Bank Nifty Analysis for Muhurat Trading

By | October 30, 2016
  •  As discussed in Last analysis Low made today 19252 so 19300 also done,today low is near gann angle suggesting we can see upmove till 19700 and if sustained can see move till 20K, again not able to cross 19700 we can see fall till 19000 in next round of correction. Bank Nifty took support near gann angles as shown in below chart, Holding 19500 we can see upmove towards 19700 but Bulls will get active only above 19700 for quick move towards 19900/20000. Bears below 19500 can quickly push towards 19300/19000.   Muhurat Trading: Vows Traders should make to avoid loss in coming Year

bank-nifty-breakdown

  • Bank Nifty Nov Future Open Interest Volume is at 15.3 lakh with liquidation of 0.24 lakh, with rise in Cost of Carry suggesting long positions were closed on Friday. Bank nifty closed below Rollover cost 19750. Do you know your Risk of Ruin in trading ?
  • 20000 CE is having highest OI @10.5 Lakh resistance at 20000. 19000-21000 CE saw addition of 6 lakh in OI so bears added aggressively in 19700-20000 CE as 19700 will be line of resistance for Bulls for expiry day.
  • 19000 PE is having highest OI @10.5 Lakh, strong support at 19000 followed by 19300, Bulls liquidated 7 Lakh in OI in 18500-20500 PE  bulls ran for cover  19500-19700 PE.

Buy above 19590 Tgt 19650,19725 and 19850 (Bank Nifty Spot Levels)

Sell below 19500 Tgt 19420,19360 and 19250 (Bank Nifty Spot Levels)

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