Bank Nifty Ready for a Big Move

By | March 7, 2019 8:29 pm
  • As Discussed in Last Analysis We have closed above 27600 so waiting for target of 27790/27840/27920/28000. Bears will get active below 27460 for a move back to 27360/27225/27100. 27790 Done, Now Bulls need close above 27790 for a move towards 27840/27936/28080. Bears will get active below 27500 for a move back to 27360/27225/27100. We have Important Astro date on 08 Mar and 09 Mar is Gann 10 Year Cycle so expect good move in next 2 trading sessions.

  • Bank Nifty March Future Open Interest Volume is at 20.5 lakh with addition of 2.2 Lakh, with increase in Cost of Carry suggesting long positions were added today. Bank nifty Rollover cost @27064  closed above it,Low made Friday was 27051 and rallies 800 points
  • 28000 CE is having highest OI @4.73 Lakh resistance at 27900  followed 28000.  26000-28000 CE added 2.5 Lakh in OI so bears added position  in the zone of 27900-28000.
  • 27000 PE is having highest OI @4.6 Lakh, strong support at 27400 followed by 27200.26000-28000 PE added 2.6 Lakh OI so bulls making strong support in the range of 27400-27500.

Buy above 27820 Tgt 27890 ,27976 and 28060 (Bank Nifty Spot Levels)

Sell below 27720 Tgt 27650,27560 and 27490 (Bank Nifty Spot Levels)

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