Bank Nifty again bounces from lower end of trading range,EOD Analysis

  • As discussed in Last Analysis  High made today was 18480 so bulls were not able to break 18500 and bears of 18400 bears attacked and pushed nifty towards 18322 near our target of 18280. Its been 18 days bank nifty has traded in this range of 500 points, as time cycle is changing tomorrow expect this range to break soon. Break of 18700 can see move towards 19000/19300 and break of 18200 move towards 18000/17700. 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 tommrow bulls will see a close above 18500 and bears below 18200  Psychological mistakes that Affect Trading

  • Bank Nifty Dec Future Open Interest Volume is at 20.8 lakh with liquidation of 0.37 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 @6.9 Lakh resistance at 19000. 18000-20000 CE saw addition of 1.7 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 @ 8.3 Lakh, strong support at 18000 followed by 17500, Bulls added 2.2 Lakh in OI in range of 17500-20000 PE.

Buy above 18450 Tgt 18550,18620 and 18740 (Bank Nifty Spot Levels)

Sell below 18300 Tgt 18220,18150 and 18000(Bank Nifty Spot Levels)

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