- As Discussed in Last Analysis We can see a big move in bank nifty as we have monthly closing and time cycle date of bank nifty suggesting we should see a good move in bank nifty. Bulls now need a close above 29970 for a move back to 30143/30300/30528. Bears will get active below 29700 for a move back to 29538/29367. We got the big move as per expectation and did all target below 29367. Now Bank Nifty Bulls need to close above 29200 for a move back to 29430/29666/29825. Bears will get active below 29100 for a move back to 28900/28711/28520. IF todays low is held we can rally back to 29800.
- Intraday time for reversal can be at 10:36/11:53/1:37/2:50 How to Find and Trade Intraday Reversal Times
- Bank Nifty Oct Future Open Interest Volume is at 13.2 lakh with addition of 3.6 Lakh, with increase in Cost of Carry suggesting long positions were added today. Bank nifty Rollover cost @30213 closed below it.
- 30500 CE is having highest OI @2.2 Lakh resistance at 30500 followed 30000.30000-31000 CE added 1.5 Lakh in OI so bears added position in the zone of 29800-30000.
- 29000 PE is having highest OI @4.2 Lakh, strong support at 29100 followed by 28900.29000-31000 PE added 1.6 Lakh OI so bulls making support in the range of 28900-29100.
- Bank Nifty Futures Trend Deciding level is 29437 (For Intraday Traders). BNF Trend Changer Level (Positional Traders) 29953 How to trade Nifty Futures and Bank Nifty Futures as per Trend Cha31388 nger Level .
Buy above 29172 Tgt 29267,29445 and 29590 (Bank Nifty Spot Levels)
Sell below 29100 Tgt 28950,28779 and 28600 (Bank Nifty Spot Levels)
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