Bank Nifty continue to hold time cycle low of 25620,EOD Analysis

By | November 25, 2017
  • As discussed in Last Analysis  Low made today was 25620 so Bulls protected 25612 and High made was 25838 and bears protected 25832, so bank nifty trades between the high and low of trend change date and consolidation continues for 5 days, Testing time for traders, this kind of markets test the mental strength of traders those who survive with minimum loss and the ones rewarded in the next trending move, Whenever time cycle gets delayed by few days they will bigger move. Bullish above 25832 for a move towards 26064/26300. Bearish below 25612 for a move towards 25488/25350. High made today was 25849 and low made was 25749 and we continued in 6 day of consolidation with another DOJI, Time cycle low of 25620 is still not broken so underlying strength is bullish but we are not getting a breakout by closing above 25832.  25920 is another important vedic number just like 24476 which we have discussed many time before, So Bulls need a close above this number for a fast move of 300-500 points, Unable to close below it can see a decline of 300-500 point easily. Last time we hit 25920 on 17 Nov and corrected 300 points.  Plan remains the same Bullish above 25832 for a move towards 25920/26064/26300.Bearish below 25612 for a move towards 25488/25350. 7 is a beginning of new cycle and also 27 is another time cycle date so next 2 days we should get some good move. Everyone can play

  • Bank Nifty Nov Future Open Interest Volume is at 24.4 lakh with addition of 0.68 Lakh, with increase in Cost of Carry suggesting long positions were added today. Bank nifty Rollover cost @24786,closed above it.
  • 26000 CE is having highest OI @17.2 Lakh resistance at 26000 followed 26500.24500-26500 CE added 4.4 lakh in OI so bears added major position at higher level.

 

  • 25000 PE is having highest OI @12.6 Lakh, strong support at 25500 followed by 25000.24500-26500 PE added 4.1 lakh in OI so bulls added position at lower level making base in range of 25500-25550

 

Buy above 25800 Tgt 25870,25920 and 26040 (Bank Nifty Spot Levels)

Sell below 25740 Tgt 25630,25550 and 25460 (Bank Nifty Spot Levels)

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