Bank Nifty holds on to 19100,EOD Analysis

  • As discussed in Last Analysis   Bank Nifty finally closed above 19100 suggesting bulls are in control and we can see move till 19420/19600. Bearish only on close below 18967. Low made today was 19046 so 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.  How to Become a Successful Trader in Stock Market

  • Bank Nifty Jan Future Open Interest Volume is at 26.3 lakh with liquidation of .47 lakh, with decrease in Cost of Carry suggesting Long positions were closed today. Bank nifty rollover @66.9 and Rollover cost @17905 closed above it.
  • 19000 CE is having highest OI @10.3 Lakh resistance at 19000. 18000-2000 CE saw addition of 10.2 lakh in OI so bears added in 19500/2000 CE. Bears are tightening their hold by writing at higher levels
  • 18500 PE is having highest OI @ 8.2 Lakh, strong support at 18500 followed by 18000, Bulls added 4.9 Lakh in OI in range of 18000-20000 PE.

Buy above 19200 Tgt 19270,19370 and 19470 (Bank Nifty Spot Levels)

Sell below 19040 Tgt 18966,18900 and 18800 (Bank Nifty Spot Levels)

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