Bank Nifty ready for range breakout,EOD Analysis

By | October 31, 2017
  • As discussed in Last Analysis  Bank Nifty bounced from lower end of the gann angle and also held the time cycle low of 24798 low made today was 24808 but again failed to close above 25050. As we have monthly closing tommrow,Close above 25050 will be bullish for November month. Bullish above 25050 for  next move towards 25200/25560/25920. Below 24928 bears have upper hand can push nifty towards 24600/24476/24000. Bank Nifty made another failed attempt to close above 25050 but bears also failed to break 24928, so we are in neutral zone till we do not close above 25050/24928. 02 Nov is again an important turn date so we can see effect tommrow or on 02 Nov.   Do everything with trust

  • Bank Nifty Nov Future Open Interest Volume is at 17 lakh with liquidation of 0.37 Lakh, with decrease in Cost of Carry suggesting long positions were closed today. Bank nifty Rollover cost @24786,closed above it.
  • 25000 CE is having highest OI @5.3 Lakh resistance at 25000 followed 25500.24000-26000 CE added 0.14  lakh in OI so bears added small position as bank nifty close below 25050.

 

  • 24500 PE is having highest OI @13.3 Lakh, strong support at 24000 followed by 23800.24000-26000 PE added 0.49 lakh in OI so bulls added position in lower end of range.

 

Buy above 25025 Tgt 25080,25160 and 25220 (Bank Nifty Spot Levels)

Sell below 24930 Tgt 24860,24750 and 24680 (Bank Nifty Spot Levels)

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3 thoughts on “Bank Nifty ready for range breakout,EOD Analysis

  1. Ashish

    I think you meant 2 Nov instead of 2 Dec “02 Dec is again an important turn date so we can see effect tomorrow or on 02 Nov”. Is that right Sir?

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