- As discussed in Last Analysis 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. We saw the effect of trend change date today as bank nifty corrected 300 point on same day, High made was 25695 so bank nifty bulls failed to move above 25700, As soon as 25400 was broken bears pushed nifty towards 25250 but failed to go below 25150, Till 25150 is held we can see bounce back again in the market till 25500/25700. Bearish below 25150 for a move towards 25000/24700. Over a cup of humani-tea
- Bank Nifty Nov Future Open Interest Volume is at 22.4 lakh with liquidation of 0.33 Lakh, with increase in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @24786,closed above it.
- 25500 CE is having highest OI @5.6 Lakh resistance at 25500 followed 26000.24500-26500 CE added 1.1 lakh in OI so bears added position as bank nifty finally closed below 25500.
- 25000 PE is having highest OI @16.5 Lakh, strong support at 25000 followed by 24800.24500-26500 PE added 5.3 lakh in OI so bulls making strong support near 25000 and used dips to add more positions.
- Bank Nifty Futures Trend Deciding level is 25484 (For Intraday Traders). BNF Trend Changer Level (Positional Traders) 25316. How to trade Nifty Futures and Bank Nifty Futures as per Trend Changer Level .
Buy above 25350 Tgt 25410,25480 and 25580 (Bank Nifty Spot Levels)
Sell below 25250 Tgt 25150,25080 and 25000 (Bank Nifty Spot Levels)