Bank Nifty Weekly Expiry Analysis

  • As discussed in Last Analysis  As we have important time cycle date tomorrow so we should be ready for big move in bank nifty.Bulls need a close above 29450 for rally to continue till 29584/29750/29929. Bears will get active below 29240 for a move back to 29071/28900. We formed another DOJI today on time cycle date, tomorrow as we have election results and weekly expiry  so break of high and low of today can easily see 300-400 points move in bank nifty.Bulls need a close above 29666 for rally to continue till 29929/30094. Bears will get active below 29210 for a move back to 29071/28900.

  • Bank Nifty Oct Future Open Interest Volume is at 11.9  lakh with liquidation of 0.55 Lakh, with decrease in Cost of Carry suggesting long positions were closed today. Bank nifty Rollover cost @30213  closed below it.
  • 29500 CE is having highest OI @3.2 Lakh resistance at 29500 followed 30000.28000-31000 CE liquidated 0.8 Lakh in OI so bears covered  position in the zone of 29300-29500.
  • 28500 PE is having highest OI @3.5 Lakh, strong support at 28800  followed by 28500.27000-30000 PE added 2.6 Lakh OI so bulls making support in the range of 28800-29000.

Buy above 29450 Tgt 29600,29750 and  29900 (Bank Nifty Spot Levels)

Sell below 29350 Tgt 29230,29100 and 28900 (Bank Nifty Spot Levels)

Upper End of Expiry : 29713

Lower End of Expiry : 29204

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