Bank Nifty Analysis for 21 Oct

  • As Discussed in Last Analysis Bank Nifty Bulls need to move above 24336 for a move back to 24493/24649. Bears will get active below 24020 for a move back to 23871/23716. Bulls got whipsawed on upside and Bears unable to break 24020, Now as discussed in below Video Important time and price cycle are coming,Bulls need to break 24460 for a move back to 24610/24839/25000. Bears will get active below 24200 for a move back to 24050/23883/23666. 

  • Bank Nifty Oct Future Open Interest Volume is at 15 lakh with liquidation of 0.15 Lakh, with decrease in Cost of Carry suggesting long positions were closed today. Bank nifty Rollover cost @21225 closed above it.
  • 24500 CE is having highest OI @12 Lakh resistance at 24500 followed 24800.23000-25000 CE added 12 Lakh in OI so bears added position in the zone of 24000-24500
  • 24000 PE is having highest OI @12 Lakh, strong support at 24000 followed by 23800.23000-25000 PE added 15 Lakh OI so bulls making support in the range of 24000-23800.

Buy Above 24350 Tgt 24460,24610 and 24800 (Bank Nifty Spot Levels)

Sell Below 24200 Tgt 24101,23900 and 23750(Bank Nifty Spot Levels)

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