Bank Nifty Ready for Big Move

By | October 25, 2020 9:32 am
  • As Discussed in Last Analysis Bank Nifty has formed Inside Bar,unable to cross gann angle resistance, today was Sun Ingress suggesting good move should be seen in next 2 trading sessions. Bulls need to move above 24700 for a move back to 24850/24964/25281. Bears will get active below 24250 for a move back to 24050/23820/23666. Bulls were not able to sustain and close above 24691  Sun Ingress High, Based on Time cycle we should see good move on Monday. Bulls now need to move above 24600 for a move back to 24764/24920/25111. Bears will get active below 24350 for a move back to 24250/24131/23900..

  • Bank Nifty Oct Future Open Interest Volume is at 15.2 lakh with addition of 0.45 Lakh, with increase in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @21225 closed above it.
  • 25000 CE is having highest OI @28 Lakh resistance at 24800 followed 25000.23000-25000 CE added 42 Lakh in OI so bears added position in the zone of 24500-25000
  • 24300 PE is having highest OI @28 Lakh, strong support at 24300 followed by 24000.23000-25000 PE added 25 Lakh OI so bulls making support in the range of 24000-24200.

Buy Above 24570 Tgt 24700,24920 and 25111 (Bank Nifty Spot Levels)

Sell Below 24400 Tgt 24305,24150 and 24000 (Bank Nifty Spot Levels)

Category: Nifty Technical Analysis

About Bramesh

Bramesh Bhandari has been actively trading the Indian Stock Markets since over 15+ Years. His primary strategies are his interpretations and applications of Gann And Astro Methodologies developed over the past decade.

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