Bank Nifty holds 19320, fails to close above 19500, EOD Analysis

  •  As discussed in Last analysis  Till we are holding 19000 we can see move till 19318, momentum will come on close above 19318 for move till 19501/19732, Bears will get active below 19000 for a move till 18750. Low made today was 19162 and we did target of 19318 and momentum came above 19318 and did the target of 19501 as High made today was 19511.Big rise came today but we got early indication as 19000 was holding from past 2 days, Close above 19511 will see next move towards 19700. Trades should watch 19700 very closely for coming week as major trend change will happen above 19700 and we can see move towards 20000/20400 on upside and unable to close above 19700 can see fast fall towards 19000 again. Today was classic day of resistance becoming support as bulls used 19318 as support and bounced back, but were unable to close above 19500 , suggesting till 19318 is held we can trade in range of 19320-19500 and close above 19500 can see swift move towards 19700.  Bears will get active below 19200 for target of 19000/18800  Why Trading is a mental game


  • Bank Nifty Oct Future Open Interest Volume is at 18.9  lakh with liquidation of 0.63 lakh, with rise in Cost of Carry suggesting short positions were added today. Bank nifty closed below Rollover cost 19803 saw almost 1000 point correction  Do you know your Risk of Ruin in trading ?
  • 20000 CE is having highest OI @8.1 Lakh resistance at 20000. 19000-21000 CE saw addition of 1.1 lakh in OI so bears added aggresvely in 197000-20000 CE as 19700 will be line of resistance for Bulls.
  • 19000 PE is having highest OI @9.3 Lakh, strong support at 19000 followed by 18500, Bulls added 1.8 Lakh in OI in 18500-20500 PE  bulls added aggressively in 19000-19100 PE.

Buy above 19450 Tgt 19500,19600 and 19720 (Bank Nifty Spot Levels)

Sell below 19400 Tgt 19320,19200 and 19110 (Bank Nifty Spot Levels)

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