Bank Nifty Analysis for 16 Sep

  • As discussed in last analysis Bank Nifty Bulls got whipsawed and bears once below 22200 did 22080,Now Bears need to break 22080 Mars Retrograde low for move towards 21850/21576/21350. Bulls will get active above 22400 for a move back to 22553/22750/23000.Bank Nifty has formed Double Bottom at Mars Retrograde low of 22080, Now bulls need a close above 22760 for confirmation of short term reversal else this time we might break 22000. Bulls will get active above 22530 for a move towards 22760/22900. Bears will get active below 22400 for a move back to 22288/22080/21900.

  • Bank Nifty Sep Future Open Interest Volume is at 16.3 lakh with liquidation of 1.2 Lakh, with increase in Cost of Carry suggesting short  positions were closed today. Bank nifty Rollover cost @23392 closed below it.
  • 23000 CE is having highest OI @11 Lakh resistance at 23000 followed 23500.22000-23000 CE added 20 Lakh in OI so bears added position in the zone of 22500-22800
  • 22000 PE is having highest OI @11 Lakh, strong support at 22200 followed by 22000.21000-24000 PE added 25 Lakh OI so bulls making support in the range of 22200-22000.

Buy Above 22525 Tgt 22632,22750 and 22900 (Bank Nifty Spot Levels)

Sell Below 22400 Tgt 22290,22180 and 22000 (Bank Nifty Spot Levels)

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