Bank Nifty Bears get 200 points below time cycle low,EOD Analysis

By | April 21, 2018
  • As Discussed in Last Analysis Bank Nifty made high of 25207 at opening and low of 25050 so traded in our range on time cycle date and preparing ground for a 200-300 pointer trade when the high of TC date is broken or low is broken. Long above 25210 for a move towards 25333/25444/25555. Bearish below 25050 for a move back towards 24970/24890. High made today was 25126 so 25200 was not broken and once 25050 was broken bears did the 200 pointer trade as per time analysis as we discussed. Now Bulls need close above 25000 for a move back towards 25120/25200/25560. Bearish below 24840 for 24768/24624/24500. Bank Important intraday time for reversal can be at 10:06/ 2:06 .  Trading Resolution for Financial Year 2018-19

  • Bank Nifty April Future Open Interest Volume is at 18.3 lakh with addition of 0.01 Lakh, with increase in Cost of Carry suggesting long positions were added today. Bank nifty Rollover cost @24358  closed above it and rallied 1000 points.
  • 25500 CE is having highest OI @9.3 Lakh resistance at 25500 followed 25700.24000-26000 CE added 10 lakh in OI so bears added  position at higher level.

 

  • 24500 PE is having highest OI @11.9 Lakh, strong support at 24600 followed by 24500.24000-26000 PE  added 8.1  lakh in OI so bulls made strong support in range of 24800-24600.

 

Buy above 24970 Tgt 25050,25130 and 25250 (Bank Nifty Spot Levels)

Sell below 24920 Tgt 24820,24700 and 24590 (Bank Nifty Spot Levels)

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