Bank Nifty continue to trade above 19700,EOD Analysis

By | October 24, 2016
  •  As discussed in Last analysis   Close above 19511 will see next move towards 19700. Traders 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. Fridays close was 19710 above 19700 High made today was 19898 and low made was 19750 so Bank nifty continue to trade above 19700 and moved higher. Till 19700 is held we can see move towards 20000/20400. Bearish only on close below 197000 for target of 19500/19200. Tomorrow is important date as per time analysis and impulsive move can be seen in next 3-4 days  Want to be a Good trader Move out of your comfort zone

breakout

  • Bank Nifty Oct Future Open Interest Volume is at 18.22  lakh with liquidation of 0.20 lakh, with rise in Cost of Carry suggesting short positions were added today. Bank nifty closed above Rollover cost 19803 expect another impulsive in next 2 days. Do you know your Risk of Ruin in trading ?
  • 20000 CE is having highest OI @10.3 Lakh resistance at 20000. 19000-21000 CE saw addition of 8 lakh in OI so bears added aggressively in 197000-20000 CE as 20000 will be line of resistance for Bulls as 19700 is crossed.
  • 19000 PE is having highest OI @11.7 Lakh, strong support at 19000 followed by 18500, Bulls added 5.8 Lakh in OI in 18500-20500 PE  bulls added aggressively in 19200-19300 PE.

Buy above 19900 Tgt 19964,20030 and 20120 (Bank Nifty Spot Levels)

Sell below 19750 Tgt 19675,19520 and 19350 (Bank Nifty Spot Levels)

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2 thoughts on “Bank Nifty continue to trade above 19700,EOD Analysis

  1. Bramesh Post author

    Please read the analysis we have clearly mentioned the course of action in bank nifty

  2. suchandra

    Is there any chance to break the 20000 points in this week?

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