- As discussed in Last analysis Range of 19650-19732 is very crucial range unable to cross them we can see another downmove towards 19451 and 19300, Close above 19732 can see fast move till 19811 and above that 20000. High made today was 19747 and bank nifty turned back so bank nifty reacted for the zone of resistance, formed a doji pattern, Now bulls need a close above 19732 for a move till 19811 and 20000. Bears will now get upper hand only on break of 19451. Till we are forming higher highs and higher low no point in shorting bank nifty, stay on long side or stay on sidelines. Why Traders Suffer from Need to be in Trade Syndrome
- Bank Nifty Oct Future Open Interest Volume is at 19.3 lakh with addition of 0.24 lakh, with rise in Cost of Carry suggesting long positions were added today. Bank nifty closed below Rollover cost 19803 Do you know your Risk of Ruin in trading ?
- 20000 CE is having highest OI @7.6 resistance at 20000. 19000-21000 CE saw 2.77 lakh addition in OI so bears added aggressively in 20000-20500 CE.
- 19500 PE is having highest OI @4.3 Lakh, strong support at 19500 followed by 19000, Bulls added 1.9 Lakh in OI in 18500-20500 PE bulls held to 19500 level and added at lower range of 19000-19200 range.
Buy above 19700 Tgt 19777,19870 and 19991 (Bank Nifty Spot Levels)
Sell below 19620 Tgt 19550,19430 and 19330 (Bank Nifty Spot Levels)
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