Bank Nifty crashes after RBI Policy,EOD Analysis

  • As Discussed in Last Analysis As Today Being Friday suggesting we can see more pressure in bank Nifty in last 1 hour of trading. As shared on Twitter we closed below 24900 so traders who carried shorts would be rewarded again also today being RBI Policy trade extremely cautiously.  Fresh short below 24600 for a move back to 24480/24336/24192/24000. Bullish above 24900 for a move back to 25050/25150/25525. Bank Nifty did 25050 and post RBI as soon as 24600 is broken 24336 came in last 1 hour as cautioned yesterday, Now below 24100 we can see  fall towards 23904/23760/23616/23400/23040. 23000 can also come in this ongoing fall. Bullish above 24480 for a move back towards 24624/24768/24912. 08 Oct is an important trend change date.Now  Important intraday time for reversal can be at 9:15/10:43/12:35/1:43. Understanding Stock Market Crash

 

 

  • Bank Nifty Oct Future Open Interest Volume is at 15 lakh with liquidation of 13 Lakh, with decrease in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @25319 closed above it.
  • 25000 CE is having highest OI @5.4 Lakh resistance at 24500  followed 24800.  24000-26000 CE added 1.25 Lakh in OI so bears added in range 24800-24600 CE making suggesting range of 24900-25100 will be strong resistance. High made was 25050 yesterday and big fall.

 

  • 24500 PE is having highest OI @6.7 Lakh, strong support at 24000 followed by 23500.24000-26000 PE liquidated 0.67 lakh OI so bulls are having no support below 24000 if OI do not add significantly we can been in free fall mode.

 

 

Buy above 24450 Tgt 24525,24650 and 24784 (Bank Nifty Spot Levels)

Sell below 24250 Tgt 24100,23920 and 23761 (Bank Nifty Spot Levels)

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