- As discussed in Last Analysis Time Cycle effect was visible as after 11 Oct we saw a good trend reversal move, Now bulls need to move above 24400 for a move towards 24476/24545/24731. Bearish below 24300 for a move towards 24171/23984. We are up 800 points in 2 trading days showing the effect of time cycle and our scared number of 24476 as soon as it was broken big rally came and did all the targets on upside. Now till bulls are holding 24476 they will move towards 24912/25050/25200. Bearish below 24476 for a move towards 24300/24100. Are You a trader and a gambler
- Bank Nifty Oct Future Open Interest Volume is at 22.8 lakh with addition of 0.12 Lakh, with increase in Cost of Carry suggesting Long positions were added today. Bank nifty Rollover cost @24098 closed above,bounced 700 points.
- 25000 CE is having highest OI @7.3 Lakh resistance at 25000 followed 25200.23500-25500 liquidated 4 lakh in OI so bears ran for cover as soon as 24500 was broken.
- 24500 PE is having highest OI @15 Lakh, strong support at 24500 followed by 24300.23500-25500 added 7.5 lakh in OI so bulls making support in range of 24300-24500.
- Bank Nifty Futures Trend Deciding level is 24660 (For Intraday Traders). BNF Trend Changer Level (Positional Traders) 24224 How to trade Nifty Futures and Bank Nifty Futures as per Trend Changer Level .
Buy above 24720 Tgt 24776,24850 and 24920 (Bank Nifty Spot Levels)
Sell below 24610 Tgt 24550,24476 and 24410 (Bank Nifty Spot Levels)