Bank Nifty Bulls get whipsawed again,EOD Analysis

By | January 3, 2018
  • As Discussed in Last Analysis  High made was 25426 and low made was 25233 so bank nifty bulls and bears both got whipsawed today, with bank nifty breaking both range but not giving any move. Tomorrow is another important time cycle date so we should get the trending move. No Change in Plan Bullish above 25400 for a move towards 25510/25770. Bearish below 25250 for a move towards 25120/24951. Bank Nifty opened with gap up above 25400 also failed to give trending move  low made was 25300 so 25250 was protected again again bulls got whipsawed above 25400, Last 2 days have been very taxing for traders and mental strength is tested, eventual rewards after this sideways move will also be rewarding. Till time cycle low of 25250 is held bulls have upper hand. Bullish above 25400 for a move towards 25510/25770. Bearish below 25250 for a move towards 25120/24951.    How to deal with Whipsaw in trading

  • Bank Nifty Jan Future Open Interest Volume is at 15.4 lakh with addition of 1.9 Lakh, with increase in Cost of Carry suggesting long positions were added today. Bank nifty Rollover cost @25671, closed below it.
  • 26000 CE is having highest OI @11.7 Lakh resistance at 26000 followed 25800.24500-26500 CE added 0.52 lakh in OI so bears added position in 25800-26000.

 

  • 25000 PE is having highest OI @7.3 Lakh, strong support at 25200 followed by 25000.24500-26500 PE liquidated 0.53  lakh in OI but still strong support at 25200-25000.

 

Buy above 25360 Tgt 25410,25470 and 25520 (Bank Nifty Spot Levels)

Sell below 25300 Tgt 25230,25150 and 25020 (Bank Nifty Spot Levels)

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