Bank Nifty October series overview

  • Highly Volatile September Series came to an end, We saw high of 17652  and low of 15762  range of 1800 points sentiments of traders moving from extreme negative to positive but overall from August to September expiry nifty moved just 18 points (Close of August Series 17214 and Close of September Series 1796) suggesting it  was expiry for Option Writers.  For October series we need to close above 17650 for bullish move else any close below 17000 can see bears taking upper hand and nifty moving towards 16286/15760. Gann line will play crucial role as shown in below two charts.

Daily Gunner

BANKNIFTY - Pyrapoint

  • Bank Nifty October Future Open Interest Volume is at 21.9 lakh with addition of 58.2 Lakh with  increase in CoC suggesting long  position got added. Rollover stand at 66.1 and rollover cost @17334. Rollover on higher side on Bank Nifty as compared to Nifty.
  • 18000  CE  OI at 2.6  lakh , wall of resistance @ 18000 .17000 PE added 47K lakh so bulls started building positions @17000 PE so worst case 17K should act as strong support as of now.
  • 17000 PE OI@ 1.3 lakhs  strong base @ 17000 at start of series.  16500/16800 PE  added 3  lakh so bulls making base strong at lower level at start of series.

Buy above 17310 Tgt 17395,17500 and 17650 (Nifty Spot Levels)

Sell below 17080 Tgt 16980,16870 and 16760 (Nifty Spot Levels)

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