Bank Nifty Bulls give trending move above 24476,EOD Analysis

By | April 5, 2018
  • As Discussed in Last Analysis   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. 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. Last 2 days volatility have taken a toll on traders my only suggestion is be discipline stick to your plan and protect capital, money will be made. Important intraday time for reversal can be at 9:31/12:22. Trading Resolution for Financial Year 2018-19

  • Bank Nifty April Future Open Interest Volume is at 16.3 lakh with liquidation of 2.2 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 @4.6 Lakh resistance at 25000 followed 25200.24000-26000 CE added 0.05 lakh in OI so bears did not add any major position.

 

  • 24000 PE is having highest OI @9.8 Lakh, strong support at 24500 followed by 24200.24000-26000 PE  added 6.5 lakh in OI so bulls made strong support in range of 24250-24350.

 

Buy above 24825 Tgt 24920,25000 and 25100 (Bank Nifty Spot Levels)

Sell below 24700 Tgt 24655,24500 and 24300 (Bank Nifty Spot Levels)

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2 thoughts on “Bank Nifty Bulls give trending move above 24476,EOD Analysis

  1. Bramesh Post author

    technical issue with nse site..

  2. rushabh

    Hi Bramesh, I am unable to access open interest data from nse website? Is there some issue? Please guide.

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