- As discussed in Last Analysis 07-08 November is again another important time cycle date, so trend reversal can be seen around these date. Last time cycle turn date we rallied almost 600 points from 01 November. Best way to ride uptrend is to trail position. Till 25400 is held bulls 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. Another day of consolidation bank nifty forming gravestone doji and also double top both requiring a follow up move, We are heading towards important time cycle cluster of 07-08 Nov which will decide the next market move. Break of 25700 we can see fast move towards 25832-25850 where gann angle resistance lies as seen in below chart. Till 25400 is held bulls 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. Over a cup of humani-tea
- Bank Nifty Nov Future Open Interest Volume is at 22.8 lakh with addition of 1.4 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 @5.4 Lakh resistance at 25500 followed 26000.24500-26500 CE added 0.14 lakh in OI so bears added small position as bank nifty is in strong uptrend.
- 25000 PE is having highest OI @16.5 Lakh, strong support at 25000 followed by 24800.24000-26000 PE added 0.77 lakh in OI so bulls making strong support near 25000.
- Bank Nifty Futures Trend Deciding level is 25636 (For Intraday Traders). BNF Trend Changer Level (Positional Traders) 25295. How to trade Nifty Futures and Bank Nifty Futures as per Trend Changer Level .
Buy above 25600 Tgt 25680,25750 and 25840 (Bank Nifty Spot Levels)
Sell below 25500 Tgt 25430,25340 and 25250 (Bank Nifty Spot Levels)