Bank Nifty heading towards support zone,EOD Analysis

By | May 21, 2018
  • As Discussed in Last Analysis  High made was 26032 so bulls were on back foot and as soon as 26000 broken bears did 1 target of 25920 and now waiting for target of 25776. Till we are below 25920 bears have upper hand and can push towards 25776/25632/25448. Bullish above 26000 for a move back to 26064/26200/26355. Again Time Analysis helped in capturing big move. Bank Nifty does 25776 below 25920. Now we are entering important support zone in range of 25630-25650 so we can see a bounce back if this range is held. Bulls need a close above 25776 for a move towards 25920/26064. Bearish below 25630 only now for a move back to 25500/25350.  Bank Important intraday time for reversal can be at 10:01/1:06. Trading Is Harder Than You Think: Complexity Of Trading

  • Bank Nifty May Future Open Interest Volume is at 29.8  lakh with addition of 0.50 Lakh, with increase in Cost of Carry suggesting long positions were added today. Bank nifty Rollover cost @24969  closed above it and rallied 1000 points.
  • 26000 CE is having highest OI @4.4 Lakh resistance at 26000 followed 26200.25000-27000 CE added 3 lakh in OI so bears added position at higher level making resistance in range of 26000-26200.

 

  • 25500 PE is having highest OI @7.7Lakh, strong support at 25500  followed by 25300.25000-27000 PE  liquidated 1  lakh in OI so bulls having strong support in range of 25500-25600.

 

Buy above 25777 Tgt 25850,25920 and 26064 (Bank Nifty Spot Levels)

Sell below 25650 Tgt 25600,25500 and 25432 (Bank Nifty Spot Levels)

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