Bank Nifty Bears make a Killing on Black Swan Event

By | September 23, 2018
  • As Discussed in Last Analysis   Bank Nifty bears were again at front foot and did 26280 and waiting for target  of 26072-25997,Range of 25997-26010 is important support zone. Bulls need to close above 26496 for up move towards 26611/26784. We have important time cycle date today,effect will be seen tomorrow. We saw the effect of time cycle as soon as the support of 26000 broken we saw a water fall decline towards 25000, Bank Nifty had a black swan event, we were prepared for it and price broke the gann angle on Wednesday, and took exact support at gann angle. Now Bounce like we saw on Friday are generally get sold into and price revisit the low price hit in next few days. Till we are trading below 26000 bears have upper hand. Bearish below 25500 for a move back to 25350/25200/25000. Bullish above 25720 for a small relief rally towards 25900/26010.   Important intraday time for reversal can be at 11:22/1:53. What Caused Huge sell-off and panic in the Stock Market yesterday?

 

  • Bank Nifty Sep Future Open Interest Volume is at 21.7 lakh with addition of 1.36 Lakh, with increase in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @28307 closed below it and corrected 1800 points.
  • 26000 CE is having highest OI @4.8Lakh resistance at 25900  followed 26000.  25000-27000 CE added 19.1 Lakh in OI so bears continue to  add at 25800-26200 CE making strong resistance in this zone in case of relief rally..

 

  • 25000 PE is having highest OI @3.4 Lakh, strong support at 25000 followed by 24800.25000-27000 PE liquidated 4.6 lakh OI so bulls having strong support in range of 25000-25100.

 

 

Buy above 25600 Tgt 25720,25820 and 25920 (Bank Nifty Spot Levels)

Sell below 25510 Tgt 25350,25200 and 25000 (Bank Nifty Spot Levels)

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