Bank Nifty does 25250 above 24920,EOD Analysis

By | April 11, 2018
  • As Discussed in Last Analysis  We were able to capture a clean move from 1 gann angle to another. Bulls did the target of 25100, now bulls need to hold 24920 for the upmove to continue towards 25250/25500/25628. Bearish below 24920 for a move back towards 24800/24666/24476. High made today was 25279 so we did one more target above 25920, Readers should remember low was made on 05 April our time cycle date, we are up almost 900 points and now we have anniversary date coming tommrow so trade cautiously. Bulls need to hold range of 25050-25100 for this upmove to continue towards 25488/25632. Range of 25630-25650 is strong resistance zone. Bearish below 25050 for a move back towards 24912/24768. Important intraday time for reversal can be at 1:05/2:24. Trading Resolution for Financial Year 2018-19

  • Bank Nifty April Future Open Interest Volume is at 17.9 lakh with addition of 2.2 Lakh, with increase in Cost of Carry suggesting long positions were added today. Bank nifty Rollover cost @24358  closed above it.
  • 25000 CE is having highest OI @4.6 Lakh resistance at 25000 followed 25200.24000-26000 CE added 0.64 lakh in OI so bears added position at higher level

 

  • 24500 PE is having highest OI @5.9 Lakh, strong support at 24800 followed by 24600.24000-26000 PE  added 1.5 lakh in OI so bulls made strong support in range of 24600-24800.

 

Buy above 25230 Tgt 25300,25370 and 25460 (Bank Nifty Spot Levels)

Sell below 25130 Tgt 25050,24960 and 24850 (Bank Nifty Spot Levels)

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