September Equinox :Bank Nifty Analysis

  • As Discussed in Last Analysis 21168 should be watched very closely for this week. Bears need to break 21168-21150 for a move towards 21000/20736/20449/20164. Bulls will have there chance above 21500 for a move back to 21666/21885/22000. High made was 21473 so Bulls unable to break 21500 and bears once below 21150 did 21000 on downside and now waiting for 20910/20736/20449. 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.

  • Bank Nifty Oct Future Open Interest Volume is at 9.2  lakh with addition of 2.9 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 @10 Lakh resistance at 21500 followed 22000.21000-23000 CE added 22 Lakh in OI so bears added position in the zone of 21500-21800
  • 20800 PE is having highest OI @12 Lakh, strong support at 21000 followed by 20800.20000-21000 PE added 15 Lakh OI so bulls making support in the range of 20800-21000.

Buy Above 21220 Tgt 21400,21555 and 21705 (Bank Nifty Spot Levels)

Sell Below 21095 Tgt 20950,20800 and 20675 (Bank Nifty Spot Levels)

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