Will Bank Nifty Bulls protect 24000,EOD Analysis

By | September 25, 2017
  • As discussed in Last Analysis   Its a Deja Vu  trade in bank nifty today everything was so perfect High made was 24709 as soon Bank Nifty was below 24700 big fall started towards 24480, When both time and price meet big move happens, another good example we saw today, 23 Sep effect  was seen today as we closed below our Divine Number of 24480 which has give very good trades in last 2 months, so till we are trading below 24480 we can see fall towards 24151/23963. Bullish above 24510 for a move towards 24800. Fall continues and went towards our next target of 24151 but was not able to ultimate target of 23963 should be done tommrow. Fresh shorts should be taken below 23963 for next move towards 23755/23540. Bullish above 24367 for a move towards 24480/24650.   Do You Stick to Losing Positions in Trading ?

  • Bank Nifty Sep Future Open Interest Volume is at 18 lakh with liquidation of 1.7 Lakh, with decrease in Cost of Carry suggesting short positions were closed today. Bank nifty Rollover cost @24345 closed above it corrected  300 points below it.

 

  • 25000 CE is having highest OI @14.8 Lakh resistance at 24500 followed 25000. 24000-26000 CE added 10.3 lakh so bears added major position  in 24500/24300 CE.

 

  • 24000 PE is having highest OI @15 Lakh, strong support at 24000 followed by 24500, Bulls liquidated 8.1 Lakh position in OI in range of 24000-26000.

 

Buy above 24200 Tgt 24270,24340 and 24470 (Bank Nifty Spot Levels)

Sell below 24100 Tgt 24015,23900 and 23820 (Bank Nifty Spot Levels)

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