Bank Nifty Sep Month Expiry Analysis

  • As Discussed in Last Analysis Till we are below 21500 we can fall all towards gann angle support which lies at 20000. Today was Sun Ingress so today high and low break will decide next 500-800 points move in Bank Nifty. Bulls will have there chance above 21500 for a move back to 21666/21885/22000. High made was 21365 so bulls unable to move above 21500 and once broken 21000 did 20821 but quickly recovered from days low. Tommrow being Expiry Bulls will get active above 21400 for a move back to 21665/21800. Bears below 21000 can move towards 20878/20600/20333.

  • Bank Nifty Oct Future Open Interest Volume is at 12  lakh with addition of 2.7 Lakh, with increase in Cost of Carry suggesting short  positions were added today. Bank nifty Rollover cost @23392 closed below it.
  • 21500 CE is having highest OI @9.5 Lakh resistance at 21500 followed 22000.21000-23000 CE added 12 Lakh in OI so bears added position in the zone of 21500-21800
  • 21000 PE is having highest OI @8.3 Lakh, strong support at 21000 followed by 20800.20000-21000 PE added 25 Lakh OI so bulls making support in the range of 20800-21000.

Buy Above 21220 Tgt 21365,21470 and 21666 (Bank Nifty Spot Levels)

Sell Below 21090 Tgt 20945,20800 and 20675 (Bank Nifty Spot Levels)

Upper End of Expiry : 21411

Lower End of Expiry : 20945

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