Bank Nifty Analysis as Mars Creates Havoc

  • As Discussed in Last Analysis  Bulls need to move above 24000 for a move back to 24175/24300. Bears below 23660 can move back to 23555/23400/24250. Mars finally created an Havoc in Bank Nifty as Bank Nifty corrected by almost 1000 points in single trading session as discussed in below  video. 22818 is important level to watch if the fall has to continue. Bulls need a close above 23380 for a move back to 22525/22666/22785. Bears unable to cross 23200-23225 in gap up can correct back to 23100/22920/22818.

  • Bank Nifty Oct Future Open Interest Volume is at 16 lakh with liquidation of 0.97 Lakh, with decrease in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @21225 closed above it.
  • 23500 CE is having highest OI @8 Lakh resistance at 23500 followed 23800.23000-25000 CE added 18 Lakh in OI so bears added position in the zone of 24000-24500
  • 23000 PE is having highest OI @5 Lakh, strong support at 23000 followed by 228000.22000-23000 PE added 5 Lakh OI so bulls making support in the range of 23000-22800.

Buy Above 23380 Tgt 23500,23666 and 23800 (Bank Nifty Spot Levels)

Sell Below 23225 Tgt 23100,22920 and 22800 (Bank Nifty Spot Levels)

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