Bank Nifty continue to Hold Gann Angle, EOD Analysis

  • As Discussed in Last Analysis  Bank Nifty did 2 target on upside and 1 target on downside and again protected 25000, Bank Nifty had almost made 1000 points intraday swing yesterday suggesting the kind of volatile environment we are trading in and traders should exercise extreme caution with money and risk management.Bullish above 25130 for a move towards 25225/25380/25452/25525. Bearish below 25000 for a move back to 24920/24784.   Bank Nifty opened with gap down but as soon as it crossed 25130 did our 2 bullish target. Till we are holding 25150 Bulls have firepower to do 25452/25525/25610/25784. Bearish below 25100 for a move back to 25000/24920/24784. Important intraday time for reversal can be at 9:49/11:06/1:12. Volatility is here- Tips For Traders In Volatile Markets

 

  • Bank Nifty Oct Future Open Interest Volume is at 18.5 lakh with addition of 2.8 Lakh, with increase in Cost of Carry suggesting long positions were added today. Bank nifty Rollover cost @25319 closed above it.
  • 25500 CE is having highest OI @5.8 Lakh resistance at 25500  followed 25800.  25000-27000 CE added 2.8 Lakh in OI so bears added in range 25500-26500 CE making suggesting range of 25700-25800 will be strong resistance.

 

  • 24500 PE is having highest OI @5.8 Lakh, strong support at 24800 followed by 24500.24000-26000 PE added 1.69 lakh OI so bulls having strong support in range of 24700-24800.

 

 

Buy above 25420 Tgt 25525,25610 and 25784 (Bank Nifty Spot Levels)

Sell below 25150 Tgt 25040,24920 and 24784 (Bank Nifty Spot Levels)

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