Bank Nifty Oct Series Analysis

  • As discussed in Last Analysis  What a day its a perfect day for trader who follow gann rules, We told to keep an eye on high and low of trend change date and as soon low was broken which was 24000 and our price level was 23963 free fall started and stopped exactly near our target of 23755 low made was 23766, Break of 23755 we can see the fall continue towards 23540/23300 which also Shark pattern target as per Weekly Analysis. Bullish only above 24000 for a move towards 24240/24480. Bank Nifty made low of 23611 failed to do our target 23540 and saw a ferocious bounce back and closed above 24000, Now bulls should move above 24101 for a move towards 24300/24480. Bearish below 23963 for a move towards 23800/23600. As we have Weekly/Monthly/Quarterly closing tommrow bulls will be happy to close above 24000. Bears below 23850  Can Traders make Money in trading ?

  • Bank Nifty Oct Future Open Interest Volume is at 21.7  lakh with addition of 11.3 Lakh, with decrease in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @24098 and Rollover % 63.5 near to 3 months average.

 

Buy above 24075 Tgt 24180,24300 and 24420 (Bank Nifty Spot Levels)

Sell below 23970 Tgt 23900,23800 and 23715 (Bank Nifty Spot Levels)

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