Bank Nifty Analysis before RBI Policy,EOD Analysis

By | October 5, 2018
  • As Discussed in Last Analysis We had trend change date today so today’s high and low are very important, Break any side can give 250-300 point easily. Bullish above 25258 for a move towards 25420/25525/25666/25811. Bearish below 24983 for a move back to 24900/24784/24666. We should be seeing a good move in bank nifty in next 1-2 days as price never stays between gann angle for so long. Bank Nifty opened with gap down below 25000 so we got the big move after trend change date of 03 Oct and also price broke away from gann angle,As Today Being Friday suggesting we can see more pressure in bank Nifty in last 1 hour of trading. As shared on Twitter we closed below 24900 so traders who carried shorts would be rewarded again also today being RBI Policy trade extremely cautiously.  Fresh short below 24600 for a move back to 24480/24336/24192/24000. Bullish above 24900 for a move back to 25050/25150/25525. Now  Important intraday time for reversal can be at 9:22/10:58/2:14.  Money Management and Discipline Matters In Trading

 

  • Bank Nifty Oct Future Open Interest Volume is at 16.3 lakh with liquidation of 2.5 Lakh, with decrease in Cost of Carry suggesting long positions were closed today. Bank nifty Rollover cost @25319 closed above it.
  • 25500 CE is having highest OI @6.3 Lakh resistance at 25000  followed 25200.  24000-26000 CE added 1.3 Lakh in OI so bears added in range 24900-25500 CE making suggesting range of 24900-25100 will be strong resistance.

 

  • 24500 PE is having highest OI @6.6 Lakh, strong support at 24500 followed by 24300.24000-26000 PE added1.43 lakh OI so bulls having strong support in range of 24400-24500.

 

 

Buy above 24625 Tgt 24737,24850 and 24974 (Bank Nifty Spot Levels)

Sell below 24500 Tgt 24350,24200and 24000 (Bank Nifty Spot Levels)

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