Bank Nifty Analysis before US Election Results

  • As Discussed in Last Analysis Bulls need to move above 24200 for a move back to 24346/24450/24601. Bears below 23970 for a move back to 23829/23600/23400. Tommrow is monthly closing so Bulls would like to close above 24300 atleast. Bank Nifty is heading towards gann angle support near 23500, next week will be volatile move due to US Elections and we should see a swing of 8-10 % in next week, Bulls now need to move above 24025 for a move towards 24300/24600/24800 . Bears below 23800 can see fall back to 23583/23400/23265.

  • Bank Nifty Nov Future Open Interest Volume is at 17.3 lakh with addition of 1.4 Lakh, with increase in Cost of Carry suggesting short positions were added today. Bank nifty Rollover cost @24264 closed below it.
  • 24500 CE is having highest OI @7.1 Lakh resistance at 24500 followed 24800.23000-25000 CE added 14 Lakh in OI so bears added position in the zone of 24800-25000
  • 23000 PE is having highest OI @5.2 Lakh, strong support at 23500 followed by 23200.23000-25000 PE added 12 Lakh OI so bulls making support in the range of 23500-23800.

Buy Above 24025 Tgt 24150,24300 and 24600 (Bank Nifty Spot Levels)

Sell Below 23800 Tgt 23680,23583 and 23400 (Bank Nifty Spot Levels)

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