Bank Nifty ready for a 500-800 points move,EOD Analysis

By | December 13, 2017
  • As discussed in Last Analysis   Bulls were stopped out, Time Cycle date showed it effect as soon as 25320 was broken bears took the charge and did our target of 25100 low made was 25108. Now bears need a close below 25100 for a the next down move towards 24920/24800. Bullish above 25250 for a move back towards 25390/25520. High made today was 25270 so bulls again got whipsawed and once below 25100 bears again took charge and corrected till 24938. Now tommrow is again time cycle date so low and high will be important also we can see trend change. Bullish above 25160 for a move towards 25270/25400. Bearish below 24900 for a move towards 24800/24650/24476/24000 Price has been struggling around gann angles so we should get 1000 points move in bank nifty also we have the event overhang of election results.  When Should a Trader avoid trading ?

  • Bank Nifty Dec Future Open Interest Volume is at 22 lakh with addition of 800, with increase in Cost of Carry suggesting Long positions were added today. Bank nifty Rollover cost @25844, closed below it.
  • 26000 CE is having highest OI @11.5 Lakh resistance at 26000 followed 26500.24500-26500 CE added 1 lakh in OI so bears added position at higher level making strong resistance in range of 25500-26000.

 

  • 25000 PE is having highest OI @13.4 Lakh, strong support at 25000 followed by 24800.24500-26500 PE liquidated  0.33 lakh in OI so bulls a ran for cover for another failed move to close above 25300.

 

Buy above 25070 Tgt 25150,25220 and 25300 (Bank Nifty Spot Levels)

Sell below 24930 Tgt 24870,24800 and 24720 (Bank Nifty Spot Levels)

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