Will Bank Nifty be able to hold 24476,EOD Analysis

By | October 18, 2017
  • As discussed in Last Analysis   Bank Nifty made high of 24878 still not able to meet our target of 24912,hopefully should be done before Diwali, Close above 24928 will be big boosted for bulls and bank nifty will make new all time high as soon as we closed above 25200. Till we are holding 24500 all dips will be bought into, Word of Advise please do not short the market thinking it has gone to high, try to go with trend till it bend. Bank Nifty formed an Inside bar pattern consolidating in small range, Bears need to break 24476 for a fresh leg of correction, ammunition is present as axis bank came with bad set of numbers and bulls need a close above 24720 for a move towards 24929/25000.  Are You a trader and a gambler

  • Bank Nifty Oct Future Open Interest Volume is at 21  lakh with liquidation of 0.41 Lakh, with decrease in Cost of Carry suggesting long positions were closed today. Bank nifty Rollover cost @24098 closed above,bounced 700 points.

 

  • 25000 CE is having highest OI @8.8Lakh resistance at 25000 followed 25200.24000-26000 CE added 4.7 lakh in OI so bears added good amount of position as bank nifty unable to break 24800.

 

  • 24500 PE is having highest OI @16.7 Lakh, strong support at 24500 followed by 24300.24000-26000 PE added 1.6 lakh in OI so bulls booking profit in higher end of the range.

 

Buy above 24680 Tgt 24786,24875 and 24930 (Bank Nifty Spot Levels)

Sell below 24600 Tgt 24542,24438 and 24300 (Bank Nifty Spot Levels)

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