Bank Nifty November Expiry Analysis

By | November 29, 2017
  • As discussed in Last Analysis  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. Low made was 25747 so bank nifty Bulls saved 25750 again. Range of 25920-25750 is the neutral zone, breakout/breakdown when this range breaks. In Between the range  buy lower sell higher. Bulls need a close above 25920 for the next move towards 26064/26300. Bearish below 25750 for a move towards 25620/25488/25350. As we have expiry tommrow and bank nifty near gann angle support as seen in below chart so we can see expiry fireworks.  Everyone can play

  • Bank Nifty Nov Future Open Interest Volume is at 17.1 lakh with liquidation of 3 Lakh, with decrease in Cost of Carry suggesting long positions were closed today. Bank nifty Rollover cost @24786,closed above it.
  • 26000 CE is having highest OI @20.4 Lakh resistance at 26000 followed 26500.24500-26500 CE added 4.1 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 liquidated 0.60 lakh in OI so bulls covered position at lower level making base in range of 25500-25550

 

Buy above 25820 Tgt 25870,25940 and 26020 (Bank Nifty Spot Levels)

Sell below 25730 Tgt 25670,25600 and 25500 (Bank Nifty Spot Levels)

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