Bank Nifty corrects 400 points on break of 24476,EOD Analysis

By | October 22, 2017
  • As discussed in Last Analysis  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. Wishing all Readers a very very happy new year. We had a clear plan bearish below 24476 which is our sacred vedic number and has given good trades in last 2 months,  was broken on 18 Oct and we have a big fall on Muhurat day with bank nifty falling and doing our target of 23963 and also moved from 1 gann angle to another one as shown in below chart. Now Bullish   above 24120 for a move towards 24250/24476. Bearish bel0w 23900 for a move towards 23750/23600. Muhurat Trading: Vows Traders should make

  • Bank Nifty Oct Future Open Interest Volume is at 20  lakh with addition of 0.55 Lakh, with decrease in Cost of Carry suggesting short positions were closed today. Bank nifty Rollover cost @24098 closed below it.

 

  • 25000 CE is having highest OI @15  Lakh resistance at 24500 followed 25000.24000-26000 CE added 22.7  lakh in OI so bears added good amount of position as bank nifty broke 24476.

 

  • 24500 PE is having highest OI @16.4 Lakh, strong support at 24500 followed by 24300.24000-26000 PE added 2.9 lakh in OI so bulls added at lower end.

 

Buy above 24120 Tgt 24170,24255 and 24300 (Bank Nifty Spot Levels)

Sell below 23963 Tgt 23900,23800 and 23720 (Bank Nifty Spot Levels)

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One thought on “Bank Nifty corrects 400 points on break of 24476,EOD Analysis

  1. Visesh Sampurvadakarai

    “Bearish bel0w 24900 for a move towards 23750/23600” I guess you mean Bearish below 23900 ?

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