Bank Nifty Bulls give trending move Holding 25620,EOD Analysis

By | November 27, 2017
  • As discussed in Last Analysis  Bearish below 25612 for a move towards 25488/25350. High made today was 25849 and low made was 25749 and we continued in 6 day of consolidation with another DOJI, Time cycle low of 25620 is still not broken so underlying strength is bullish but we are not getting a breakout by closing above 25832.  25920 is another important vedic number just like 24476 which we have discussed many time before, So Bulls need a close above this number for a fast move of 300-500 points, Unable to close below it can see a decline of 300-500 point easily. Last time we hit 25920 on 17 Nov and corrected 300 points.  Plan remains the same Bullish above 25832 for a move towards 25920/26064/26300.Bearish below 25612 for a move towards 25488/25350. 7 is a beginning of new cycle and also 27 is another time cycle date so next 2 days we should get some good move.  Bank Nifty opened gap down made low of 25673 bulls again protected 25620, and also as soon as 25832 was taken out we did the first target of 25920. Also we saw the trending move as per our expectation. We are very close to our sacred number of 25920, Bulls need a close above it for the next move towards 26064/26300. Bearish below 25612 for a move towards 25488/25350. Everyone can play

  • Bank Nifty Nov Future Open Interest Volume is at 22.7 lakh with liquidation of 1.7 Lakh, with increase in Cost of Carry suggesting long positions were added today. Bank nifty Rollover cost @24786,closed above it.
  • 26000 CE is having highest OI @15.1 Lakh resistance at 26000 followed 26500.24500-26500 CE liquidated 1.9 lakh in OI so bears covered position at higher level as bank nifty continue holding 25520.

 

  • 25000 PE is having highest OI @13.3 Lakh, strong support at 25500 followed by 25000.24500-26500 PE added 8.9 lakh in OI so bulls added position at lower level making base in range of 25500-25550

 

Buy above 25931 Tgt 25991,26080 and 26160 (Bank Nifty Spot Levels)

Sell below 25860 Tgt 25800,25730 and 25620 (Bank Nifty Spot Levels)

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