Bank Nifty break 18967,EOD Analysis

  • As discussed in Last Analysis  Bulls are protecting 18967 and also for 2 day closing above 19100 suggesting they are having upper hand but need to move fast from this zone  towards 19400/19600 else as soon as prices starts trading below 18967 bears will show an impulsive decline towards 18740/18500. High made today was 19072 so bank nifty traded below 19100 and as soon as 18967 bank nifty corrected till 18793 almost near our target of 18740. Now bears need a close below 18740 for a move towards 18500 where there is good support. Bullish only on close above 18966.  A Person who won’t stand for something will fall for anything..

  • Bank Nifty Jan Future Open Interest Volume is at 23.3 lakh with liquidation of 3 lakh, with increase in Cost of Carry suggesting short positions were added today. Bank nifty rollover @66.9 and Rollover cost @17905 closed above it.
  • 19000 CE is having highest OI @12.1 Lakh resistance at 19000. 18000-20000 CE saw addition of 14 lakh in OI so bears added in 19500/20000 CE massive addition by bears suggesting 19000 can become resistance for the series.
  • 18500 PE is having highest OI @ 8.1 Lakh, strong support at 18500 followed by 18000, Bulls added 2.7 Lakh in OI in range of 18000-20000 PE

Buy above 18900 Tgt 18966,19080 and 19170 (Bank Nifty Spot Levels)

Sell below 18790 Tgt 18720,18620 and 18500 (Bank Nifty Spot Levels)

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