Bank Nifty Continue to Rally above 27000,EOD Analysis

  • As Discussed in Last Analysis  Now Bulls closed above 27000 and has rallied 200 point we expect a min 500 points rally waiting for extended target of 27360/27504 till we are holding 27051. Bears will get active below 26900 for a move towards 26784/26640/26496/26352. High made today was 27364 so we achived our next target of 27360 and till we are holding 27200 we sould move towards next target of 27504/27666. Bears will get active below 27100 for a move towards 26920/26784/26640/26496/26352.   Important intraday time for reversal can be at 9:52/2:29.  When You fail as a trader

  • Bank Nifty Dec Future Open Interest Volume is at 15.9 lakh with addition of 0.55 Lakh, with decrease in Cost of Carry suggesting long positions were closed  today. Bank nifty Rollover cost @26532 closed above it.
  • 27500 CE is having highest OI @4.8 Lakh resistance at 27500  followed 27800.  26000-28000 CE added 0.91 Lakh in OI so bears added minor  position  in the zone of 27300-27500.
  • 26500 PE is having highest OI @7.4 Lakh, strong support at 26800 followed by 27000.26000-28000 PE added 3.6 Lakh OI so bulls making strong support in the range of 26300-26500.

Buy above 27316 Tgt 27370,27444  and 27520(Bank Nifty Spot Levels)

Sell below 27220 Tgt 27150,27070 and 27000 (Bank Nifty Spot Levels)

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