Bank Nifty EOD Analysis

  • As discussed in Last Analysis   still bank nifty is not able to break the range of 18200-18700 ,Bank nifty opened gap down again the range of 18700-18200 not broken, unable to close above 18700 again a move back towards 18200. Bank Nifty continue to trade in range from past 17 trading sessions, till we do not closed above 18700 or below 18200 see saw move will continue. Buy Support Sell Resistance is the best strategy during there sideways time.Break of 18500 will see another up move towards 18700. On Downside break of 18400 will see downmove towards 18280/18200  How To get rid of  Bad Trading Habits

  • Bank Nifty Dec Future Open Interest Volume is at 20.8 lakh with liquidation of 0.59 lakh, with decrease in Cost of Carry suggesting long positions were closed today. Bank nifty rollover @60.4 and Rollover cost @18580 closed below it.
  • 19000 CE is having highest OI @5.4 Lakh resistance at 19000. 18000-20000 CE saw addition of 0.45 lakh in OI so bears added in 18500-18600 CE suggesting 18700 is still bone of contention of bulls.
  • 18000 PE is having highest OI @ 7.9 Lakh, strong support at 18000 followed by 17500, Bulls liquidated 1.7 Lakh in OI in range of 17500-20000 PE.

Buy above 18500 Tgt 18550,18620 and 18740 (Bank Nifty Spot Levels)

Sell below 18320 Tgt 18230,18160 and 18100(Bank Nifty Spot Levels)

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