Bank Nifty whipsaw both bulls and bears,EOD Analysis

By | January 2, 2018
  • As Discussed in Last Analysis  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. 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. Traders New Year’s Resolutions for 2018

  • Bank Nifty Jan Future Open Interest Volume is at 13.4 lakh with addition of 0.38 Lakh, with decrease in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @25671, closed below it and corrected 400 points.
  • 26000 CE is having highest OI @11.9 Lakh resistance at 26000 followed 25800.24500-26500 CE added 1.26 lakh in OI so bears added position in 25800-26000.

 

  • 25000 PE is having highest OI @7.4 Lakh, strong support at 25200 followed by 25000.24500-26500 PE added 1.9  lakh in OI so still strong support at 25200-25000.

 

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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