Bank Nifty Analysis for RBI Event

By | October 3, 2017
  • As discussed in Last Analysis   Range of 23963-24270 will be a dicey range to trade with, So breakout trades should long above 24270 for a move till 24358/24480/24750. Bearish below 23960 for a move till 23780/23510. 04 Oct is crucial trend change date as per time cycle. Low made was 24007 and high made was 24226 so the range of 23963-24270 is still maintained. Bullish above 24270 for a move till 24358/24510/24700. Bearish below 23960 for a fall till 23800/23650. 04 Oct is time cycle date and also price is stuck in gann arc, so impulsive move round the corner  Trading using AVERAGE TRUE RANGE

  • Bank Nifty Oct Future Open Interest Volume is at 23.3  lakh with addition of 0.40 Lakh, with increase in Cost of Carry suggesting long positions were added today. Bank nifty Rollover cost @24098 closed above it.

 

  • 24500 CE is having highest OI @6.9 Lakh resistance at 24500 followed 24300.23500-25500 added 2.3  lakh in OI so bears making resistance in range of 24300-24500.

 

  • 24000 PE is having highest OI @6.2Lakh, strong support at 23800 followed by 24000.23500-25500 added 1.8 lakh in OI so bulls making support in range of 24300-24500.

 

Buy above 24150 Tgt 24215,24330 and 24450 (Bank Nifty Spot Levels)

Sell below 23960 Tgt 23870,23740 and 23600 (Bank Nifty Spot Levels)

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