Bank Nifty does Price Time Squaring and gave big move

By | September 23, 2017
  • As discussed in Last Analysis   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.  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.  “Giving” it the way Karna does…

  • Bank Nifty Sep Future Open Interest Volume is at 19.7 lakh with liquidation of 2.7 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 @15 Lakh resistance at 25000 followed 25300. 24000-26000 CE added 22 lakh so bears added major position  in 24700/24800 CE.

 

  • 24000 PE is having highest OI @17.1 Lakh, strong support at 24000 followed by 24500, Bulls liquidated 1.1 Lakh position in OI in range of 24000-26000.No Major panic in bull camp today but if we break 24300 on Monday another big fall can be seen.

 

Buy above 24400 Tgt 24470,24540 and 24700 (Bank Nifty Spot Levels)

Sell below 24340 Tgt 24250,24150 and 24001 (Bank Nifty Spot Levels)

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