Bank Nifty Finally Close Above 29791,EOD Analysis

  • As Discussed in Last Analysis Bank Nifty facing resistance at vedic number 29791. Fresh long should be taken above 29791 for a move towards 29929/30125. Bank Nifty finally closed above 29791 now bulls can rally towards 29929/30125/30240. Bears will get active below 29600 for a move towards 29376/29240.22 Mar is important Astrological Event so High and Low of 22 March for next big move.

  • Bank Nifty March Future Open Interest Volume is at 24.4 lakh with liquidation of 1.9 Lakh, with increase in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @27064  closed above it,Low made Friday was 27051 and rallies 2500  points
  • 30500 CE is having highest OI @4.1 Lakh resistance at 30000 followed 30200.  27000-29000 CE added 7.3 Lakh in OI so bears  added  position  in the zone of 30000-30200
  • 29500 PE is having highest OI @5.8 Lakh, strong support at 29500 followed by 29300.26000-28000 PE added 8.1 Lakh OI so bulls making strong support in the range of 28800-29000.

Buy above 29870 Tgt 29930 ,30001 and  30125 (Bank Nifty Spot Levels)

Sell below 29780 Tgt 29690,29600 and 29530 (Bank Nifty Spot Levels)