Banknifty weekly expiry forecast.

BankNifty closed at 28884. High made 28927 and Low 28353

Daily CandleBig Bullish on Daily Chart

Interpretation of Banknifty Open Interest Data:

Banknifty has a maximum Open Interest on Call side is 6.04 Lakh at Strike Price 29000 followed by 5.01 Lakh OI at 29100 & maximum Open Interest on Put side is 4.24 Lakh at Strike Price 28800 followed by 5.58 Lakh at 28500.  So Upper side 29000,29100 is resistance  &  28800 ,28500 is strong support

Banknifty weekly expiry Range: 29100 to 28500


India VIX is at 15.28 (1.19% Up) and weekly PCR 1.71

Banknifty Daily Candlestik chart
Banknifty Daily Candlestick chart


Banknifty Daily chart has formed a strong bullish candle. Tomorrow is weekly expiry.
For continuous uptrend, bulls need to close above 28953 on 15 min chart otherwise bear will take towards 28800, 28700.

Strategy 


Weekly: Sell Banknifty 14th March 28500 PE: CMP 15

Intraday:


Buy above 28953 Target  29016  29088  29160  29232

Sell below 28827 Target  28764  28701  28638  28575

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