Bank Nifty corrects on time cycle date,EOD Analysis

By | September 21, 2017
  • As discussed in Last Analysis   Low made today was 24938 so bulls again protected 24940 but failed to close above 25000, so we closed in neutral zone before the outcome of Fed policy also as seen in below chart we closed at the trend change date so expect a good move in bank nifty in coming 2 trading sessions. Bullish above 25050 for a move towards 25281/25532. Bearish below 24900 for a move towards 24700/24480. Bank Nifty gave the big move as we were expecting near turn date and also made low of 24706 near our target of 24700 and bounced back as its was gann angle support, Now Bulls need to move above 24800 for a move towards 24994/25198. Bearish below 24700 for a move towards 24480/24250. 23 Sep is an important time cycle date,effect will be seen either tomorrow or Monday.     Unlock your Trading Success

  • Bank Nifty Sep Future Open Interest Volume is at 22.5 lakh with liquidation of 0.45 Lakh, with increase in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @24345 closed above it rallied 900 points above it.

 

  • 25500 CE is having highest OI @7.6 Lakh resistance at 25500 followed 25300. 24000-26000 CE added 15.7 lakh so bears added major position  in 25200/25300 CE.

 

  • 24000 PE is having highest OI @17.3 Lakh, strong support at 24000 followed by 24500, Bulls added 5.8 Lakh position in OI in range of 24000-26000.

 

Buy above 24840 Tgt 24920,25000 and 25120 (Bank Nifty Spot Levels)

Sell below 24740 Tgt 24670,24560 and 24480 (Bank Nifty Spot Levels)

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4 thoughts on “Bank Nifty corrects on time cycle date,EOD Analysis

  1. Rags

    Dear Sir,

    Cycle was from 11th September to 21st right (9 days).

    New time cycle from today?

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