Bank Nifty Analysis for 23 March

By | March 22, 2021 8:47 pm
  • As Discussed in Last Analysis  For uptrend to continue Bulls need to move above 34360 for a move back to 34555/34729/34400/34950. Bears will get active below 34040 for a move back to 33860/33666/33444/33222.High made was 34148 so bulls unable to break 34360 and bears once below 34040 did 33444 pn downside. Now Bulls need to move above 34714 for a move back to 34900/34040/34300. Bears below 33555 can see quick fall towards 33278/33100/32920/32800.

  • Bank Nifty March Future Open Interest Volume is at 13.1 lakh with liquidation of 0.30 Lakh, with increase in Cost of Carry suggesting LONG positions were closed today. Bank nifty Rollover cost @35984 closed below it.
  • 35000 CE is having highest OI @10.1  Lakh resistance at 35000 followed 35500.34000-36000 CE added 7.3 Lakh in OI so bears added position in the zone of 34000-34500.
  • 33000 PE is having highest OI @8.4 Lakh, strong support at 33500 followed by 33000 .34000-36000 PE added 8 Lakh OI so bulls making support in the range of 33000-33500.

Buy Above 33666 Tgt 33769,33890 and 34040 (Bank Nifty Spot Levels)

Sell Below 33555 Tgt 33400,33278 and 33100 (Bank Nifty Spot Levels)

Category: Bank Nifty Astrology

About Bramesh

Bramesh Bhandari has been actively trading the Indian Stock Markets since over 15+ Years. His primary strategies are his interpretations and applications of Gann And Astro Methodologies developed over the past decade.

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