Bank Nifty Analysis as Saturn Square Mars

  • As Discussed in Last Analysis  Now Bulls need to hold range of 21500-21540 range for the rally to continue till 21900/22130/22300. Bears will get active below 21470 for a move back to 21250/21000/20580. Bears were able to close below 21470 and now waiting for 21280/21031/20900. Below 21280 we can see fast fall towards 21031/20900. Bulls will get active above 21555 for move towards 21721/21900

  • Bank Nifty Oct Future Open Interest Volume is at 15.6 lakh with addition of 0.33 Lakh, with decrease in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @21225 closed above it.
  • 22000 CE is having highest OI @11 Lakh resistance at 22000 followed 22300.21000-23000 CE added 12 Lakh in OI so bears added position in the zone of 21500-21800
  • 21500 PE is having highest OI @10 Lakh, strong support at 21500 followed by 21000.20000-22000 PE added 5 Lakh OI so bulls making support in the range of 21000-21200.

Buy Above 21501 Tgt 21636,21721 and 21900 (Bank Nifty Spot Levels)

Sell Below 21350 Tgt 21190,21031and 20920 (Bank Nifty Spot Levels)

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