Bank Nifty continue to make new highs, EOD Analysis

By | November 2, 2017
  • As discussed in Last Analysis  Time cycle helped us again in capturing the range breakout as we discussed yesterday,Price also bounced from gann angel, Bank Nifty opened above 25050 and as soon as 25200 was crossed zoomed towards the next target of 25560, High made was 25550. Till Bulls are holding 25193 bank nifty can further move towards 25832/25920/26154/26478. Bearish only on close below 25000.  Day for consolidation bank nifty traded in small range and made new life high and held on to 25400. Till 25200 is held bulls need to hold position and we can move towards 25832/25920/26154. 25832-25850 is an important zone as its gann resistance level. Bearish only on close below 25150 only.   The Secret To Day Trading Success

  • Bank Nifty Nov Future Open Interest Volume is at 20 lakh with liquidation of 0.51 Lakh, with decrease in Cost of Carry suggesting short positions were closed today. Bank nifty Rollover cost @24786,closed above it.
  • 25500 CE is having highest OI @6 Lakh resistance at 25500 followed 26000.24000-26000 CE added 1.92 lakh in OI so bears added position as bank nifty is near resistance of 25500.

 

  • 25000 PE is having highest OI @11.6 Lakh, strong support at 25000 followed by 24800.24000-26000 PE added 3.8 lakh in OI so bulls making strong support near 25000.

 

Buy above 25480 Tgt 25540,25630 and 25740 (Bank Nifty Spot Levels)

Sell below 24420 Tgt 24366,24290 and 24100 (Bank Nifty Spot Levels)

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4 thoughts on “Bank Nifty continue to make new highs, EOD Analysis

  1. Mahesh Phadke

    As per your post on 2nd Nov bears only below 25150.Today banknifty at 25650. So for learning purpose I have one question? If it doesn’t break 25150 no downside in future it will be always above 25150?

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