Bank Nifty rally 450 points above 24476 in 2 days,EOD Analysis

By | April 7, 2018
  • As Discussed in Last Analysis  Bank Nifty opened with gap low made was 24380 and as soon as our vedic number 24476 was crossed after RBI Policy we saw the big move which did target of 24666/24650, so we got the trending move above 24476 again. Today was have done price time squaring so till today low of 24380 is held bulls will move up towards 24920/25100. Bearish below 24350 for a move back towards 24250/24100.  Bank Nifty made high of 24933 so we did 2 target above 24476 and almost got 500 points move in 2 trading days, power of price time analysis. Bulls now need a close above 24920 another vedic number for the up move towards 25100/25250. Bearish below 24500 for a move back to 24250/24000. We were able to capture a clean move from 1 gann angle to another. Important intraday time for reversal can be at 9:47/2:36. Trading Resolution for Financial Year 2018-19

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  • Bank Nifty April Future Open Interest Volume is at 15.9 lakh with liquidation of 0.38 Lakh, with decrease in Cost of Carry suggesting short positions were closed today. Bank nifty Rollover cost @24358  closed above it.
  • 25000 CE is having highest OI @4.9 Lakh resistance at 25000 followed 25200.24000-26000 CE added 0.91 lakh in OI so bears added position at higher level

 

  • 24000 PE is having highest OI @10 Lakh, strong support at 24500 followed by 24200.24000-26000 PE  added 1.95 lakh in OI so bulls made strong support in range of 24250-24350.

 

Buy above 24920 Tgt 24995,25100 and 25250 (Bank Nifty Spot Levels)

Sell below 24800 Tgt 24700,24620 and 24500 (Bank Nifty Spot Levels)

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