Bank Nifty EOD Analysis for 06 March

• As Discussed in Last Analysis Bank Nifty closed below 24964 and should do the lower target of 24768. Bullish above 24912 for a move towards 25056/25250. 25000. Confluence of important time cycle date is coming on 02-04 March. Bank Nifty is near price time squaring level as both price and time are meeting good move will be seen next week. Bank Nifty did the lower target of 24768. As we have passed the confluence date so today high and low are very important. Break of 24880 can see fast move towards 25056/25250. Bearish below 24680 for a move towards 24500/24250. Important intraday time for reversal can be at 10:39/1:34. Trading Capital Required For New Traders

• Bank Nifty March Future Open Interest Volume is at 17.1 lakh with addition of 0.02 Lakh, with increase in Cost of Carry suggesting long positions were added today. Bank nifty Rollover cost @25010, closed below it.
  

• 26000 CE is having highest OI @7.3 Lakh resistance at 25500 followed 26000.25000-27000 CE added 3.2 lakh in OI so bears added position at higher levels.

 

• 25000 PE is having highest OI @5.3 Lakh, strong support at 25000 followed by 24800.24000-27000 PE  added  0.17 lakh in OI support at 24600-24700.
  

 

• Bank Nifty Futures Trend Deciding level is 24802 (For Intraday Traders). BNF Trend Changer Level (Positional Traders) 25200.  How to trade Nifty Futures and Bank Nifty Futures as per Trend Changer Level . 

Buy above 24820 Tgt 24900,24982 and 25080 (Bank Nifty Spot Levels)

Sell below 24777 Tgt 24710,24620 and 24520 (Bank Nifty Spot Levels)