Bank Nifty Close above 27000,EOD Analysis

By | December 17, 2018
  • As Discussed in Last Analysis  Bank Nifty traded within the range and did not break high or low of time cycle and went to 2 day of consolidation suggesting we should get a big move in next 2 days as 17 Dec is again very important time cycle date. Plan remains the same Bears will get active below 26720 for a move towards 26640/26496/26352. Bulls will get active above 26928 for a move towards 27072/27216.  Finally we are able to close above 27000, As discussed on Twitter  Close above/below  27000 lead to 500-1000 points move, as shown in below chart we have 5 instances in 2018 where we closed above or below 27000 and we got the move of 500-1000 points so we can expect the same 6 time also. Do not be over leveraged and take aggresive positions in options so that if move happen against you, You lose big chuck of capital, Bears will get active below 26900 for a move towards 26784/26640/26496/26352. Bulls will get active above 27051 for a move towards 27216/27360/27504.   Important intraday time for reversal can be at 11:43/2:26. How Trading Loss Affect a Trader

  • Bank Nifty Dec Future Open Interest Volume is at 14.8 lakh with addition of 0.54 Lakh, with increase in Cost of Carry suggesting long positions were added today. Bank nifty Rollover cost @26532 closed above it.
  • 27500 CE is having highest OI @5.4 Lakh resistance at 27200  followed 27500.  26000-28000 CE liquidated 0.16 Lakh in OI so bears covered minor  position  in the zone of 27000-27300.
  • 26500 PE is having highest OI @6.7 Lakh, strong support at 26600 followed by 26400.26000-28000 PE added 3 Lakh OI so bulls making strong support in the range of 26300-26500.

Buy above 27075 Tgt 27123,27216 and 27300 (Bank Nifty Spot Levels)

Sell below 26980 Tgt 26920,26850 and 26784 (Bank Nifty Spot Levels)

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