Bank Nifty continues its consolidation ,EOD Analysis

  • As discussed in Last Analysis Bearish only below 25612 for a move towards 25488/25350. Bank nifty closed at 25767 just below our trigger part of 25776 ,low made was 25665 so bank nifty bulls protected 25612 on the trend change day, 4 days of consolidation after 800 points rally. Bullish above 25832 for a move towards 26064/26300. Bearish below 25612 for a move towards 25488/25350. Low made today was 25620 so Bulls protected 25612 and High made was 25838 and bears protected 25832, so bank nifty trades between the high and low of trend change date and consolidation continues for 5 days, Testing time for traders, this kind of markets test the mental strength of traders those who survive with minimum loss and the ones rewarded in the next trending move, Whenever time cycle gets delayed by few days they will bigger move. Bullish above 25832 for a move towards 26064/26300. Bearish below 25612 for a move towards 25488/25350.  Are you Victim of Sleep Disorder?

  • Bank Nifty Nov Future Open Interest Volume is at 23.7 lakh with addition of 0.39 Lakh, with increase in Cost of Carry suggesting long positions were added today. Bank nifty Rollover cost @24786,closed above it.
  • 26000 CE is having highest OI @17.4 Lakh resistance at 26000 followed 26500.24500-26500 CE added 8.1 lakh in OI so bears added major position at higher level.

 

  • 25000 PE is having highest OI @13.2 Lakh, strong support at 25500 followed by 25000.24500-26500 PE added 7.30 lakh in OI so bulls added position at lower level making base in range of 25500-25550

 

Buy above 25760 Tgt 25830,25880 and 25950 (Bank Nifty Spot Levels)

Sell below 25700 Tgt 25630,25550 and 25460 (Bank Nifty Spot Levels)

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