Bank Nifty rallies 400 points above 25050,EOD Analysis

By | April 29, 2018
  • As Discussed in Last Analysis  As seen below we are stuck in the range and bulls need a close above 25050 for a move towards the higher end of range ie. 25250/25400/25555. Bearish below 24920 for a move back towards 24768/24500/24220. Low made was 25050 so as soon as 25050 was broken bank nifty rallied and did our 2 target of 25250/25400. Now bulls need to hold 25250  and close above 25441 for the up move to continue towards 25555/25777/25920 our important vedic number. Bearish below 25200 only for a move back to 25000. Bank Important intraday time for reversal can be at 09:32/ 2:30. Importance of Trading psychology in trading

  • Bank Nifty May Future Open Interest Volume is at 24.7 lakh with addition of 3.98 Lakh, with increase in Cost of Carry suggesting long positions were added today. Bank nifty Rollover cost @24969  closed above it and rallied 400 points.
  • 25500 CE is having highest OI @3.8 Lakh resistance at 25500 followed 25800.24000-26000 CE added 2.3 lakh in OI so bears added  position at higher level making resistance in range of 25600-800

 

  • 24500 PE is having highest OI @7.8 Lakh, strong support at 24600 followed by 24500.24000-26000 PE  added 3.8  lakh in OI so bulls having strong support in range of 24800-25000.

 

Buy above 25444 Tgt 25555,25666 and 25777 (Bank Nifty Spot Levels)

Sell below 25270 Tgt 25125,25000 and 24920 (Bank Nifty Spot Levels)

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