Bank Nifty Forms Inside Day,Ready for Big Move

  • As discussed in Last Analysis Now Bulls need to move above 28100 for a move back to 28400/28600/28850. Bears will get active below 27900 for a move back to 27700/27521. We have formed inside day pattern today suggesting trending move round the corner,time cycle confirms the same. Bulls need to move above 28260 for a move back to 28450/28680/28829. Bears will get active below 27965 for a move back to 27750/27555.

  • Bank Nifty Oct Future Open Interest Volume is at 14.6  lakh with liquidation of 0.58 Lakh, with decrease in Cost of Carry suggesting long positions were closed today. Bank nifty Rollover cost @30213  closed below it.
  • 29000 CE is having highest OI @3.6 Lakh resistance at 29000 followed 29300.28000-31000 CE added 0.01 Lakh in OI so bears added  position in the zone of 28300-28500.
  • 28000 PE is having highest OI @5.1 Lakh, strong support at 27800  followed by 28300.27000-30000 PE added 23.3 Lakh OI so bulls making support in the range of 28000-28100.

Buy above 28260 Tgt 28400,28555 and  28769 (Bank Nifty Spot Levels)

Sell below 28100  Tgt 27965,27777 and 27500 (Bank Nifty Spot Levels)

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