Bank Nifty Analysis for 05 Oct

  • As Discussed in Last Analysis  Bulls will get active above 21555 for move towards 21721/21900. Bears below 21400 for move towards 21280/21031/20900. Low made was 21664 after gap up open and we did all target on upside. Now Bulls need to move above 22300 for the upmove to continue towards 22470/22697/22900. Bears will get active below 22050 for a move back to 21842/21666/21450. With Donalad Trump and Loan Mortarium news out and October being highly volatile so trade with extreme caution.

  • Bank Nifty Oct Future Open Interest Volume is at 14.7 lakh with liquidation of 2.2 Lakh, with increase in Cost of Carry suggesting long positions were closed today. Bank nifty Rollover cost @21225 closed above it.
  • 22500 CE is having highest OI @12 Lakh resistance at 22500 followed 23000.21000-23000 CE added 5 Lakh in OI so bears added position in the zone of 21500-21800
  • 21500 PE is having highest OI @10 Lakh, strong support at 21700 followed by 21500.20000-22000 PE added 15 Lakh OI so bulls making support in the range of 21000-21200.

Buy Above 22300 Tgt 22444,22555 and 22700 (Bank Nifty Spot Levels)

Sell Below 22150 Tgt 22025,21900 and 21750 (Bank Nifty Spot Levels)

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