @5.2 Lakh, strong support at 15500 followed by 15000, Bulls booked profit in 15500/16000 PE as OI decreased by 3.6 Lakh so bulls finally booked partial profit as bank nifty unable to move above 16000. 15500-16000 is range coming for next 2 days.

Buy above 15680 Tgt 15810,15890 and 16000 (Bank Nifty Spot Levels)

Sell below 15550 Tgt 15450,15310 and 15200(Bank Nifty Spot Levels)

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