Bank Nifty does range breakout on Turn Date,EOD Analysis

By | November 1, 2017
  • As discussed in Last Analysis  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 tomorrow or on 02 Nov. 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. The Secret To Day Trading Success

  • Bank Nifty Nov Future Open Interest Volume is at 20.5 lakh with addition of 3.5 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 @5.6 Lakh resistance at 25500 followed 26000.24000-26000 CE added 0.95 lakh in OI so bears added small position as bank nifty is near resistance of 25500.

 

  • 24500 PE is having highest OI @10.6 Lakh, strong support at 24500 followed by 25000.24000-26000 PE added 2.5 lakh in OI so bulls making strong support near 25000

 

Buy above 25560 Tgt 25660,25750 and 25830 (Bank Nifty Spot Levels)

Sell below 25450 Tgt 25386,25290 and 25100 (Bank Nifty Spot Levels)

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One thought on “Bank Nifty does range breakout on Turn Date,EOD Analysis

  1. Narayanan

    Buy above looks ok.sell below should be 25450 tgt25386,25290, 25100. Would request you to take care of typo errors which should be avoided when the levels are so accurate. Thank you.

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