Bank Nifty ready for Big move ,EOD Analysis

  • As Discussed in Last Analysis  Bank Nifty Bulls did almost all target on upside as high made was 26951 and formed a perfect doji on time cycle date suggesting break of today high or low can easily give 200-300 points. Bears will get active below 26720 for a move towards 26640/26496/26352. Bulls will get active above 26928 for a move towards 27072/27216.  Bank Nifty traded within the range and did not break high or low of time cycle and went to 2 day of consolidation suggesting we should get a big move in next 2 days as 17 Dec is again very important time cycle date. Plan remains the same Bears will get active below 26720 for a move towards 26640/26496/26352. Bulls will get active above 26928 for a move towards 27072/27216.  Important intraday time for reversal can be at 11:37/2:23. Is Your Trading Brain Not letting you Succeed in Trading ?

  • Bank Nifty Dec Future Open Interest Volume is at 14.2 lakh with liquidation of 0.01 Lakh, with decrease in Cost of Carry suggesting long positions were closed today. Bank nifty Rollover cost @26532 closed above it.
  • 27000 CE is having highest OI @6 Lakh resistance at 27000  followed 27300.  26000-28000 CE added 0.52 Lakh in OI so bears added position  in the zone of 27000-27300.
  • 26000 PE is having highest OI @7.7 Lakh, strong support at 26600 followed by 26400.26000-28000 PE liquidation 1.1 Lakh OI so bulls making strong support in the range of 26300-26500.

Buy above 26830 Tgt 26920,27000 and 27072 (Bank Nifty Spot Levels)

Sell below 26720 Tgt 26640,26555 and 26470 (Bank Nifty Spot Levels)

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