Bank Nifty Ready for relief rally,EOD Analysis

By | September 24, 2018
  • As Discussed in Last Analysis   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. As discussed Bank Nifty broke the low we made on Friday and we were again able to capture the whole once it started trading below 25500. Now as 25 Sep is an important time cycle date, we can expect a reversal for short term bounce. We might do price time squaring if we held to the low of 24900.Bullish above 25050 for a move back to 25344/25488/25632. Bearish below 24900 for a move back to 25768/24624/24480.  Important intraday time for reversal can be at 12:02/2:31. What Caused Huge sell-off and panic in the Stock Market yesterday?

 

  • Bank Nifty Sep Future Open Interest Volume is at 20 lakh with liquidation of 1.76 Lakh, with decrease in Cost of Carry suggesting short positions were closed today. Bank nifty Rollover cost @28307 closed below it and corrected 2800 points.
  • 25500 CE is having highest OI @7.7 Lakh resistance at 25500  followed 25800.  25000-27000 CE added 29.1 Lakh in OI so bears continue to  add at 25500-25600 CE making strong resistance in this zone in case of relief rally..

 

  • 25000 PE is having highest OI @4.4 Lakh, strong support at 25000 followed by 24800.25000-27000 PE liquidated 3.6 lakh OI so bulls having strong support in range of 25000-25100.

 

 

Buy above 25050 Tgt 25150,25225 and 25344 (Bank Nifty Spot Levels)

Sell below 24900 Tgt 24780,24666 and 24480 (Bank Nifty Spot Levels)

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