Bank Nifty bounce from lower end of range,EOD Analysis

By | October 7, 2017
  • As discussed in Last Analysis   Low made was 24033 and high made was 24188 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.  price is stuck in gann arc/gann angle, so impulsive move round the corner, Time Cycle effect of 04 Oct will be seen in next 2-3 days. Low made was 24074 and high made was 24242 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.Price again bounced from the lower end of gann angle but still unable to break the range. Trade the range buy low sell high with SL till range breaks. Take responsibility for your actions.

  • Bank Nifty Oct Future Open Interest Volume is at 21.2 lakh with liquidation of 1.40 Lakh, with increase in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @24098 closed above it.

 

  • 24500 CE is having highest OI @7.8 Lakh resistance at 24500 followed 24300.23500-25500 added 1.4 lakh in OI so bears making resistance in range of 24300-24500.

 

  • 24000 PE is having highest OI @7.2 Lakh, strong support at 23800 followed by 24000.23500-25500 added 0.41 lakh in OI so bears making support in range of 23900-24000.

 

Buy above 24180 Tgt 24250,24330 and 24420 (Bank Nifty Spot Levels)

Sell below 24140 Tgt 24090,24010 and 23920 (Bank Nifty Spot Levels)

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