- As discussed in Last Analysis Now Bullish above 24120 for a move towards 24250/24476. Bearish bel0w 23900 for a move towards 23750/23600. Low made was 23912 so bank nifty bears unable to continue the downtrend as 23900 was not broken, Bulls also unable to close 24120, HDFC Bank which was 34% weightage in bank nifty will be declaring results tommrow. As today was time cycle turn date so Bulls will get active above 24151 for a move towards 24250/24476. Bearish below 23900 for a move towards 23750/23600. Nifty bulls closed above time cycle date high of 24151, also held on to gann angle for 3 time did the first target of 24250 and should do 24476-24526 by tommrow based on the government announcement of Bank recapitalization, As i said before Time cycle understanding gives the extra edge, Above 24526 we can move towards 24731/24918. Bearish below 24000 only. Muhurat Trading: Vows Traders should make
- Bank Nifty Oct Future Open Interest Volume is at 16.7 lakh with liquidation of 0.38 Lakh, with decrease in Cost of Carry suggesting short positions were closed today. Bank nifty Rollover cost @24098 closed above it.
- 25000 CE is having highest OI @15.4 Lakh resistance at 24500 followed 25000.24000-26000 CE added 0.22 lakh in OI so bears did not add aggressively
- 24500 PE is having highest OI @12.3 Lakh, strong support at 24000 followed by 23800.24000-26000 PE liquidated 3.8 lakh in OI so bulls covered positions in the rise today.
- Bank Nifty Futures Trend Deciding level is 24225 (For Intraday Traders). BNF Trend Changer Level (Positional Traders) 24270 How to trade Nifty Futures and Bank Nifty Futures as per Trend Changer Level .
Buy above 24332 Tgt 24400,24476 and 24593 (Bank Nifty Spot Levels)
Sell below 24180 Tgt 24070,23960 and 23880 (Bank Nifty Spot Levels)