Will Bank Nifty give Weekly close above 21000,EOD Analysis

By | March 23, 2017 11:33 pm
  • As discussed in Last Analysis  Now Bulls should keep eye on 20870 levels, above it only we can see move towards 21000/21200. Bearish below 20720 for a move till 20670/20550. Low made today was 20775 and High made was 20934 and closed above 20870. Now Bank Nifty should move towards 20981/21093/21205 another attempt to close above the gann angle. Bulls will try to give Weekly close above 21000. Bearish below 20720 for a move towards 20670/20550. Successful traders have a lot to learn from sportsmen

  • Bank Nifty March Future Open Interest Volume is at 20.4 lakh with liquidation  of 0.18 Lakh, with decrease in Cost of Carry suggesting short positions were closed today. Bank nifty Rollover cost @20877, closed above it.
  • 21500 CE is having highest OI @7 Lakh resistance at 21500. 20000-22000 CE saw addition of 9.2 lakh in OI suggesting bears are again wresting control over 21300-21500.
  • 20500 PE is having highest OI @11.2 Lakh, strong support at 20500 followed by 21000, Bulls added Huge 8.6 Lakh position in OI in range of 20000-22000 suggesting 20500 strong support.

Buy above 20970 Tgt 21020,21100 and 21200 (Bank Nifty Spot Levels)

Sell below 20840 Tgt 20800,20710 and 20650 (Bank Nifty Spot Levels)

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