Bank Nifty makes another failed attempt to close above 25920,EOD Analysis

By | November 28, 2017
  • As discussed in Last Analysis   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. Low made was 25795 but close was above 25832 suggesting bulls are in control and see another up move towards 25920, but today is another day we went above 25920 but again failed to close above it. , Bulls need a close above 25920  for the next move towards 26064/26300. Bearish below 25750 for a move towards 25620/25488/25350.  Everyone can play

  • Bank Nifty Nov Future Open Interest Volume is at 20.1 lakh with liquidation of 2.6 Lakh, with decrease in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @24786,closed above it.
  • 26000 CE is having highest OI @17.4 Lakh resistance at 26000 followed 26500.24500-26500 CE added 9.8 lakh in OI so bears added position at higher level as bank nifty continue to trade below 25920.

 

  • 25000 PE is having highest OI @13.4 Lakh, strong support at 25500 followed by 25000.24500-26500 PE added 0.15 lakh in OI so bulls added position at lower level making base in range of 25500-25550

 

Buy above 25870 Tgt 25931,26020 and 26092 (Bank Nifty Spot Levels)

Sell below 25770 Tgt 25710,25620 and 25000 (Bank Nifty Spot Levels)

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