Bank Nifty gave fast fall below 25400,EOD Analysis

By | January 1, 2018
  • As Discussed in Last Analysis  Bulls did a close above 25510 Holding 25400 gunner support as shown in below chart,now heading towards 25770/25920. Bearish below 25400 for a move towards 25250/25101/25450. As per Yearly outlook 01-03 Jan are important date good move can be seen on those days. Bulls failed to do target of 25770, bears were vengeful as soon as 25400 broken and made low of 25271 near our target of 25250, Time cycle also showed the effect with a fast fall. Now we are near an important price support zone of 25250 and also near time cycle confluence of 01-03 Jan so we can see price time squaring and another good move. Bullish above 25400 for a move towards 25510/25770. Bearish below 25250 for a move towards 25120/24951.   Traders New Year’s Resolutions for 2018

  • Bank Nifty Jan Future Open Interest Volume is at 13.1 lakh with addition of 6.1 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 @11.5 Lakh resistance at 26000 followed 25800.24500-26500 CE liquidated  0.22  lakh in OI so bears used the dip today to cover position and still strong resistance at 26000.

 

  • 25000 PE is having highest OI @7.1 Lakh, strong support at 25200 followed by 25000.24500-26500 PE added 3.97  lakh in OI so still strong support at 25200.

 

Buy above 25340 Tgt 25390,25470 and 25520 (Bank Nifty Spot Levels)

Sell below 25250 Tgt 25150,25080 and 25000 (Bank Nifty Spot Levels)

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