Bank Nifty continue to frustrate trend traders,EOD Analysis

  • As discussed in Last Analysis  Bank Nifty opened gap down bounced from 18200 again for a move towards 18500. So the range trade continues in bank nifty for 18 days in  a row, more its will trade in the range bigger will be the breakout above 187000 or breakdown below 18200. Weekly close tomorrow bulls will see a close above 18500 and bears below 18200 Bank Nifty made high made 18428,Low made was 18268 so both 18500 range on upside and 18200 range on downside was not breached suggesting the choppy move continues, as trading activity will also come down for next 2 weeks as most of FII’s will be going for holiday. Bank Nifty is forming small range of 18250-18500 so break of any 2 levels will see move of 250 points.    Visualizing Failure to be Successful

  • Bank Nifty Dec Future Open Interest Volume is at 21.2 lakh with addition of 0.46 lakh, with decrease in Cost of Carry suggesting long positions were added today. Bank nifty rollover @60.4 and Rollover cost @18580 closed below it.
  • 19000 CE is having highest OI @7.3 Lakh resistance at 19000. 18000-20000 CE saw addition of 1.9 lakh in OI so bears added in 18500-18700 CE suggesting 18700 is still bone of contention of bulls.
  • 18000 PE is having highest OI @ 9.1 Lakh, strong support at 18000 followed by 17500, Bulls added 1.1 Lakh in OI in range of 17500-20000 PE.

Buy above 18350 Tgt 18400,18480 and 18570 (Bank Nifty Spot Levels)

Sell below 18220 Tgt 18170,18100 and 18000(Bank Nifty Spot Levels)

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