Bank Nifty break 24476 and see free fall decline,EOD Analysis

By | April 4, 2018
  • As Discussed in Last Analysis   Low made today was 24254 so bulls protected 24250 and also closed above 24476 suggesting we can see a good upmove towards our target of  24750/24920/25000. Bearish below 24250 for a move towards 24100/24000. High made today was 24666 so bulls failed to do target of 24750 but as soon as 24476 broken we saw the big fall and break of 24250 added more fuel to fire doing our target of 24100 also. As we have RBI policy outcome tommrow around 2 PM Bears need to break 24050 for a move towards 23920/23760. Bullish above 24250 for a move back to 24476/24666. Important intraday time for reversal can be at 9:26/2:42. Trading Resolution for Financial Year 2018-19

  • Bank Nifty April Future Open Interest Volume is at 18.6 lakh with addition of 2.5 Lakh, with decrease in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @24358  closed above it.
  • 25000 CE is having highest OI @4.8 Lakh resistance at 24500 followed 25000.24000-26000 CE added 1.88 lakh in OI so bears added  position at 24800-25000.

 

  • 24000 PE is having highest OI @10.4 Lakh, strong support at 24000 followed by 23800.24000-26000 PE  added 3.67 lakh in OI so now 24000 will be tested tommrow and 1 hour below it can see fast fall till 23800-23760.

 

Buy above 24220 Tgt 24290,24400 and 24480 (Bank Nifty Spot Levels)

Sell below 24100 Tgt 24020,23920 and 24800 (Bank Nifty Spot Levels)

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2 thoughts on “Bank Nifty break 24476 and see free fall decline,EOD Analysis

  1. E J SANJAY

    THANKFUL FOR THE PAINS YOU TAKE TO EDUCATE PEOPLE THROUGH YR WEBSITE. I HAVE LEARNT A LOT BUT NOT MADE MONEY, AS I AM NOT VERY NIMBLE FOOTED TRADER AND AT TIMES DUE TO MY INCLINATION TO VEDIC ASTROLOGY . I AM SURE IN THE COMING DAYS I SHOULD BE A BETTER TRADER FOLLOWING YOUR ADVISES. SIR, CAN I EXPECT A WEEK END WRITE UP ON VEDIC NUMBERS WHICH YOU REFER TO QUITE OFTEN .

    WITH LOVE & BLESSING ,

    E J SANJAY

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