Bank Nifty Bulls break 24270,EOD Analysis

By | October 10, 2017
  • As discussed in Last Analysis   Bank Nifty bulls were able to break the range on upside above 24270 but failed to close above it thus whipsawing traders. 10-11 Oct are important trend change dates so hopefully we can finally get a breakout/breakdown from this range. Bullish above 24270 for a move till 24358/24510/24700. Bearish below 23960 for a fall till 23800/23650. Finally we saw the breakout above 24270 and did the first target of 24358 on trend change date ,Now till 24270 is held we can move ahead till 24476/24600. Bearish below 24200 for a move till 24100/23963.  How Your Brain Stops You From Being A Trader

  • Bank Nifty Oct Future Open Interest Volume is at 21.9 lakh with addition of 0.31 Lakh, with decrease in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @24098 closed above it.

 

  • 24500 CE is having highest OI @6.8 Lakh resistance at 24500 followed 24300.23500-25500 liquidated 0.13 lakh in OI so bears losing over the range of 24300-24500.

 

  • 24000 PE is having highest OI @8.8 Lakh, strong support at 23800 followed by 24000.23500-25500 added 1.3 lakh in OI so bears making support in range of 23900-24000.

 

Buy above 24370 Tgt 24440,24500 and 24580 (Bank Nifty Spot Levels)

Sell below 24300 Tgt 24190,24110 and 24000 (Bank Nifty Spot Levels)

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