- As discussed in Last Analysis Now Bulls need to move above 28638 for the up move to continue towards 28836/29000/29200.Bears will get active below 28470 for a move back to 28262/27970. It was a day of whipsaw for Bank Nifty trader, Only silver lining was Traders who follow TC level as we made exact high at TC level and corrected 300 points, We have formed a NR 7 is Bank Nifty suggesting big move round the corner and also we have important time cycle date tomorrow, so good move will be seen in bank nifty in coming 2 sessions. Bulls need to move above 28638 for the up move to continue towards 28836/29000/29200.Bears will get active below 28300 for a move back to 28150/27900.
- Intraday time for reversal can be at 9:38/10:45/11:29/2:05/2:47 How to Find and Trade Intraday Reversal Times
- Bank Nifty Oct Future Open Interest Volume is at 13.8 lakh with liquidation of 0.70 Lakh, with increase in Cost of Carry suggesting long positions were closed today. Bank nifty Rollover cost @30213 closed below it.
- 29000 CE is having highest OI @3.8 Lakh resistance at 29000 followed 29300.28000-31000 CE added 0.41 Lakh in OI so bears added position in the zone of 28300-28500.
- 28000 PE is having highest OI @5.3 Lakh, strong support at 28200 followed by 28000.27000-30000 PE liquidated 0.30 Lakh OI so bulls making support in the range of 28000-28300.
- Bank Nifty Futures Trend Deciding level is 28599 (For Intraday Traders). BNF Trend Changer Level (Positional Traders) 28773 How to trade Nifty Futures and Bank Nifty Futures as per Trend Cha31388 nger Level .
Buy above 28610 Tgt 28776,28980 and 29100 (Bank Nifty Spot Levels)
Sell below 28450 Tgt 28270,28100 and 27970 (Bank Nifty Spot Levels)
Upper End of Expiry :28782
Lower End of Expiry :28294
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