Bank Nifty give Weekly close above 25500,EOD Analysis

By | November 4, 2017
  • As discussed in Last Analysis   Day for consolidation bank nifty traded in small range and made new life high and held on to 25400. Till 25200 is held bulls need to hold position and 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. Uptrend continues with bank nifty giving weekly closing above 25500. 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.   Over a cup of humani-tea

  • Bank Nifty Nov Future Open Interest Volume is at 21.4 lakh with addition of 1.32 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 @5.5 Lakh resistance at 25500 followed 26000.24500-26500 CE added 0.37 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 3.5 lakh in OI so bulls making strong support near 25000.

 

Buy above 25700 Tgt 25765,25850 and 25940 (Bank Nifty Spot Levels)

Sell below 25550 Tgt 25470,25380 and 25300 (Bank Nifty Spot Levels)

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