Will Bank Nifty bulls protect 24780,EOD Analysis

By | December 6, 2017
  • As discussed in Last Analysis   Fresh shorts should be taken below 24920 for a move towards 24780-800 where strong support lies. Bullish above 25150 for a move towards 25300/ 25450. High made was 25077 so bulls did not get activated bears below 24920 did 24813.  Now tommrow being weekly expiry range of 24780-800 is very important, break of the range and we will fall till 24476 as we are trading below the gann angle. Bullish above 25100 only. The ‘formula’ for trading Success :Consistency

  • Bank Nifty Dec Future Open Interest Volume is at 21.5 lakh with addition of 3  Lakh, with decrease in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @25844, closed below it.
  • 26000 CE is having highest OI @8.3 Lakh resistance at 26000 followed 26500.24500-26500 CE added 3.4 lakh in OI so bears added position at higher level making strong resistance in range of 25000-25200.

 

  • 25000 PE is having highest OI @128 Lakh, strong support at 24800 followed by 24500.24500-26500 PE added  1.3 lakh in OI so bulls added position at lower level as bank nifty is trading well below 25000, now bulls unable to close above 25000 can see panic fall of 200-300 points easily.

 

Buy above 24870 Tgt 24930,25010 and 25100 (Bank Nifty Spot Levels)

Sell below 24800 Tgt 24750,24650 and 24550 (Bank Nifty Spot Levels)

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